Financial Accounting Principles Concepts and Procedures (FAC1502)
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FAC1502 ASSIGNMENT 2 FOR 2ND SEMESTER 2024
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Course
Financial Accounting Principles Concepts and Procedures (FAC1502)
Institution
University Of South Africa (Unisa)
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Financial Accounting Principles Concepts and Procedures (FAC1502)
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FAC1502
ASSIGNMENT 2 FOR 2ND SEMESTER 2024
FEND TUTORIALS
,Question 1
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Question text
Phindi CC, a registered VAT vendor, uses the periodic inventory system. The VAT rate is 15%.
The following is an extract from the financial records of Phindi CC for January 2024:
R
Credit sales 137 200
Trade receivables: opening balance (1 January) 40 500
Cash receipts journal: Trade receivables column total (31 82 400
January)
Sales returns journal: Trade receivables column (31 January) 8 800
The accountant of Phindi CC at the end of the month completed a debtor’s reconciliation and found the
following:
1. On 7 January, a client returned goods sold to him on credit of R701. This
transaction was incorrectly recorded in the Purchases returns journal
instead of the Sales returns journal.
2. The trade receivables column in the cash receipts journal was overcast by
R506.
3. On 15 January, goods sold on credit in the amount of R8 688 were
recorded in the sales journal as R6 888. No journal entry has been made to
correct this error.
4. On 21 January 2024 Phindi CC was informed that L Moyo, a debtor who
owed the entity R2 101, had been declared insolvent. The amount must be
written off as irrecoverable.
Whatsapp Marlvin @ +2763 173 8181
, 5. Phindi CC charged interest on overdue clients’ accounts amounting to
R966 on 31 January 2024.
Required:
Complete the trade receivables account in the general ledger of Phindi CC for the month ending 31
January 2024.
Instructions:
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Round off to the second decimal after the full stop (eg: 50.56)
3. If no amount should be recorded in any of the numeric spaces, please
indicate it by filling in a zero ("0")
4. Only show the amount, do not show the "R" (eg: 1000)
Question 2
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Question text
The following balances were extracted from the subsidiary journals of General Spaza Shop as
at 28 February 20.2.
R
Cash receipts journal
Whatsapp Marlvin @ +2763 173 8181
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