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FAC1502 ASSIGNMENT 3 SEMESTER 2 2024
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UNISA 2024 FAC1502-24-S2 Welcome Message Assessment 3QUIZ
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Question 1
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Indicate by choosing the correct option whether the following statement is true or false:
The accounting policy note will provide information such as depreciation rates used for
vehicles and equipment as this information is not presented on the face of the statement
of financial position.
Select one:
True
False
Question 2
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Ronnie Dealers is not a registered VAT vendor and applies the principles of the perpetual
inventory system.
On 31 March 2024, Ronnie’s Dealers received a statement from MM Wholesalers (a
creditor). The bookkeeper noticed that Ronnie's Dealers owe MM Wholesalers R3 910 and
that interest of 8% was charged due to late payment of the account. No entry was made in
the accounting records of Ronnie Dealers for the interest amount charged.
What will the correct general journal entry for the given transaction in the books of
Ronnie Dealers be?
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. Do not type in “R” for Rand in the numeric block
4. If any debit or credit line item is not applicable indicate the account name by choosing
N/A from the list and complete the amount as zero "0"
Debit Credit
R R
31
Interest expense 312.80
Trade and other payables control (MM Wholesalers) 312.80
Interest charged on the overdue account of MM Wholesalers
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