Financial Accounting Principles Concepts and Procedures (FAC1502)
Exam (elaborations)
FAC1502 ASSESSMENT 4 SEM 2 OF 2024 EXPECTED QUESTIONS AND ANSWERS
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Course
Financial Accounting Principles Concepts and Procedures (FAC1502)
Institution
University Of South Africa (Unisa)
THIS DOCUMENT CONTAINS FAC1502 ASSESSMENT 4 SEM 2 OF 2024 EXPECTED QUESTIONS AND ANSWERS AND WORKINGS, USE IT CORRECTLY FOR PRACTICE AS A GUIDE TO SCORE ABOVE 75%
Financial Accounting Principles Concepts and Procedures (FAC1502)
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Question 1 Margoczi Traders is a registered VAT vendor and the financial year end is 29 February 2024. The bookkeeper of Margoczi Traders requested your assistance after noting the following:
Answer saved The total insurance paid for the year as pre-adjustment trial balance on 29 February 2024 is R16 000. The monthly insurance premium is R1 840 (VAT inclusive).
Marked out of
8.00
Flag Required:
question
Prepare the general journal with regard to the adjustment and closing entries for the above transaction of Margoczi Traders for the month ending 29 February 2024.
MARGOCZI TRADERS
GENERAL JOURNAL - FEBRUARY 2024
Debit Credit
R R
Insurance 3200.00
Accrued expense 3200.00 1840*100/115*12-16000
Adjustment entry for insurance
Profit or loss account 19200.00
Insurance 19200.00 1840*100/115*12
Closing entry for insurance
Question 2 NKONZO TRADERS EXTRACT FROM THE LIST OF BALANCES AS AT 28 FEBRUARY 2024 OSCAR THE TUTOR
Answer saved oscardiura@gmail.com
R
Marked out of Fixed deposit: ABC Bank (12%) 892 500
+27737560989
8.00 for FAC MAC ECS DSC TAX QMI FIN INV BNU STA
Interest on fixed deposit 53 550
Flag tutorials
question
Additional information
On 1 June 2023, Nkonzo Traders invested money in a three-year fixed deposit account with ABC Bank at 12% interest per annum. The interest is payable quarterly. Account for any
outstanding interest.
Required
Using the information given, show the disclosure of the fixed deposit in the financial statements of Nkonzo Traders for the year ended 28 February 2024.
Instructions for numeric responses:
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. Only show the amount, do not show the "R" (eg: 1000)
4. If no amount should be recorded in any of the numeric spaces, please indicate it by filling in a zero ("0")
, NKONZO TRADERS STATEMENT OF PROFIT AND LOSS AND OTHER
COMPREHENSIVE INCOME FOR THE YEAR ENDED 28 FEBRUARY 2024
(EXTRACT)
R
Other income Interest income: fixed 80325.00 12%*892500*9/12
deposit
NKONZO TRADERS STATEMENT OF FINANCIAL POSITION AS AT 28 FEBRUARY 2024
(EXTRACT)
ASSETS R
Non-current assets
Financial assets: fixed deposit at ABC Bank 892500.00
Current assets
Trade and other receivables 26775.00 12%*892500*9/12-53550
Question 3
KK Trading is a registered VAT vendor and makes use of the periodic inventory system.
Answer saved
The following information relates to K Mathi, one of the creditors of KK Trading.
Marked out of
10.00 K Mathi’s balance as per the trade payables ledger as at 30 June 2024 was R5 190.
Flag The following information had not been considered in correcting of the trade payables ledger:
question
An invoice of R535 (VAT exclusive) in respect of freight on goods purchased was received from K Mathi. No entry has as yet been made.
Required:
Prepare the corrected account of the creditor in the trade payables ledger
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. Only show the amount, do not show the "R" (eg: 1000)
4. If no amount should be recorded in any of the numeric spaces, please indicate it by filling in a zero ("0")
OSCAR THE TUTOR
oscardiura@gmail.com
+27737560989
K Mathi for FAC MAC ECS DSC TAX QMI FIN INV
Debit Credit Balance BNU STA tutorials
2024 R R R
Jun 30 Account rendered b/d 5190.00 Cr
Purchases PJ 0 535.00 5725.00 Cr
,Question 4 Indicate whether the following statement is true or false:
Answer saved A disadvantage of using a single-entry bookkeeping system is that It is impossible to determine a profit or loss from the accounting records.
Marked out of
1.00
Flag Select one:
question True
False
Question 5
Betties Dealers obtained a loan of R700 000 from VL Bank on 1 December 2023. The loan is secured by mortgage over land and buildings and is redeemable in four equal annual
Answer saved instalments. The first instalment on loan is payable on 31 August 2024. The interest rate payable is 14%. Betties Dealers financial year end 31 March.
Marked out of
1.00
Flag The amount of the interest expense to be disclosed in the statement of profit or loss and other comprehensive income for the year ended 31 March 2024 is …
question
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
700000*0.14*9/12
Answer: 24500.00
Question 6 Tyamo Traders is a registered VAT vendor and applies the principles of the perpetual inventory system.
Answer saved The following information was extracted from the financial records of Tyamo Traders on 30 June 2024.
Marked out of
10.00
TYAMO TRADERS
Flag
question EXTRACT FROM THE TRIAL BALANCE AS AT 30 JUNE
2024
Debit Credit
R R
Capital: S Tyamo (1 July 2023) 310 000
Drawings 18 450
Loan receivable 210 750
Inventory: Trading 31 450
Additional information:
The following information must still be taken into account for the year ended 30 June 2024:
a) During the current financial year, the owner contributed an amount of R40 200. The accountant mistakenly didn’t account for it.
b) Revenue for the year amounted to R416 650
, c) Cost of sales for the year amounted to R245 610
d) Distribution, administrative and other expenses for the year amounted to R114 780
Required:
Prepare the Statement of changes in equity for the year ended 30 June 2024
Instructions for numeric responses:
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. All amounts that will be deducted from the balance must be recorded with a negative sign in front of the amount (eg: -1000.01)
4. When no amount needs to be entered in a column, then indicate this by entering "0" in the column.
Tyamo Traders
Statement of changes in equity for the year ended 30 June 2024
Capital
R
Balance as at 1 July 2023 310000.00
Capital contribution 40200.00
Comprehensive income for the year 56260.00 (416650-245610-114780
Less: Drawings -18450.00
Balance as at 30 June 2024 388010.00
Question 7
Answer saved You are given the following information for United Tennis Club for the year ended 31 December 20.6:
Marked out of
14.00 a) Membership fees received for the year is R44 920.
Flag b) Membership fees was R275 in 20.5, R300 in 20.6 and will be R330 in 20.7.
question
c) On 1 January 20.6, the membership fees of six members for 20.5 were still due.
d) On 31 December 20.5, five members prepaid their membership fees for 20.6.
e) On 31 December 20.6 three members paid their membership fees for 20.7.
f) Membership fees received during 20.6 included the membership fees of three members who did not pay in 20.5. The other three members' membership fees must be written off as
irrecoverable.
g) On 31 December 20.6, four member’s membership fees for 20.6 were still outstanding.
Required:
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