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FAC1502 ASSIGNMENT 7 SEMESTER 2 2024 ALL QUESTIONS ARE COVERED $2.86   Add to cart

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FAC1502 ASSIGNMENT 7 SEMESTER 2 2024 ALL QUESTIONS ARE COVERED

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FAC1502 ASSIGNMENT 7 SEMESTER 2 2024 ALL QUESTIONS ARE COVERED

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  • November 6, 2024
  • 526
  • 2024/2025
  • Exam (elaborations)
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Assessment 7 (page 1 of 2) https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=23




UNISA  2024  FAC1502-24-S2  Welcome Message  Assessment 7

QUIZ




Time left 1:25:56

Question 1

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Betties Dealers obtained a loan of R 850 000 from VL Bank on 1 October 2023. The loan is secured by mortgage over land and buildings
and is redeemable in four equal annual instalments. The �rst instalment on loan is payable on 31 August 2024. The interest rate payable is
14%. Betties Dealers �nancial year end 28 February.


The amount of the interest expense to be disclosed in the statement of pro�t or loss and other comprehensive income for the year ended
28 February 2024 is …

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




Answer: 49583.33




Question 2

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An entity has the following balances: Bank (Cr): R5 000; Machinery: R30 000; Trade receivables: R2 000; Drawings: R250.
The capital amount of the entity according to the basic accounting equation is …


NB: Instructions
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Only show the amount, do not show the R (eg: 12141.72)




Answer: 27250




1 of 12 2024/11/06, 14

,Assessment 7 (page 1 of 2) https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=23


Question 3

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Indicate by choosing the correct option whether the following statement is true or false:
Single-entry systems, that is incomplete records, are sometimes used by small businesses, because they know very little about basic
bookkeeping principles.



Select one:
True

False




Question 4

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You are given the following information for Sibas Nail Bar: R

Equipment……………………………………………………………………….................................. 31 500

Manicure tables and chairs……………………………………………………........................ 4 200

Inventory……………………………............................................................................. 10 500

Clients owing Sibas Nail Bar…………………………............................................... 5 250

Sibas Nail Bar owes Salon Suppliers……………………………............................... 15 750

Bank overdraft……………………………………………………………..................................... 3 150


The total current liabilities of Sibas Nail Bar will be …

NB: Instructions
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Only show the amount, do not show the R (eg: 12141.72)




Answer: 32550




2 of 12 2024/11/06, 14

,Assessment 7 (page 1 of 2) https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=23


Question 5

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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 250 and that interest of 12% 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 390

Trade and other payables control (MM Wholesalers) 390

Interest charged on the overdue account of MM Wholesalers




3 of 12 2024/11/06, 14

,Assessment 7 (page 1 of 2) https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=23


Question 6

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Marked out of 20.00




Paarl'sTrading, a registered VAT vendor, uses the periodic inventory system. The VAT rate is 15%.
The following is an extract from the �nancial records of Paarl'sTrading for January 2024:
R
Trade receivables: opening balance (1 January) 66 525
Credit sales 90 990
Cash receipts journal: Trade receivables column total (31 55 500
January)
Sales returns journal: Trade receivables column (31 January) 6 580


At month's end, the Bookkeeper completed a debtor’s reconciliation and found the following:
1. On 10 January, a client returned goods sold to him on credit for R1 390. 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 R1 334. The bookkeeper has not corrected the error.
3. On 18 January, goods sold on credit in the amount of R7 500 were recorded in the sales journal as R5 700. No journal entry has been
made to correct this error.
4. Paarl's Suppliers' account was charged an interest of R625 during the month. Entries were only made in the trade payables ledger.
5. On 21 January 2024, Paarl's Trading was informed that S Samuels, the debtor who owed the entity R1 340, had been declared
insolvent. The amount must be written off as irrecoverable.



Required:
Complete the trade receivables control account in Paarl Trading's general ledger 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 �lling in a zero ("0")
4. Only show the amount, do not show the "R" (eg: 1000)




Dr Trade receivables control Cr
2024 R 2024 R
Jan 1 Balance b/d Jan 1 Balance b/d
66525 0

31 31
Sales and VAT SJ 92790 Bank CRJ 54166

Interest income GJ 625 Credit losses and VAT GJ 1340

Sales returns and VAT SRJ 7970

Balance c/d Balance c/d
0 96464

159940 159940

Feb 1 Balance b/d Feb 1 Balance b/d
96464 0




4 of 12 2024/11/06, 14

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