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Facc1501 Assignment 5 semester 2 2022
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Facc1501 Assignment 5 semester 2 2022 The document contains assignment 5 questions together with answers We attached 7 attempts Distinction guaranteed
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6/22/22, 5:24 PM Assessment 5: Attempt reviewMENU
Dashboard / My courses / FAC1501-22-S1 / Welcome Message / Assessment 5
Started on Thursday, 12 May 2022, 10:33 PM
State Finished
Completed on Thursday, 12 May 2022, 11:02 PM
Time taken 29 mins 44 secs
Marks 21.00/30.00
Grade 70.00 out of 100.00
Feedback Well done you passed this assignment.
Question 1
Complete
Not graded
I declare that the work submitted in this assignment is my own. I did not request assistance to complete the assignment questions from any
third parties.
I declare that I did not provide assistance to other students completing the assignment.
a. Yes
b. No
The correct answer is:
Yes
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,6/22/22, 5:24 PM Assessment 5: Attempt review
Question 2
Incorrect
Mark 0.00 out of 3.00
MENU
At 30 September 2021, the financial year-end of Emalahleni Traders, the following information was obtained from the entity’s accounting
Dashboard / My courses / FAC1501-22-S1 / Welcome Message / Assessment 5
records:
R
Sales 499 392
Cost of sales 332 928
Carriage on sales 21 848
Credit losses 9 364
Bank charges 3 121
Water and electricity 18 727
Salaries and wages 62 424
Insurance 17 687
Packaging material 11 444
Credit losses recovered 5 202
Interest income 14 565
Calculate the amount that will be transferred from the profit and loss account to the capital account of Emalahleni Traders when the
closing transfers are done on 30 September 2021?
NB: Instructions
1. Do not type the amount with any spaces as separators for thousands (eg: 12141.72)
2. Only show the amount, do not show the R (eg: 12141.72)
3. If the total amount calculated should be debited in the capital account, please enter the amount as a negative (eg: -12141.72), if the
amount should be credited to the capital account, please enter the amount as a positive (eg: 12141.72)
Answer: 85312
Refer to learning unit 1 to 11
The correct answer is: 41616
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,6/22/22, 5:24 PM Assessment 5: Attempt review
Question 3
Incorrect
Mark 0.00 out of 3.00
MENU
Stokvel Traders (a registered VAT vendor) manufactures and sells luxury goods. Stokvel Traders further provides certain marketing and
Dashboard / My courses / FAC1501-22-S1 / Welcome Message / Assessment 5
advertising services to clients in the tourism industry. The periodic inventory system and control accounts are in use.
The following balances and totals were extracted from the financial records of Stokvel Traders for the year ended 31 March 2022:
R
Sales 1 230 045
Services rendered 321 425
Rent received 75 360
Insurance 67 500
Advertising 43 700
Water and electricity 36 800
Telephone expenses 25 350
Additional information:
1. Since 1 August 2021, Stokvel Traders sublets a portion of its office space to Tourists International for a monthly fee of R14 444 (VAT
inclusive).
2. SA Destinations is the only client that entered into a contract for marketing services with Stokvel Traders for the 2022 financial year. In
terms of this contract SA Destinations pays a monthly fee of R24 725 (VAT exclusive) for marketing services, starting on 1 April 2021.
3. The insurance was paid on 1 April 2021 for a period of 15 months.
4. On 30 March 2022, Stokvel Traders received an invoice for the water and electricity usage for March 2022 to the amount of R4 300
(VAT exclusive). This transaction has not yet been recorded.
What is the amount that will be reported as services rendered in the statement of Profit or loss and other comprehensive
income for the year ended 31 March 2022?
NB: Instructions
1. Do not type the amount with any spaces as separators for thousands (eg: 12141.72)
2. Only show the amount, do not show the R (eg: 12141.72)
Answer: 436977
Refer to learning unit 1 to 11
The correct answer is: 296700
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, 6/22/22, 5:24 PM Assessment 5: Attempt review
Question 4
Incorrect
Mark 0.00 out of 1.00
MENU
Which one of the following current tax fractions represents the correct VAT charged if the consideration of the supply is given?
Dashboard / My courses / FAC1501-22-S1 / Welcome Message / Assessment 5
Select one:
a. 100/115
b. 85/100
c. 15/115
d. 15/100
Refer to learning unit 4.
The correct answer is:
15/115
Question 5
Correct
Mark 2.00 out of 2.00
Africa Traders is not a registered VAT vendor and buys and sells furniture. Africa Traders wants to sell a dining room table with a cost price of
R5 200. The mark-up percentage on cost is 30%.
What will be the selling price of this product?
NB: Instructions
1. Do not type the amount with any spaces as separators for thousands (eg: 12141.72)
2. Use a full stop to indicate any decimals (eg: 1000.01)
3. You must enter cents even if it is 0 (eg .00)
4. Only show the amount, do not show the R (eg: 12141.72)
Answer: 6760
Refer to learning unit 7, paragraph 7.9
The correct answer is: 6760
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