Exam (elaborations)
FAC1502 Assignment 2 2024
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FAC1502 Assignment 2 Semester 1 Due date 9 April 2024
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MENU Dashboard / My courses / FAC1502-24-S1
Started on
/ WELCOME Monday,FINANCIAL
TO FAC1502 4 April 2022, 4:31 PM
ACCOUNTING 1: FINANCIAL ACCOUNTING CONCEPTS, PRINCIPLES AND PROCEDURES
State Finished
/ Assessment 2
Completed on Friday, 5 April 2024, 5:10 PM
Time taken 39 mins 10 secs
Marks 38.00/40.00
Grade 92.50 out of 100.00
Feedback Congratulations, you pass the assessment with a distinction.
Opened: Tuesday, 2 April 2024, 8:00 AM
Closes: Tuesday, 9 April 2024, 11:00 PM
Question 1 Time left 0:31:33
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Indicate by choosing the correct option whether the following statement is true or false:
After reconciling the year-end physical trading inventory count amount with the balance of the trading inventory account in the general ledger, it was
determined that there is a trading inventory deficit. The trading inventory deficit will be recorded as income in the statement of profit or loss and other
comprehensive income.
Select one:
True
False
,Question 2
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Indicate by choosing the correct option whether the following statement is true or false:
Drawings and donation of trading inventory is recorded at cost price in the general journal.
Select one:
True
False
,Question 3
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On 1 November 20.18 Mars Traders paid rental to the amount of R25 740 for 12 months. The pre-adjustment trial balance for the year ended 28 February 20.19
reflected an amount for rental expenses of R25 740 as well as an amount for prepaid rental expenses on 1 March 20.18 of R12 600. The only transaction that
has been recorded or processed in the accounting books of Mars Traders regarding rental expenses, related to a payment that was made on 1 November 20.18
and no other transaction or adjustment has been taken into account as yet.
The amount for rental expenses to be disclosed in the statement of profit or loss and other comprehensive income for the year ended 28 February
20.19 will be:
Instructions:
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Round off to the nearest Rand (eg: 50.56 is 51)
3. Only show the amount, do not show the R (eg: 12141.72)
Answer: 25740.00
Question 4
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Kales Plumbing Services provided with the following information for the financial year ended 28 February 20.1.
R
Services rendered………………………………………………............... 960 000
Salaries…………………………………………………………...................... 320 000
Wages……………………………………………………………................... 50 000
Telephone……………………………………………………….................. 5 000
Water and electricity……………………………………………........... 3 000
Water and electricity deposit…………………………………….... 4 600
Stationery………………………………………………............................ 3 000
Interest income…………………………………………………............. 2 000
Insurance………………………………………………............................. 9 000
The profit/loss for the year of Kales Plumbing Services for the year ended 28 February 20.1 is ...
Instructions:
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Round off to the nearest Rand (eg: 50.56 is 51)
3. Only show the amount, do not show the R (eg: 12141.72)
4. Indicate a profit as 12142 and a loss as -12142
Answer: 567400.000
,Question 5
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Indicate by choosing the correct option whether the following statement is true or false:
Purchases returns will be closed off to the trading account at the end of a financial year.
Select one:
True
False
Question 6
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The trial balance of Ralf Traders for the current financial period ending 28 February 20.19, reflected salaries and wages to the amount of R119 000. The
bookkeeper of Ralf Traders compared the salaries and wages of the previous financial year with the salaries and wages of the current financial year and
noted that the salaries and wages for the current financial year have increased by R9 000. According to the bookkeeper’s knowledge, there were no new
appointment, no resignations, no salaries and wages increases, no leave days’ pay-outs and no bonuses were paid during the current financial period.
Therefore, salaries and wages for current financial period should be the same as the salaries and wages of the previous financial period. After a thorough
investigation by the human resources manager, it was noted on the 28 February 20.19 payroll, that one employee was paid R10 000 instead of a monthly
salary of R1 000 for the month of February 20.19. Instead of requesting the employee to pay back the extra amount, the human resource manager and
employee agreed that the extra salary is the payment for the next nine months. No adjustment journal entry has been processed by the bookkeeper in the
accounting books of Ralf Traders.
The effect that the adjustment journal entry will have on the basic accounting equation of Ralf Traders for the year ended 28 February 20.19 will be
...
Instructions:
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Round off your final answer to the nearest Rand (eg: 50.56 is 51)
RALF TRADERS
Adjustment journal – 28 February 20.19
Account to be debited Element of Account to be credited Element of
the account the account Amount Assets Equity L
to be debited to be credited
R
Prepaid expenses Assets Wages Expenses 9000.00 Increase Increase Nothin
,Question 7
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The following sales journal totals were provided to you:
FRUIT AND VEGGIE SPAZA SHOP
SALES JOURNAL – AUGUST 20.20
Trade
Date Details Fol VAT output Sales receivables
control
R R R
? 6 900 7 935
After calculating the VAT amount, the totals will be posted to the general ledger as follows (The VAT rate applicable is 15%):
Instructions:
Drag the correct answer into the correct space.
An option can be used more than once.
Always do the VAT entry last.
If an options has been provided and it is not applicable to the specific questions please put N/A in the accounts column and a 0 in the amounts column.
Trade receivables control 7 935 Sales 6 900
N/A 0 VAT output 1 035
N/A Sales VAT output Trade receivables control
1 035 0 6 900 7 935 1 190.25
, Question 8
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On 2 January 20.2, a tenant of B&D Dealers, did an electronic funds transfer of R270 000 into B&D Dealers’ business bank account. The monthly rental is
R18 000 per month. The financial year-end is 31 December 20.2.
What will the closing transfer entry for the transaction on 31 December 20.2 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. For embedded questions spelling is very important. If you spell the answer incorrect it will be marked incorrect. Please make sure that your spelling of
the words is correct.
4. Don’t use any special characters (&) and don’t use bold in your answer. It will be marked incorrect.
5. Do not use any abbreviations.
6. Your answer is case sensitive; therefore, you need to put the very first letter of the answer in uppercase, but the rest of your answer must be in lowercase
(eg: Interest on loan)
B&D DEALERS
Closing transfer journal – 31 December 20.2 Debit Credit
R R
rent Income 54000.00
income received in advance 54000.00
Question 9
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Please choose the correct option for the given scenario.
Due to some debtors not being able to pay their
accounts, an entity will then have a/an … policy. allowance for credit losses
The trade receivables control account must be
credited with … actual irrecoverable debt.
Credit losses will be closed off to the … at the end of
the financial year. profit or loss account
Allowance for credit losses will be … at the end of the
financial year. deducted from the trade receivables balance in the note in the statement of financial position.
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