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FAC1502 Assignment 6 Due 24 May 2024
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FAC1502 Assignment 6 Semester1 1 Due 24 May 2024
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1. UNISA2. 2024
3. FAC1502-24-S1
4. Welcome to FAC1502
5. Assessment 6
QUIZ
Assessment 6
Completion requirements
Opened: Thursday, 23 May 2024, 8:00 AM
Closes: Friday, 24 May 2024, 8:00 AM
Attempts allowed: 1
Time limit: 2 hours
Grade to pass: 50.00 out of 100.00
Ms. T Tlale, a debtor of JJ Stores, owed R5 004 to JJ Stores, which has been overdue for the past 7 months. Interest at 15% per annum must be charged on
overdue accounts. The interest has not been recorded in the books of JJ Stores.
What will the correct ledger entries of JJ Stores be to record the interest on Ms T. Tlale's overdue account?
Instructions:
Drag the correct answer into the correct space.
An option can be used more than once.
Ms. T Tlale/trade receivables control 437.85 Interest income 437.85
Interest expenses Ms. T Tlale/trade receivables control Interest income
417 750.60 62.55
,Naledi Traders purchased a new printer of R5 900 from SA Computers for cash. Naledi Traders maintained a positive bank balance.
Prepare the BAE incorporating the information form the above transaction in the table below by indicating the net effect (amount) and the account debited and credited:
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. When an element decreases, use a negative sign in front of the amount (eg: -1000.01)
4. When an element increases, the amount will be without any sign (eg: 1000.01)
5. Only show the amount, do not show the "R" (eg: 1000)
6. If no amount should be recorded in any of the numeric spaces, please indicate it by filling in a zero ("0")
Assets = Equity + Liabilities
0 0 0
Computer equipment debit and Bank account credit Not applicable Not applicable
,You are given the following post adjustment trial balance for JJ Wholesalers:
JJ WHOLESALERS
POST-ADJUSTMENT TRIAL BALANCE AS AT 30 JUNE 20.2
Debit Credit
R R
Capital ………………………………………. 1 500
000
Drawings…………………………………….. 60 000
Land………………………………………….. 750 000
Buildings……………………………………... 250 000
Vehicles………………………………………. 350 000
Equipment……………………………………. 200 000
Accumulated depreciation: Vehicles……… 35 000
Accumulated depreciation: Equipment…… 20 000
Trade receivables control…………………. 280 000
Inventory…………………………………….. 300 000
Bank …………………………………………. 400 000
Trade payables control…………………….. 450 000
VAT control………………………………….. 24 000
Sales…………………………………………. 1 200
000
Cost of sales………………………………… 560 000
Wages and salaries………………………… 112 000
Credit losses………………………………… 3 000
Water and electricity……………………….. 12 000
Telephone expenses………………………. 15 000
Depreciation…………………………………. 55 000
Bank charges………………………………... 2 000
Rental income………………………………. 168 000
3 373 000 3 373
000
Additional information
a. Assuming that the total comprehensive loss for the year is R700 000
b. After the total comprehensive loss was calculated it has been determined that:
- the owner took inventory with a cost price of R2 500 for his own use. The bookkeeper only did the credit entry of the transaction but forgot to do the debit
entry of the transaction in the books of JJ Wholesalers.
- the owner made his new personal computer available to the business. The cost of the computer was R20 000. The bookkeeper only did the debit entry of
the transaction but forgot to do the credit entry of the transaction in the books of JJ Wholesalers. All entries regarding the depreciation were done correctly.
The correct statement of changes in equity for the year ended 30 June 20.2 will be:
Instructions:
Drag the correct answer into the correct space.
An option can be used more than once.
Balance at 1 July 20.1 1 500 000
Total comprehensive income for the year 700 000
Additional capital contributions 20 000
(62 500)
Balance at 30 June 20.2 757 500
Balance at 30 June 20.2 Total comprehensive income for the year Balance at 1 July 20.1
Equipment Additional capital contributions Inventory
Total comprehensive loss for the year
(62 500) 1 500 000 (60 000) 2 118 000 (22 500) (82 500) (2 500) 702 500 (57 500) 57 500 2 500 1 502 500 700 000
37 500 60 000 17 500 20 000 722 500 757 500 (37 500) 697 500 1 517 500 740 000 82 500 (80 000) 717 500
22 500 1 522 500 (20 000) 80 000 1 477 500 62 500 (17 500) (700 000)
,The following information was extracted from the accounting records of Lele Plastics:
Balances at 1 April 20.19 R
Equipment: Cost 56 000
Accumulated depreciation: Equipment (37 800)
Additional information
At the beginning of the financial year, 1 April 20.19, Lele Plastics replaced its plastic shredding equipment with new glass
recycling equipment that had a purchase price of R250 000. The replaced plastic shredding machine was sold for R10 500
cash, it was the only piece of equipment in the books of Lele Plastics prior to the purchase of the new glass recycling
equipment. Depreciation is provided at 15% p.a. on the straight-line method.
The correct property, plant and equipment note for equipment (total column excluded) for Lele Plastics on 31 March 20.20
will be:
Instructions:
Drag the correct answer into the correct space.
An option can be used more than once.
Please keep the sequence of transactions strictly according the information given but also in the correct format.
For the section dealing with the movements within assets, start with any additions.
18 200
Carrying amount: Beginning of year
Cost 56 000
Accumulated depreciation (37 800)
250 000
Additions
(18 200)
Disposals
56 000
Cost
(37 800)
Accumulated depreciation
Depreciation for the year (37 500)
Carrying amount: End of year 212 500
Cost 250 000
Carrying amount: Beginning of year
Accumulated depreciation Disposals Depreciation for the year (37 500)
Cost Carrying amount: End of year Additions
Accumulated depreciation
257 700 93 800 (18 200) (9 800) (37 500) (37 800) 7 700 275 900 (8 400) (10 500) 287 500
250 000 212 500 56 000 (45 900) 18 200 (46 200)
,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 the Account to be credited Element of the
account to be account to be Amount Assets Equity Liabilities
debited credited
R
Prepaid expenses Assets Wages Expenses 19000.00 Increase Decrease Nothing recorded
, BUWANG TRADERS EXTRACT FROM THE LIST OF BALANCES AS AT 28 FEBRUARY 2024
R
Fixed deposit: MAC Bank (14%) 750 000
Interest on fixed deposit 52 500
Additional information
On 1 June 2023, Buwang Traders invested money in a three-year fixed deposit account with MAC Bank at 14% 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 Buwang 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")
BUWANG TRADERS STATEMENT OF PROFIT AND LOSS AND OTHER
COMPREHENSIVE INCOME FOR THE YEAR ENDED 28 FEBRUARY 2024
(EXTRACT)
R
Other income Interest income: fixed
78750.00
deposit
BUWANG TRADERS STATEMENT OF FINANCIAL POSITION AS AT 28 FEBRUARY 2024
(EXTRACT)
ASSETS R
Non-current assets
Financial assets: fixed deposit at MAC Bank 500000.00
Current assets
Financial assets: fixed deposit at MAC Bank 250000.00
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Pre vi o us ac t i vi t y
Assessment 3
,The following information relates to Raden:
Balances as at 31 August 20.3: R R
Plant and machinery (at cost) 93 500
Accumulated depreciation: plant and machinery 51 260
Additional information
(a) According to the assets register, plant and machinery consist of two Blacky machines of equal value. Both the machines were purchased and installed on the same
date.
(b) Depreciation is written off at 20% per annum by the diminishing balance method.
(c) On 31 January 20.4, management decided to increase production capacity and purchased a Desh machine on credit from Plack Ltd for R99 000. One of
the Blacky machines was traded in, reducing the amount owing to Plack Ltd to R77 550.
(d) On 1 February 20.4, installation charges on the new machine amounting to R6 600 were paid in credit.
REQUIRED
Post the above transactions to the general ledger account provided below.
Instructions:
1. Do not type the amount with any spaces as separators for thousands (eg: 12141)
2. Round off to the nearest Rand (eg: 50.56 is 51)
3. Only show the amount, do not show the "R" for the Rand sign (eg: 12141)
Raden
GENERAL LEDGER
Dr Machinery realisation Cr
R R
20.4 20.4
Jan 31 Jan 31
Plant and machinery 46750.00 Accumulated depreciation 27390.00
Profit on sale of machinery 2090.00 Plack Ltd /Trade receivables control 21450.00
48840.00 48840.00
,A sales invoice for R920 was entered twice in the sales journal and was posted twice to the applicable accounts in the general ledger and the personal
account of the debtor, Mr T Maharaj. The entity is a registered VAT vendor, and the applicable VAT rate is 15%.
The transaction will be corrected by processing the following journal entries:
Instructions:
Drag the correct answer into the correct space.
An option can be used more than once.
When recording the debit entries, you must start with the applicable income or expense account, followed by the applicable vat account.
Sales 800
VAT output 120
Trade receivables control/Mr T Maharaj 920
VAT output Sales Trade payables control/Mr T Maharaj Trade receivables control/Mr T Maharaj
Turnover VAT input
276 782 1 840 800 1 600 120 1 564 240 920 138
,K Swa Traders which uses a perpetual inventory system and a mark-up of 35% on cost price had the following transactions during the current financial year:
(a) Bought inventory for R9 000 cash
(b) Paid cash for the carriage on purchases of R1 500.
(c) Inventory with a cost price of R4 000 was sold on credit.
NOTE: Ignore any VAT implications
Record the given transactions under the appropriate columns below:
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. A decrease in an amount must be indicated by using a negative sign in front of the amount (eg: -1000.01)
4. An increase must be indicated by the amount without any sign (eg: 1000.01)
5. If an option has a increase as well as a decrease the net effect will be 0.
6. If an option has been provided that is not applicable to the question, please use N/A in the column to indicate that the option is not applicable.
7. For transaction (c), first do the sales entry, then the cost of sales entry.
Subsidiary journal Account in the general ledger to be Net effect on Net effect on Net effect on
No assets = equity + liabilities
Debited Credited
(a)
Cash payments journal Inventory Bank 0 0 0
(b)
Cash payments journal Inventory Bank 0 0 0
(c)
Sales journal Trade receivables control Sales 5400.00 5400.00 0
Cost of sales Inventory -4000.00 -4000.00 0
, Question 1 You are given the following information for United Tennis Club for the year ended 31 December 20.6.
Answer saved
a) Membership fees received for the year is R56 160.
M arked out of
14.00
b) Membership fees was R300 in 20.5, R360 in 20.6 and will be R420 in 20.7.
c) On 1 January 20.6, the membership fees of five members for 20.5 were still due.
d) On 31 December 20.5, four 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 two 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, three member’s membership fees for 20.6 were still outstanding.
Instructions:
1. Drag the correct answer into the correct space (cell phone click on the answer and click on the place where you want to place the amount - also keep your cell phone horizontal w
2. An option can be used more than once.
3. Keep the transactions strictly according to date sequence.
4. If an options has been provided and it is not applicable to the specific questions please put N/A in the account column and a 0 in the amount column.
The properly balanced membership fees for United Tennis Club as at 31 December 20.6 will be …
GENERAL LEDGER
UNITED TENNIS CLUB
Dr Membership fees Cr
20.6 20.6
Jan 1
Accrued income 56 160 Jan 1
Income received in advance 1440.00
Dec 31 Dec 31
Income and expenditure 56820.00 Bank 56160.00
Income received in advance 1260.00 Credit losses 900.00
Accrued income 1080.00
59 580 59 580
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