100% Zufriedenheitsgarantie Sofort verfügbar nach Zahlung Sowohl online als auch als PDF Du bist an nichts gebunden
logo-home
Vorher von dir gesucht
Vorher von dir gesucht
logo
FAC1502 ASSESSMENT 2 SEM 1 OF 2024 EXPECTED QUESTIONS AND SOLUTIONS 5,35 €
In den Einkaufswagen
Navigiere schnell zu
Vorschau
  2.  
  3. University Of South Africa (Unisa)
  4.  
  5. Financial Accounting (FAC1502)

Prüfung

FAC1502 ASSESSMENT 2 SEM 1 OF 2024 EXPECTED QUESTIONS AND SOLUTIONS

2 rezensionen
 18 mal verkauft
  • Kurs
  • Financial Accounting (FAC1502)
  • Hochschule
  • University Of South Africa (Unisa)

THIS DOCUMENT CONTAINS A COMPILATION OF FAC1502 ASSESSMENT 2 SEM 1 OF 2024 EXPECTED QUESTIONS AND SOLUTIONS. USING IT CORRECTLY FOR PRACTICE AND AS A GUIDE WILL HELP YOU SCORE ABOVE 75%

vorschau 4 aus 109   Seiten

Dokument Information

  • 5. april 2024
  • 109
  • 2023/2024
  • Prüfung
  • Unbekannt

Themen

  • fac1502

Schule, Studium & Fach

  • University of South Africa (Unisa)
  • Financial Accounting (FAC1502)
Alle Dokumente für dieses Fach (282)

2  rezensionen

review-writer-avatar

von: mikylebosch24 • 5 Monate vor

review-writer-avatar

von: nokuthulambatu • 10 Monate vor

Verkäufer

avatar-seller
oscardiura

Deine Reviews

Inhaltsvorschau

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 at 1 March 20.18 of R16 400. The only transaction that has been recorded or
processed in the accounting books of Mars Traders regarding rental expenses, related to the 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 prepaid rental expenses to be disclosed in the statement of financial position as at 28 February
20.19 will be …

Instructions:
OSCAR THE TUTOR
1. Use a full stop to indicate any decimals (eg: 1000.01)

WHATSAPP: 0737560989 2. Round off to the nearest Rand (eg: 50.56 is 51)
+27844708483 for 3. Only show the amount, do not show the R (eg: 12141.72)

FAC,MAC,ECS,TAX,QMI,FIN,INV,BNU,M
N
B STA MNG DSC Tutoring Answer: 17160.00


Question 2 Extract of pre-adjustment trial balance of Kumkani Traders as at 28 February 20.2
Answer saved
Marked out of Debit Credit
1.00 R R
Flag Capital (1 March 20.1)…………………………………………….......…….... 200 000
question Drawings……………………………………………………………….................... ?
Inventory: Trading (1 March 20.1)……………………………….……...... 61 725
Allowance for credit losses…………………………………………….......... 4 450
Mortgage: Ginsberg Bank ........................................……………............ 195 000
Fixed deposit (at 7.5% per annum)………………………………….....… 50 000
Sales………………………………………………………………............................... 345 060
Carriage on purchases………………………………………………................ 9 500
Sales returns…………………………………………………………...................... 6 780
Rental income…………………………………………………………................... 19 800
Purchases……………………………………………………………........................ 197 800
Purchases returns……………………………………………………................... 2 890
Depreciation…………………………………………………………...................... 38 367
Salaries and wages………………………………………………….................... 88 500
Insurance expenses……………………………………………………............... 27 300
Telephone expenses…………………………………………………................. 14 280
Water and electricity………………………………………………….......…...... 23 450
Credit losses……………………………………………………………................... 1 600

After a year-end inventory count, the value of trading inventory on hand was R123 450.

Additional information
(a) On 1 April 20.1 Kumkani Traders bought a factory building by means of a mortgage, from Ginsberg Bank,
that bears interest at a rate of 10.05% per annum compounded annually. The loan is redeemable in 20 annual
instalments of R22 980. The instalments are in arrears. Interest for the current year must still be provided for.
(b) The fixed deposit investment of R50 000 was made on 1 April 20.1. Interest on this investment is paid
annually.

The correct amount that must be disclosed in the statement of profit or loss and other comprehensive income
as interest on fixed deposit for the year ended 28 February 20.2 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)
3. Round the amount of to the nearest R (eg: 12141.72 will be 12142)




Answer: 1875.00




Question 3
Isolation Traders paid an insurance premium of R10 860 on 1 March 20.19 for 12 months. Upon the inspection
Answer saved of the pre-adjustment trial balance for the year ended 31 May 20.19, the bookkeeper noticed that insurance
Marked out of premiums amounting to R6 380 for the period starting 1 June 20.18 until 28 February 20.19, were paid in the
1.00 previous financial period. The bookkeeper also noticed that, the insurance premium paid on 1 March 20.19 has
Flag not yet been recorded in the books, and no adjustment has been processed and no reversal has been processed
question relating to insurance premium paid in the previous financial period.

, The amount for insurance expenses to be shown in the statement of financial position as at 31 May 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) OSCAR THE TUTOR

WHATSAPP: 0737560989
Answer: 9095.00
+27844708483 for
FAC,MAC,ECS,TAX,QMI,FIN,INV
BNU,MN
B STA MNG DSC Tutoring
Question 4 Indicate by choosing the correct option whether the following statement is true or false:
Answer saved All the amounts in the profit or loss account excludes VAT amounts.
Marked out of
1.00

Flag
question Select one:
True
False




Question 5 Indicate by choosing the correct option whether the following statement is true or false:
Answer saved When the perpetual inventory system is used, carriage on purchases, is debited to the asset account, inventory,
Marked out of since the cost of sales must be brought into account with each sales transaction and carriage on purchases
1.00 constitutes an integral part of the cost per unit.
Flag
question

Select one:
True
False




Question 6 Indicate by choosing the correct option whether the following statement is true or false:
Answer saved The apportionment of the depreciation is credited in the asset contra account, namely accumulated
Marked out of depreciation.
1.00
Flag
question
Select one:
True
False




Question 7 Thato, the owner of Thato Traders keep incomplete records of the business transactions. The following information
Answer saved is available.
Marked out of THATO TRADERS
1.00
Balances as at 30 June 20.21 (extract):
Flag
question 20.20 20.21
R R
Vehicles at cost ……………………………………………… 86 400 86 400 OSCAR THE TUTOR
Furniture and equipment at cost…………………………..... 79 500 79 500
Inventory……………………………………………................ 65 310 ? WHATSAPP:
Trade receivables control……..……………………………... 26 610 37 050
0737560989
Bank (favourable)…………………………………………...... 75 000 60 000
Long-term borrowings……….……………………………......
+27844708483 for
90 000 45 000
Trade payables control………..………………………………
FAC,MAC,ECS,TAX,QM
28 500 38 100
Accrued expenses……………………..…………………....... 10 200 6 900
I,FIN,INV,BNU,MN
Prepaid expenses……………………………………………… 1 080 1 095 B STA MNG DSC
Tutoring
Additional information:

A physical inventory count revealed that the following was on hand on 30 June 20.21:

Inventory R85 000
Stationery R2 875
Packing materials R650

, The total amount of trading inventory for Thato Traders as at 30 June 20.21 will 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)




Answer: 85000.00




Question 8 Indicate by choosing the correct option whether the following statement is true or false:
Answer saved Under a periodic inventory system, the cost of sales is not determined at the time of the recording of the sale.
Marked out of
1.00
Flag
question Select one:
True
False
OSCAR THE TUTOR

WHATSAPP: 0737560989
Question 9 Use the information provided below to calculate the cost of sales: +27844708483 for
Answer saved
R FAC,MAC,ECS,TAX,QMI,
Marked out of
1.00
Opening inventory 200 000 IN,INV,BNU,MN
Purchases 400 000
Flag B STA MNG DSC Tutorin
question Purchases returns 90 000
Import duties 20 000
Settlement discount received 30 000
Closing inventory 300 000


Answer: 800000.00




Question 10
The following information for May 2023 relates to Joe Traders.
Answer saved
1. The following information appeared in the bank reconciliation statement for April 2023.
Marked out of
42.00
Flag Bank reconciliation statement as at 31 May 2023
question
Debit Credit
R R
Unfavourable balance as per the bank statement 24 500
Outstanding deposit 205 7 500
Outstanding EFT no:
- No. 210 3 500
- No. 212 1 800
- No. 213 2 550
Credit correction of error 250
Unfavourable balance as per bank account 24 600




2. The following appeared in the cash journals, but not on the bank statement.
· Outstanding deposit of R3 000
· EFT 217 for R1 500 to NCA for stationery purchased.
3. EFT no. 210, 212 appeared on the current bank statement for May 2023.
· The error made by the bank during April 2023 was corrected on the bank statement for May 2023.
· The outstanding deposit 205 does not appear in the current bank statement for May 2023.
4. An EFT for R3 550 was reflected in the JoeTraders bank statement. This payment is not related to business
and must be corrected by the bank.
5. An EFT payment to S Mmekwa for R665 was cancelled. The bookkeeper, however, recorded the payment in
the cash payments journal.
6. EFT 215 for R4 300 appeared twice on the bank statement.

, 7. An EFT payment to Solly Traders in settlement of our account R11 800. The bookkeeper incorrectly entered
the amount as R11 980 in the cash payments journal.
8. A stop order in favour of Monument Insurers of R4 300 for monthly insurance Premium.The transaction had
not been taken into account in the cash journals
9. Joe Traders made an EFT payment of R16 465. The bookkeeper incorrectly entered the amount as R13 765
in the cash payments journal.
10. Balances and subtotals at the end of May 2023.
· Cash receipts journal R224 795
· Cash payments journal R216 020
· Unfavourable bank statement R37 445
11. The following appeared on the bank statement, but not in the cash journals:
· annual service fee – R555
· internet service fee – R125
· cash deposit fees – R485




REQUIRED:
Complete the following in the accounting records of Joe Traders for the month ended on 31 May 2023:
The cash receipts and cash payments journals (bank columns only), properly totalled, as at 31 May 2023
The bank account in the general ledger, properly balanced, as at 31 May 2023
The bank reconciliation statement as at 31 May 2023

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. An entry in the credit column of the bank reconciliation statement must be indicated by using a negative sign
in front of the amount (eg: -1000.01)
4. An entry in the debit column of the bank reconciliation statement must be indicated by the amount without
any sign (eg: 1000.01)


Joe Traders
Cash receipts journal – 31 May2023
Details R

31Subtotal 224795.00


S Mmekwa 665.00
OSCAR THE TUTOR
Solly Traders 180.00
WHATSAPP: 0737560989
225640.00 +27844708483 for
FAC,MAC,ECS,TAX,QMI,FIN,INV,BNU,M
N
B STA MNG DSC Tutoring
Cash payments journal – 31 May 2023
Details R

31Subtotal 216020.00


Bank charges 1165.00


Momentum Insurers 4300.00


Joe Traders (incorrect entry) 2700.00


224185.00




Dr Bank B1 Cr
2023 R 2023 R

May 1 Balance b/d 0 May 1 Balance b/d 24600.00


31 Total receipts CRJ 225640.00 31 Total payments CPJ 224185.00

Alle Vorteile der Zusammenfassungen von Stuvia auf einen Blick:

Garantiert gute Qualität durch Reviews

Garantiert gute Qualität durch Reviews

Stuvia Verkäufer haben mehr als 700.000 Zusammenfassungen beurteilt. Deshalb weißt du dass du das beste Dokument kaufst.

Schnell und einfach kaufen

Schnell und einfach kaufen

Man bezahlt schnell und einfach mit iDeal, Kreditkarte oder Stuvia-Kredit für die Zusammenfassungen. Man braucht keine Mitgliedschaft.

Konzentration auf den Kern der Sache

Konzentration auf den Kern der Sache

Deine Mitstudenten schreiben die Zusammenfassungen. Deshalb enthalten die Zusammenfassungen immer aktuelle, zuverlässige und up-to-date Informationen. Damit kommst du schnell zum Kern der Sache.

Häufig gestellte Fragen

Was bekomme ich, wenn ich dieses Dokument kaufe?

Du erhältst eine PDF-Datei, die sofort nach dem Kauf verfügbar ist. Das gekaufte Dokument ist jederzeit, überall und unbegrenzt über dein Profil zugänglich.

Zufriedenheitsgarantie: Wie funktioniert das?

Unsere Zufriedenheitsgarantie sorgt dafür, dass du immer eine Lernunterlage findest, die zu dir passt. Du füllst ein Formular aus und unser Kundendienstteam kümmert sich um den Rest.

Wem kaufe ich diese Zusammenfassung ab?

Stuvia ist ein Marktplatz, du kaufst dieses Dokument also nicht von uns, sondern vom Verkäufer oscardiura. Stuvia erleichtert die Zahlung an den Verkäufer.

Werde ich an ein Abonnement gebunden sein?

Nein, du kaufst diese Zusammenfassung nur für 5,35 €. Du bist nach deinem Kauf an nichts gebunden.

Kann man Stuvia trauen?

4.6 Sterne auf Google & Trustpilot (+1000 reviews)

45.681 Zusammenfassungen wurden in den letzten 30 Tagen verkauft

Gegründet 2010, seit 15 Jahren die erste Adresse für Zusammenfassungen

Starte mit dem Verkauf
5,35 €  18x  verkauft
  • (2)
In den Einkaufswagen
Hinzugefügt