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FAC MAY/JUNE EXAM SOLUTIONS FULL ONLINE EXAM ANSWERS
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FAC MAY/JUNE EXAM SOLUTIONS FULL ONLINE EXAM ANSWERS
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SOLUTIONS
FAC1502
FINANCIAL ACCOUNTING
COMPILED BY KHEITHYTUTOR
Downloaded by: Mgwebs | nsorikhonj95@yahoo.com
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FAC1502
M A Y /JUNE 20 1 9
Ques tion 1
Gi zmo Enterpris es
(a)
Trade Receivables Control account
2017-2 R 2017-
018 2018 R
1 Balance b/d 40 800 28 Feb Cash receipts (207 420
March Sales (276 080- 750) 275 +900) 208 320
4 000
28 Feb Dishonored cheques 330 Sales returns
100
(12 800 + 450) Credit note
117 130
Interest charged 13 250 Bal c/d
170
329 329 550
550
Bal b/d 117
130
(b)
The allowance for credi t losses account
2017 -2 R 2017 -2 R
018 018
28 Feb Trade receivables 1 500 1 Balance b/d 2
Bal c/d 4 000 March Credit losses 040
28 Feb 3
460
5 500 5
500
Downloaded by: Mgwebs | nsorikhonj95@yahoo.com
Distribution of this document is illegal
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