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FAC1501 EXAM PACK 2022
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FAC1501 EXAM PACK 2022
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FAC1501EXAM PACK
Downloaded by: shakeerao | shakeerao@gmail.com
Distribution of this document is illegal
, Stuvia.com - The study-notes marketplace
FAC1501
EXAM PACK
Downloaded by: shakeerao | shakeerao@gmail.com
Distribution of this document is illegal
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SOLUTION 1: MULTIPLE CHOICE QUESTIONS
1.1. 1
1.2. 1
1.3. 4
1.4. 3
R
Assets 800 000
Property, plant & Equipment 600 000
Trade and other receivables 200 000
Less Liabilities (180 000)
Bank overdraft 100 000
Long – term borrowings 80 000
Equity 620 000
1.5. 5
R
Land & Buildings 2 904 000
Vehicles at carrying amount 1 645 076
Equipment at carrying amount 363 364
Fixed deposit 562 984
Total Non – current assets 5 475 424
1.6. 1
R
Creditors Control 601 880
Accrued expenses 24 980
Income received in advance 9 140
Current assets 636 000
4
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1.7. 3
1.8. 4
1.9. 4
Assets = Equity + Liabilities
Equipment Debtors Bank Capital Income / Creditors
Expenses
R R R R R R
2017
July 1 + 60 000 +60 000
7 +11 000 +11 000
19 -7 000 -7 000
27 -50 -50
Net Effect +60 000 +11 000 -7 050 +53 000 +10 950
1.10. 2
SOLUTION 2: RECORDING OF TRANSACTIONS
General ledger Subsidiary Journal
Date Account to be debited Account to be credited
2017
August 5 Inventory Creditors` Control Purchases Journal
August 7 Debtors Control Sales Sales Journal
Cost of Sales Inventory
August 14 Packing Materials Inventory General Journal
August 23 Bank Debtors` control Cash Receipts Journal
August 26 Drawings Inventory General Journal
August 31 Insurance Bank Cash Payments Journal
5
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3f1t1h9is document is illegal
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