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FAC1502 ASSIGNMENT 5 EXPECTED ANSWERS COMBINED SEM 1 2022
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FAC1502 ASSIGNMENT 5 EXPECTED ANSWERS COMBINED SEM 1 2022
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2022FAC1502 ASSIGNMENT 05
[DOCUMENT SUBTITLE]
ASSET MIKE
[COMPANY NAME] | [Company address]
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FAC1502-22-S1
WELCOME TO FAC1502 FINANCIAL ACCOUNTING 1: FINANCIAL
ACCOUNTING CONCEPTS, PRINCIPLES AND PROCEDURES
Assessment 5
Time left 1:05:21
Question 1
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Question text
Dumisani bought a shirt from Loud Shirts for R625.00 (after discount). The dress was
discounted by 20%.
What will the discount amount 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)
Answer: 156.25
Question 2
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Furniture Traders sold three tables and six chairs to Beauty Traders, for their nail
technicians, for an amount of R31 050 (15% VAT inclusive). Furniture Traders makes use
of a mark-up percentage on cost of 35%
What is the amount for the sales (VAT exclusive) of the tables and chairs?
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)
Answer:
Question 3
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Select one:
A.
Name of account Classification
Profit on sale of equipment Income
Equipment Asset
Services rendered Income
Depreciation Expense
Insurance Expense
Capital Equity
Credit loss recovered Income
Water and electricity Expense
B.
Name of account Classification
Profit on sale of equipment Income
Equipment Asset
Services rendered Income
Depreciation Income
Insurance Expense
, Capital Equity
Credit loss recovered Income
Water and electricity Expense
C.
Name of account Classification
Profit on sale of equipment Asset
Equipment Asset
Services rendered Income
Depreciation Income
Insurance Expense
Capital Liability
Credit loss recovered Income
Water and electricity Expense
D.
Name of account Classification
Profit on sale of equipment Income
Equipment Asset
Services rendered Income
Depreciation Income
Insurance Expense
Capital Equity
Credit loss recovered Expense
Water and electricity Expense
E.
Name of account Classification
Profit on sale of equipment Income
Equipment Asset
Services rendered Income
Depreciation Asset
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