Exam (elaborations)
Fac1502 Assignment 2 Semester 2 2023
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FAC1502-23-S2 Welcome Message Assessment 2QUIZ
Started on 1 :
State Finished
Completed on , 0: 1 :
Time taken 2 9 53 :
Grade out of 100.00
Feedback 19 4 3 : :: 20 ::0::50 3 2 3: 3 . 3
Question 1
Complete
Mark 1.00 out of 1.00
Indicate by choosing the correct option whether the following statement is true or false:
An owner that starts a business can invest equipment as part of his investment to start the
business.
Select one:
True
False
Question 2
Complete
Mark 0.00 out of 4.00
Please choose the correct option for the given scenario.
The settlement discount received account will be … at the end of
the nancial year and will be closed off to the … account. credited : sales
The settlement discount granted account will be … at the end of the
nancial year and will be closed off to the … account. debited : purchases
The drawings account will be … at the end of the nancial year and
will be closed off to the … account.
debited : capital
In the perpetual inventory system, the … account must be … when
the owner donates trading inventory to his son’s school. donations : debited
,Question 3
Complete
Mark 6.00 out of 6.00
Gizmo Enterprises provided you with the following information regarding the list of totals and
balances on 28 February 20.8
R
Total of the trade receivables column in the sales journal………………. 317 492
Total of the trade payables column in the purchases journal………….. 247 480
Total of the trade receivables column in the sales returns journal….. 4 600
Total of the trade payables column in the purchases returns journal 9 890
BALANCES OF GENERAL LEDGER ACCOUNTS
Balance of allowance for credit losses (1/03/20.7)…………………………… 2 040
Balance of trade receivables control account (1/03/20.7)………………... 40 800
Additional information
A credit note was issued to Mrs A Steinhoff for R230. Mrs Steinhoff’s account in the trade
receivables ledger was credited with R230 but no entry was made in the general ledger of
Gizmo Enterprises.
Gizmo Enterprises is a registered VAT vendor.
What will the correct general ledger entries be for sales returns for Gizmo Enterprises
on 28 February 20.8?
Instructions:
Drag the correct answer into the correct space.
An option can be used more than once.
Sales returns 4 200 Trade receivables control 4 830
Trade receivables control/Mrs A Steinhoff
VAT output 630 Sales returns
Trade receivables control Sales
VAT input VAT output
4 600 4 830 4 370 630 570 4 200 3 800 4 000
,Question 4
Complete
Mark 8.00 out of 8.00
You are given the following information of Kiyu Traders for 30 September 20.1:
Favourable balance of general ledger bank account 132 500
Favourable balance of bank statement 120 000
Total of the cash receipts journal 300 000
Total of the cash payments journal 167 500
Additional information:
The following information appeared on the bank statement only:
a) Bank charges of R700.
b) Interest on a favourable balance of R1 830.
c) Debit order to ARK Insurers for insurance of R6 250.
d) Incorrect credit of R5 000 made by a client of the bank into the bank account of Kiyu
Traders as the client captured the incorrect beneficiary details.
e) On 29 September the owner of Kuyi Traders, Mr K Naidoo, made an EFT into the
bank account of Kuyi Traders for R50 000 as additional capital contribution.
The following information appeared in the cash journals of Kiyu Traders only:
f) A cash payment of R237 578 was entered in the cash receipts journal on the 29
September of 20.1 but was only deposited 1 October 20.1 by the bookkeeper.
g) The bookkeeper incorrectly entered the amount paid to creditor, HG Traders, as R987
instead of R789 which was correctly stated on the bank statement.
What will the correct cash receipts journal entries in the books of Kiyu Traders be for
September 20.1?
Instructions:
Drag the correct answer into the correct space.
An option can be used more than once.
If an option has been provided and it is not applicable to the specific question, please put N/A in
the account column and a 0 in the amounts column.
300 000
N/A 0
Interest income 1 830
N/A 0
N/A 0
Capital 50 000
N/A 0
HG Traders/Trade
HG Traders/Trade payables control Interest income
payables control 198
Capital Mr K Naidoo (cash) 352 028
Bank charges Insurance expenses : ARK Insurers
N/A
300 000 198 1 830 50 000 352 028 125 000 700 6 250 174 450
0
, Question 5
Complete
Mark 0.00 out of 2.00
Use the following information to calculate the total comprehensive income/loss for the
year ended 28 February 20.2:
R
Capital 680 000
Services rendered 470 000
Drawings 35 000
Rent income 65 000
Interest expenses 36 000
Stationery 3 300
Wages 13 500
Insurance expenses 15 600
Water and electricity 12 000
Water and electricity: Deposit 2 000
Accrued expenses 2 600
Accrued income 4 200
Prepaid expenses 3 300
Income received in advance 1 200
Furniture 80 000
Vehicles 620 000
Bank overdraft 80 000
Trade payables control 81 300
Loan: SA Bank 70 200
Current portion of long-term borrowings 18 800
Land 400 000
Buildings 70 000
Inventory 75 000
Trade receivables control 210 000
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. If the net effect is a loss, please enter the amount as a negative (eg: -12141.72)
Answer: 466600
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