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FAC1502 Assignment 2 Solutions First Semester 2023
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This document contain different versions of the second assignment for the first semester 2023. A distinction is always guaranteed
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FAC1502ASSIGNMENT 2
FIRST SEMESTER 2023
BY: MTHOMBENI: 0767297208
1
,Instructions
1. Convert this document into word from the ILOVEMYPDF website
2. Type any word from the question and paste on the search bar
Example
Betties Smith is the owner of Bettties Plumbing.
Copy the whole sentence and paste into the search bar
Once the information pops out , check if the amounts are the same
3. If you come across questions that are not on this memo, send me a WhatsApp message
4. Don’t forget to rate us 5 so we can continue to do best
2
,Question 1:
Indicate whether the following statement is true or false:
Revenue in the statement of profit or loss and other comprehensive income consists of the income from
sales for the financial year.
Select one:
True
False
Question 2:
On 1 May 20.18 Venus Traders entered into a new two-year advertising agreement with Tino Advertising
Agency. The advertising agreement was effective with immediate effect and stipulated that Venus Traders
would pay R2 430 per month to Tino Advertising Agency for advertising services that would be provided
by Tino Advertising Agency on a monthly basis. Tino Advertising Agency has performed all the necessary
advertising services that was required from them since the effective date of the advertising agreement for
the current financial period (the current financial period ends on 28 February 20.19).
The pre-adjustment trial balance for the year ended 28 February 20.19 reflected advertising expenses for
an amount of R26 720 as well as accrued advertising expenses of R5 170 on 1 March 20.18 (the beginning
of the current financial period). On 20 April 20.18 Venus Traders paid the advertising expenses that was
outstanding from the previous financial period, but the bookkeeper completely forgot to record this
transaction in the accounting books of Venus Traders. The advertising expenses not applicable to the
current financial period must still be provided for.
The correct amount to be disclosed for advertising expenses in the statement of profit or loss and
other comprehensive income for the year ended 28 February 20.19 is ...
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)
34330
Answer:
Question 3:
You are given the following extract of information for Luna Dealers for the financial year ended on
28 February 20.2.
3
, Additional information:
a) Inventory on hand on 28 February 20.2 is R30 000.
b) Luna Dealers still owe the courier service R300 for carriage on sales.
c) The secretary took an advance on her March 20.2 salary of R1 000.
d) The rental income was received for 8 months although the contract is for the full 20.2 financial
year.
Assuming that the gross profit calculated in the trading account is R160 000, the correct profit or
loss account in the general ledger of Luna Dealers on 28 February 20.2 will be:
Instructions:
Drag the correct answer into the correct space.
An option can be used more than once.
Transactions should be posted to the profit or loss account according to the sequence they appear
in the extract of Trial Balance (TB) and in the correct format. Failure to adhere to this instruction will
results into a loss of marks.
4
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