Exam (elaborations)
Exam (elaborations) FAC 1501 (1501)
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Explain the odd number
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5/9/2023 Assessment 2: Attempt review
Started on Sunday, 30 April 2023, 10:41 AM
State Finished
Completed on Sunday, 30 April 2023, 12:11 PM
Time taken 1 hour 30 mins
Marks 44.73/50.00
Grade 89.45 out of 100.00
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Question 1
Partially correct
Mark 4.00 out of 4.00
A physical inventory count revealed that the following inventory was on hand for Candise Traders at the financial year end 31 March 20.2:
Inventory R21 220
Packaging material R8 100
Stationery R625
How will these items be disclosed in the statement of financial position as at 31 March 20.2?
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 an option has been provided and it is not applicable to the specific question please put N/A in the column.
CANDISE TRADERS
STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 20.2
R
ASSETS
Current assets
Inventories 29945
total assets 29945
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5/9/2023 Assessment 2: Attempt review
Question 2
Partially correct
Mark 5.73 out of 7.00
You are given the following extract of information for Luna Dealers for the financial year ended on 28 February 20.2.
R
Capital……………………………………………………………………. 100 000
Drawings…………………………………………………………………. 5 000
Inventory (1 March 20.1)……………………………………………….. 50 000
Sales……………………………………………………………………… 250 000
Sales returns…………………………………………………………….. 15 000
Purchases……………………………………………………………….. 40 000
Purchases returns………………………………………………………. 1 200
Carriage on purchases…………………………………………………. 200
Settlement discount received………………………………………….. 500
Settlement discount granted…………………………………………… 2 000
Commission income……………………………………………………. 10 000
Rental income…………………………………………………………… 15 000
Carriage on sales………………………………………………………............................ 500
Salaries and wages…………………………………………………….. 29 000
Telephone expenses………………………………………………….... 2 000
Water and electricity……………………………………………………. 1 600
Credit losses…………………………………………………………….. 400
Depreciation…………………………………………………………...... 1 500
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.
Carriage on sales 800 Trading account (gross profit) 160 000
Salaries and wages 28 000 Rental income 22 500
Telephone expenses 2 000 Commission income 10 000
Water and electricity 1 600
Credit losses 400
Depreciation 1 500
Capital (Total comprehensive profit for the year) 158 200
192 500 192 500
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