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Fac1502 Assignment 2 Semester 2 2023 Recent questions
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Chapter 1 Introduction to Financial Accounting (pp. 1-41) Latest Update 2023
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FAC 1502ASSIGNMENT 2 SEMESTER 2 2023
Use this document as a guide to learn, compare and
,Started on Wednesday, 23 August 2023, 4:14 AM
State Finished
Completed on Wednesday, 23 August 2023, 6:14 AM
Time taken 2 hours
Grade 100.00 out of 100.00
Feedback Congratulations, you pass the assessment with a distinction.
Question 1
Complete
Mark 1.00 out of 1.00
Indicate by choosing the correct option whether the following statement is true or false: Short-
and long-term year-end adjustments are recorded in the general journal of an entity.
Select one:
True
False
Question 2
Complete
Mark 1.00 out of 1.00
Use the information provided below to calculate the cost of sales:
R
Opening inventory 360 000
Purchases 440 000
Settlement discount granted 55 000
Carriage on sales 62 000
Settlement discount received 73 000
Closing inventory 530 000
Answer: 197000.00
,Question 3
Complete
Mark 4.00 out of 4.00
On 2 March 20.1, a tenant of ABC Traders, did an electronic funds transfer of R156 000 into ABC Traders’ business bank account. The
monthly rental is R12 000 per month. The financial year-end is 28 February 20.2.
What will the closing transfer journal entry for the transaction on 28 February 20.2 be?
Instructions:
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Round off to the second decimal after the full stop (eg: 50.56)
3. For embedded questions spelling is very important. If you spell the answer incorrect it will be marked incorrect. Please make sure that your spelling
of the words is correct.
4. Don’t use any special characters (&) and don’t use bold in your answer. It will be marked incorrect.
5. Do not use any abbreviations.
6. Your answer is case sensitive; therefore, you need to put the very first letter of the answer in uppercase, but the rest of your answer must be in lowercase
(eg: Interest on loan)
ABC TRADERS
Closing transfer journal – 28 February 20.2 Debit Credit
R R
Rental income 144000.00
144000.00
Profit or loss
Question 4
Complete
Mark 1.00 out of 1.00
Indicate whether the following statement is true or false:
The trade and other payables amount in the statement of financial position will not include the amount of the year-end adjustment for accrued expenses.
Select one:
True
False
, Question 5
Complete
Mark 1.00 out of 3.00
Debits Credits
R R
Vehicles 345 000 Capital 330 850
Plant and equipment 175 000 Sales 575 000
Stationery 2 610 Interest on bank account 1 450
Insurance 7 200 Loan: Nice Bank 50 000
Interest expenses 5 200 Accumulated depreciation
Trade receivables control 26 300 (plant and equipment) 17 500
Water and electricity 9 800 Rent income 15 400
Depreciation (Vehicles) 15 000 Trade payables control 36 320
Salaries 100 360 Accumulated depreciation
Drawings 20 000 (vehicles) 15 350
Inventory 31 000 Bank 15 600
Cost of sales 320 000
1 057470 1 057 470
The accounting equation (A = E + L) can be expressed as …
Instructions:
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Round off to the second decimal after the full stop (eg: 50.56)
3. A decrease in an amount must be indicated by using a negative sign in front of the amount (eg: -1000.01)
4. An increase must be indicated by the amount without any sign (eg: 1000.01)
Please note: Only include the total amount for assets, equity and liabilities in the table provided.
Assets = Equity + Liabilities
R R R
577300 442530 134770
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