Financial Accounting Principles Concepts and Procedures (FAC1502)
Exam (elaborations)
Fac1502 semester 2 assignment 3 2023
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Course
Financial Accounting Principles Concepts and Procedures (FAC1502)
Institution
University Of South Africa (Unisa)
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Financial Accounting Principles Concepts and Procedures (FAC1502)
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FAC1502-23-S2 Welcome Message Assessment 3
QUIZ
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Question 1
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Lunas Art Club provides you with the following information for the 20.2 financial year. Lunas Art Club had 60 members at the end of
the 20.2 financial year. Membership fees amounts to R300 per month. During the current financial year, five new members joined
the club and paid an entrance fee of R100 each. The entrance fees received was capitalised to the accumulated fund account.
Income received in advance on 31 December 20.1 was R21 600. The financial year-end of Lunas Art Club is 31 December.
The amount for membership fees that will disclosed in the income and expenditure statement on 31 December 20.2 will be …
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)
Answer: 237600
Question 2
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Indicate whether the following statement is true or false:
A current asset will be scrapped when the asset is no longer useful and traded in as partial payment on the purchase of a new
asset.
Select one:
True
False
,Question 3
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During the physical inventory count conducted by Top Traders for the year ended 31 May 20.21, inventory on hand consists of
trading inventory, R11 677, packaging material R2 959, stationery R868 and cleaning material R350. Before Top Traders signed off
the inventory count sheets, the supervisor noticed that trading inventory on hand included consignment inventory to the value of R1
847 that is owned by Bow Suppliers.
R
Trading inventory: 1 June 20.20 15 560
Purchases 29 678
Packaging material 3 789
Stationery 3 500
Cleaning material 1 656
The correct amount for inventory to be disclosed in the statement of financial position of Top Traders as at 31 May 20.21 is
...
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. Don't show the % sign only the numbers (eg: 70.01% is 70.01)
Answer: 14007
,Question 4
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The following information was obtained from the records of Ronnie’s Dealers for the month ended 30 June 20.2:
R
Balance of trade payables control account in general ledger on 31 May 20.2 40 000
Trade payables column in the purchases returns journal……………………... 5 000
Trade payables column in the purchases journal……………………………… 24 000
Cash payments journal: Trade payables column………………………………. 15 000
Settlement discount received column............................................................. 1 500
General journal: Accounts with debit balances transferred to the trade
receivables ledger from the trade payables ledger……………………………… 1 000
Additional information
(a) An invoice for R600 for merchandise purchased on credit from DT Traders was erroneously omitted from the purchases
journal.
(b) A credit note for R200 received from MM Wholesalers was incorrectly entered in the sales returns journal but posted to the
correct side of MM Wholesalers account.
The correct trade payables control account in the general ledger of Ronnie’s Dealers on 30 June 20.2 will be?
Instructions:
Drag the correct answer into the correct space.
An option can be used more than once.
Please keep the sequence of transactions strictly according the information given but also in the correct format.
Bank, settlement discount received and VAT input 16 500 Balance b/d 40 000
Purchases returns and VAT input 5 200 Purchases and VAT input 24 600
Balance c/d 44 400 Trade receivables control 1 000
65 600 65 600
Balance b/d Purchases and VAT input
Purchases and VAT output Purchases returns and VAT input
Purchases returns and VAT output Bank, settlement discount granted and VAT input
Bank, settlement discount received and VAT output Bank, settlement discount received and VAT input
Bank, settlement discount granted and VAT output Trade receivables control
In the process of reconciling the balances on the trade payables control account with the list of individual balances as per the trade
payables ledger for FAB Traders, the bookkeeper noted that the purchases journal was undercast by R2 000.
The correct general ledger entries in the books of FAB Traders to rectify the purchases journal total posted to the ledger will be ...
Instructions:
Drag the correct answer into the correct space.
An option can be used more than once.
Purchases Trade payables control 2 000
Trade receivables control Trade payables control Purchases returns Purchases Bank
0 4 000
Question 6
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Indicate whether the following statement is true or false:
Goodwill, that is the good name of an entity is an example of property, plant and equipment.
Select one:
True
False
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