FAC1501 ASSESSEMENT 2 SEM1 OF 2024 EXPECTED QUESTIONS AND ANSWERS & UNIT 4&5QUIZ TO UNLOCK ASSESSMENT
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Course
FAC1501 (FAC1501)
Institution
University Of South Africa (Unisa)
THIS DOCUMENT CONTAINS FAC1501 ASSESSMENT 2 OF 2024 SEM 1 EXPECTED QUESTIONS AND ANSWERS & UNIT 4&5 QUIZZIES. USING THIS DOCUMENT CORRECTLY FOR PRACTICE AND AS A GUIDE WILL HELP YOU MORE THAN 75%
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FAC1501-24-S1 Welcome Message Assessment 2 oscardiura@gmail.com
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QUIZ
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Question 1
Swift Construction, located in Gauteng, specialises in constructing tiny homes. Mr Swallow is the owner of Swift Construction. The business is a registered VAT
Answer saved
vendor. In March 2024, Swift Construction had a favourable bank balance. The VAT rate is 15%.
Marked out of
5.00 On 31 March 2024 an entry for R1 770 interest received on the favourable bank balance appears on the bank statement of Swift Construction.
Required:
Record the transaction on 31 March 2024 in the correct subsidiary journal of Swift Construction.
Instructions for numeric responses:
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. If no amount should be recorded in any of the numeric spaces, please indicate it by filling in a 0 (zero)
4. If a column name is not applicable, choose N/A from the dropdown menu.
5. Only show the amount, do not show the "R" (eg: 1000)
Swift Construction
Cash receipts journal – March 2024 CRJ1
Sundry accounts
Doc Day Details Fol Bank Sales VAT Amount Fol Details
N/A
No
Output 100/115*1770
BS01 31
Swift Construction 0 1770.00 0 230.87 1539.13 Interest received
15/115*1770
,Question 2 Swift Construction, located in Gauteng, specializes in constructing tiny homes. Mr Swallow is the owner of the Swift Construction. The business is a registered VAT
Answer saved vendor. In February 2024, Swift Construction had a favourable bank balance.
Marked out of
The following transactions must be recorded in the subsidiary journals of Swift Construction:
10.00
Transaction 1:
On 2 February 2024, Mr Mohloa withdrew R1 200 from Swift Construction’s bank account as the impress amount to start the petty cash float of Swift Construction. The
money was kept by Mr Mohloa who acted as petty cashier.
Transaction 2:
PETTY CASH VOUCHER No. 1
Date: 12 February 2024 Amount OSCAR DIURA
Required for: R c oscardiura@gmail.com
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Wages 520 00
For FAC,ECS,MAC,DSC,
TAX,STA,FIN,INV,
QMI,BNU,
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Signature: Mr Mohloa
Authorised by: Mr Swallow
Transaction 3:
PETTY CASH VOUCHER No. 2
Date: 23 February 2024 Amount
Required for: R c
Pen & Pencil stationers - Stationery 270 00
Signature: Mr Mohloa
Authorised by: Mr Swallow
PEN AND PENCILS
23/02/2024
Till 02
, Pens
10 @ R15,00
BPI1001 R150,00
Invoice book
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PP1003 R120,00
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TOTAL R270,00 0737560989
Cash R300,00 For FAC,ECS,MAC,DSC,
Change R30,00 TAX,STA,FIN,INV,
15% VAT R35,22
QMI,BNU,
Slip no 0012
tutoring
VAT no 5690233875
Thank you
Transaction 4:
On 29 February 2024, Mr Mohloa completed a withdrawal slip and withdrew the cash needed from Swift Construction’s bank account to restore the petty cash impress
amount to R1 200.
Required:
Record the above transactions in the correct subsidiary journal of Swift Construction.
Instructions for numeric responses:
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. If no amount should be recorded in any of the numeric spaces, please indicate it by filling in a zero ("0")
4. If a column name is not applicable, choose N/A from the dropdown menu.
5. For numeric responses only show the amount, do not show the "R" (eg: 1000)
Swift Construction
Petty cash journal – February 2024 PCJ1
Receipts Payments
Sundry accounts
Day Fol Amount Day Details No Fol Total Wages VAT Postage Amount Details
Input
R R R R R R
2 CRJ1 1200.00 12 Cash 1 520.00 520.00 0
, Question 3 Mr S Africa is the owner of SA Traders. On 31 March 2021, the following list of balances was extracted from the accounting records of SA Traders:
Answer saved
Long-term loan - R226 350
Marked out of Trade receivables - R48 745
3.00
Inventory - R273 998
Computer equipment - R120 894
Bank overdraft - R41 256
Determine the equity of SA Traders as at 31 March 2021 by making use of the basic accounting equation.
NB: Instructions
1. Do not type the amount with any spaces as separators for thousands (eg: 12141.72)
2. Use a full stop to indicate any decimals (eg: 1000.01)
3. You must enter cents even if it is 0 (eg .00)
4. Only show the amount, do not show the R (eg: 12141.72)
5. If the net effect on the accounting equation is a decrease, please enter the amount as a negative (eg: -12141.72)
Equity=Total assets-total liabilities
Answer: 176031.00
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0737560989
For FAC,ECS,MAC,DSC,
TAX,STA,FIN,INV,
QMI,BNU,
tutoring
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