Exam (elaborations)
Fac1502 Assignment 2 Semester 1 2024
- Course
- Institution
- Book
Fac1502 Assignment 2 Semester 1 2024 Distinction guaranteed
[Show more]
Connected book
Book Title:
Author(s):
- Edition:
- ISBN:
- Edition:
More summaries for
-
FAC1601 Assignment 5 (QUALITY ANSWERS) Semester 2 2024
-
FAC1602 Assignment 5 (ANSWERS) Semester 2 2024 - DISTINCTION GUARANTEED
-
FAC1602 Assignment 5 (COMPLETE ANSWERS) Semester 2 2024 - DUE 12 November 2024
Seller
Follow
ExpectviewTutors
Reviews received
Content preview
FAC 1502ASSIGNMENT 2 SEMESTER 1 2024
Use this document as a guide to learn, compare and reference
,EXPECTVIEW TUTORS
,4/5/24, 2:34 PM Assessment 2
Thato, the owner of Thato Traders keep incomplete records of the business transactions. The following information is available.
THATO TRADERS
Balances as at 30 June 20.21 (extract):
20.20 20.21
R R
Vehicles at cost ……………………………………………… 86 400 86 400
Furniture and equipment at cost…………………………..... 79 500 79 500
Inventory……………………………………………................ 65 310 ?
Trade receivables control……..……………………………... 26 610 37 050
Bank (favourable)…………………………………………...... 75 000 60 000
Long-term borrowings……….……………………………...... 90 000 45 000
Trade payables control………..……………………………… 28 500 38 100
Accrued expenses……………………..…………………....... 10 200 6 900
Prepaid expenses……………………………………………… 1 080 1 095
Additional information:
A physical inventory count revealed that the following was on hand on 30 June 20.21:
Inventory R85 000
Stationery R2 875
Packing materials R650
The total amount of trading inventory for Thato Traders as at 30 June 20.21 will 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)
Answer: 85000
Question 2
Answer saved
M arked out of 1.00
Indicate whether the following statement is true or false :
When the perpetual inventory system is used, carriage on purchases, is credited to the asset account, inventory, since the cost of sales must
be brought into account with each sales transaction and carriage on purchases constitutes an integral part of the cost per unit.
Select one:
True
False
1/15
, 4/5/24, 2:34 PM Assessment 2
2/15
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller ExpectviewTutors. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $2.82. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79202 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now