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FAC1502 Assignment 2 2024
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FAC1502 Assignment 2 2024
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FAC1502ASSIGNMENT2
FIRST SEMSTER
,Instructions
1. Convert this document into word from the ILOVEMYPDF website
2. Type any word from the question and paste on the search bar
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Betties Smith is the owner of Bettties Plumbing.
Copy the whole sentence and paste into the search bar
Once the information pops out , check if the amounts are the same
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HOW TO CALCULATE COST OF SALES
OPENING INVENTORY
+ PURCHASES
+ CARRIAGE COSTS SUCH AS
• Carriage on purchases
• Import duties
• Custom tarrifs
• Railage
• Shipping cost
• Inwards costs
• Freight on purchases
• Freight charges
, Question 1
Complete
Mark 3.00 out of 4.00
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Question text
Please choose the correct option for the given scenario.
The amount of the closing inventory in the entity is
determined by way of a physical inventory count at
Answer 1
the end of the financial period. This amount of the
a current asset
closing inventory is accounted for as … at the end of
the financial year.
On 9 June 20.23 KKY Traders purchased inventory,
at a cost of R5 000, on credit. KKY Traders uses the
Answer 2
perpetual inventory system.
Dr Purchases R5 000; Cr Trade payables control R5 000
How would this transaction be recorded in the
general ledger of KKY Traders:
On 9 June 20.23 KKY Traders purchased inventory
at a cost of R5 000 cash. KKY Traders uses the
perpetual inventory system. The bank account of Answer 3
KKY Traders had a favourable balance. Dr Inventory R5 000; Cr Bank R5 000
How would this transaction be recorded in the
general ledger of KKY Traders:
On 9 June 20.23 KKY Traders purchased inventory
at a cost of R5 000 cash. KKY Traders uses the
perpetual inventory system. The bank account of Answer 4
KKY Traders had a unfavourable balance. Dr Inventory R5 000; Cr Bank R5 000
How would this transaction be recorded in the
general ledger of KKY Traders:
Question 2
Complete
Mark 1.00 out of 1.00
Flag question
Question text
Indicate whether the following statement is true or false regarding the statement of financial position:
The statement reflects the financial position of the business.
Select one:
True
False
Question 3
Complete
3
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