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FAC1501 Assignment 5 2024
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FAC1501 Assignment 5 2024
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1. UNISA2. 2024
3. FAC1501-24-S1
4. Welcome Message
5. Assessment 5
Opened: Thursday, 9 May 2024, 8:00 AM
Closes: Monday, 13 May 2024, 9:00 PM
825320
Kindly note that you will only be able to view your mark obtained for assessment 5 and the overall feedback for
assessment 5 after you have submitted your attempt.
You will be able to view the questions you have received for the attempt, with their answers and general
feedback, after the due date of assessment 5.
Attempts allowed: 1
Time limit: 2 hour
Grade to pass: 50.00 out of 100.00
Summary of your previous attempts
Marks / Grade /
State 50.00 100.00 Review Feedback
Finished 46.67 95.21 You passed this assessment
Submitted Thursday, with a distinction. Keep up the
9 May 2024, 8:50 PM good work.
,Question 1
Not yet answered
Marked out of 5.00
Please match the question in column A to the correct option. Each option provided may be selected more than once. You may
assume that the entities mentioned in the transactions are not a registered VAT vendors unless explicitly mentioned otherwise.
Mr S Africa is the owner of SA Landscapers. SA Landscapers has a favourable bank balance. On 3
January 2021, SA Landscapers paid SA Media to place an advertisement in the local newspaper. Expenses
The account debited for this transaction in the books of SA Landscapers will be classi�ed as ….
Mr S Africa is the owner of SA Landscapers. SA Landscapers has a favourable bank balance. On 3
January 2021, SA Landscapers rendered landscaping services to Mrs A Zulu. Mrs A Zulu paid her
Current assets
account with an electronic funds transfer. The account debited for this transaction in the books of
SA Landscapers will be classi�ed as ….
Mr S Africa is the owner of SA Landscapers. SA Landscapers has a favourable bank balance. On 3
January 2021, SA Landscapers rendered landscaping services to Mrs A Zulu. Mrs A Zulu received
Current assets
her invoice and has 30 days to pay the outstanding amount. The account debited for this
transaction in the books of SA Landscapers will be classi�ed as ….
Mr S Africa is the owner of SA Landscapers. SA Landscapers has a favourable bank balance. On 3
January 2021, SA Landscapers received an invoice from SA Media for the placement of an
Current liabilities
advertisement in the local newspaper of 20 December 2020. The account credited for this
transaction in the books of SA Landscapers will be classi�ed as ….
Mr S Africa is the owner of SA Landscapers. SA Landscapers has a favourable bank balance. On 3
January 2021, SA Landscapers obtained a loan from ZAR Bank. The loan bears interest at 10% per
annum and is repayable in equal monthly instalments over 5 years. ZAR Bank paid the full amount Current liabilities
of the loan into the bank account of SA Landscapers. The account credited for this transaction in
the books of SA Landscapers will be classi�ed as ….
,Question 2
Not yet answered
Marked out of 3.00
Stokvel Traders (a registered VAT vendor) manufactures and sells luxury goods. Stokvel Traders further provides certain
marketing and advertising services to clients in the tourism industry. The periodic inventory system and control accounts are in
use.
The following balances and totals were extracted from the �nancial records of Stokvel Traders for the year ended 31 March
2022:
R
Sales 1 230 045
Services rendered 230 000
Rent received 98 325
Insurance 67 500
Advertising 43 700
Water and electricity 36 800
Telephone expenses 25 350
Additional information:
1. Since 1 May 2021, Stokvel Traders sublets a portion of its o�ce space to Tourists International for a monthly fee of
R10 925 (VAT exclusive).
2. SA Destinations, made a direct deposit to the amount of R3 335 in to the bank account of Stokvel Traders for marketing
consultation services to be delivered during April 2022. The transaction was recorded as income in the accounting
records.
3. The insurance was paid on 1 April 2021 for a period of 15 months.
4. On 30 March 2022, Stokvel Traders received an invoice for the water and electricity usage for March 2022 to the amount
of R4 300 (VAT exclusive). This transaction has not yet been recorded.
What is the amount that will be reported as rent received in the statement of Pro�t or loss and other comprehensive income
for the year ended 31 March 2022?
NB: Instructions
1. Do not type the amount with any spaces as separators for thousands (eg: 12141.72)
2. Only show the amount, do not show the R (eg: 12141.72)
Answer: 21850
, Question 3
Not yet answered
Marked out of 6.00
SA Traders, NOT a registered VAT vendor, manufactures and sells gardening equipment. On 28 March 2023, SA Traders received the monthly
rent of R11 200 through a direct deposit from Africa Properties. The VAT rate is 15%.
Required:
Record the above transaction in the applicable subsidiary journal of SA Traders.
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 �lling in a zero ("0")
SA Traders
Cash receipts journal – March 2023
Sundry accounts
Doc
no Day Details Fol Analysis of receipts Bank Rent income Not applicable Amount Fol Details
Africa Properties 11200 11200 11200 0
28
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