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FAC1502 Assignment 4 - Semester 1 2024 [Unique No.: 218909]
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FAC1502Assignment 4
Semester 1 - 2024
Unique No.: 218909
DUE DATE: 21 May 2024
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,UNISA 2024 FAC1502-24-S1 Welcome Message Assessment 4
Assessment 4
Opened: Tuesday, 14 May 2024, 8:00 AM
Closes: Tuesday, 21 May 2024, 11:00 PM
218909
Attempts allowed: 1
Time limit: 2 hours
Grade to pass: 50.00 out of 100.00
Your final grade for this quiz is 98.75/100.00
Started on Thursday, 16 May 2024, 09:04 AM
State Finished
Completed on Thursday, 16 May 2024, 10:19 AM
Time taken 1 hour 15 mins
Marks 83.79/85.00
Grade 98.75 out of 100.00
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,Question 1
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On 1 September 20.18 Mr Will Turner started a new blacksmith business called Iron Duke. Iron Duke manufactures and sells domestic
cast iron furniture. The following transactions took place during the first financial year of the entity ending 31 August 20.19.
- Interest incurred on the purchase of a CNC machine on credit from Big Traders was R660 for the year; no payments or
entries regarding this interest were made yet in the books of Iron Duke.
- Interest due on the long-term loan was R12 500 for the year ending 31 August 20.19 and was paid in cash on 2 September
20.19.
- On 31 August 20.19, Mr Will Turner, decided to trade-in the old delivery van for a new delivery van. The trade-in value was
R14 500, and the cost of the new delivery van was R60 000, with the difference settled in cash. (You only need to do the entry for
the acquisition of the new delivery van.)
Show the effect of each transaction on the basic accounting equation with a plus sign (+) for an increase and a minus sign (-) for a
decrease next to each amount under each element. Also indicate the account(s) that will be affected by each transaction next to
the affected elements for the financial year ended 31 August 20.19. (The business makes use of the perpetual inventory system.)
Instructions:
Drag the correct answer into the correct space.
An option can be used more than once.
If an options has been provided and it is not applicable to the specific questions please put N/A in the accounts column and a 0 in the
amounts column.
Keep the transactions strictly in the order they were given.
0 N/A -660 Interest expenses +660 Accrued expenses
0 N/A -12 500 Interest expenses +12 500 Accrued expenses
+45 500 Vehicles 0 N/A 0 N/A
-45 500 Bank 0 N/A 0 N/A
Big Traders/trade receivables control Interest income Accrued income
N/A Bank Interest expenses
Big Traders/trade payables control Vehicles Accrued expenses
0 +12 500 -660 -45 500 -60 000 +60 000 -12 500 +660 +45 500
, Question 2
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K Swa Traders which uses a perpetual inventory system and a mark-up of 35% on cost price had the following transactions during the
current financial year:
(a) Bought inventory for R9 000 cash and also paid cash for the carriage on purchases of R1 500.
(b) Inventory with a cost price of R4 000 was sold on credit.
NOTE: Ignore any VAT implications
Record the given transactions under the appropriate columns below:
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. A decrease in an amount must be indicated by using a negative sign in front of the amount (eg: -1000.01)
4. An increase must be indicated by the amount without any sign (eg: 1000.01)
5. If an option has a increase as well as a decrease the net effect will be 0.
6. If an option has been provided that is not applicable to the question, please use N/A in the column to indicate that the option is not
applicable.
7. First do the sales entry, then the cost of sales entry.
8. Please make sure about the spelling of a term.
Subsidiary journal Account in the general ledger to be Net effect on Net effect on N
No assets = equity +
Debited Credited
(a) Cash Payments Journal Inventory Bank -9000 -9000 0
Cash Payments Journal Inventory Bank -1500 -1500 0
(b Sales Journal Trade Receivables Sales 5400 5400 0
Cost of Sales Inventory -4000 -4000 0
Question 3
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Marked out of 1.00
Indicate whether the following statement is true or false regarding the statement of financial position:
Equity is determined by deducting total liabilities from assets.
Select one:
True
False
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