THIS DOCUMENT CONTAINS FAC1502 ASSESSMENT 5 SEM 1 OF 2024 EXPECTED QUESTIONS AND ANSWERS. USING IT CORRECTLY FOR REVISION AND PREP WILL HELP YOU SCORE ABOVE 75%
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Question 1 On 1 February 20.2 Ms G Gumede is the owner of GG Traders. GG is a registered VAT vendor and the VAT rate applicable is 15%. GG Traders will use the periodic inventory system and entered into the following
Answer saved transactions during February 20.2:
Marked out of
22.00
20.2
Flag question
Feb 1 Received a loan from ABC Bank for R300 000. The amount of R300 000 was paid into
GG Traders bank account. The loan must be paid back on 1 February 20.3. OSCAR THE TUTOR
Made a direct payment to the Midrand municipality to pay the water and oscardiura@gmail.com
electricity deposit, R1 500.
WHATSAPP: 0737560989
5 Bought shop equipment from EQUIP on credit, R10 005, and paid R1 000 by
credit card as a deposit. +27844708483 for
9 Purchased merchandise on credit from Big Wholesalers, R28 750. FAC,MAC,ECS,TAX,QMI,FIN,INV,BNU,MNB STA MNG DSC
Cash purchases of merchandise from Dairy Wholesalers, R13 800. tutorials
18 Issued a receipt for R13 000 to tenant, Mrs F Teddy, for part of building sublet to her.
(Ignore VAT).
MS Stores deposited ??? directly into the bank account of GG Traders in full settlement
of their account of R4 025. Discount of 20% was granted.
Credit purchases of R14 000.
20 Cash sales of R17 250.
28 Received R1 000 interest on fixed deposit from ABS Bank.
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)
3. Don’t use any special characters (&) and don’t use bold in your answer. It will be marked incorrect.
4. Do not use any abbreviations.
5. Please remember the brackets around the amounts must be indicated by a negative amount [eg: (50) will be -50].
OSCAR THE TUTOR
6. Keep the transactions strictly according to date sequence.
oscardiura@gmail.com
7. If an option has been provided and it is not applicable to the specific question, please put a 0 in the amount column and N/A in the detail column. You can also leave the blocks empty because no marks were allocated
WHATSAPP: 0737560989 to the 0 and N/A columns. The answer will be marked incorrect, but you will not lose any marks because no marks were allocated to these columns.
+27844708483 for The transactions in the cash receipts journal of GG Traders for February 20.2 will be …
FAC,MAC,ECS,TAX,QMI,FIN,INV,BNU,MNB STA MNG DSC
GG TRADERS
tutorials CASH RECEIPTS JOURNAL – FEBRUARY 20.2 CRJ3
Trade Sundry accounts
Settlement
Date Details Fol Analysis of receipts Bank receivable Sales VAT input VAT output
discount granted
control
Amount Fol Details
R R R R R R R R
1
ABC Bank 300000.00 0 0 0 0 0 300000.00 Loan:ABC Bank
18
Mrs F Teddy 13000.00 13000.00 0 0 0 0 0 13000.00 Rent income
28
Bank 1000.00 0 0 0 0 0 1000.00 Interest on fixed deposit
OSCAR THE TUTOR
Question 2 Which statement is correct regarding entries in a T-account? oscardiura@gmail.com
WHATSAPP: 0737560989
,Answer saved Decreases in the services rendered account will be recorded on the credit side.
a.
Marked out of
1.00 b. Increases in the services rendered account will be recorded on the debit side.
Flag question c. Increases in the services rendered account will be recorded on the credit side.
Clear my choice
Question 3 Indicate by choosing the correct option whether the following statement is true or false:
Answer saved The accounting policies that an entity will apply the current financial year will not be disclosed as notes to the financial statements.
Marked out of
1.00
Flag question
Select one:
True
False OSCAR THE TUTOR
oscardiura@gmail.co
Question 4
m
Answer saved
You are given the following information for Sibas Nail Bar: R WHATSAPP:
Equipment………………………………………………………………………................................... 30 000
Marked out of 0737560989
2.00 Manicure tables and chairs……………………………………………………........................ 4 000
Flag question
+27844708483 for
Inventory…………………………………………………………………………................................. 10 000
Clients owing Sibas Nail Bar…………………………………........................................ 5 000
FAC,MAC,ECS,TAX,
Sibas Nail Bar owes Salon Suppliers……………………………………….................... 15 000
QMI,FIN,INV,BNU,M
Bank overdraft…………………………………………………………………............................... 3 000 NB STA MNG DSC
tutorials
Sibas Nail Bar equity will be ...
NB: Instructions
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Only show the amount, do not show the R (eg: 12141.72)
Answer: 31000
Question 5
The following information was obtained from the records of MG Electricians for the month of February 20.1:
Answer saved
Marked out of
17.00
Michael is a qualified electrician and he decided to open his electrician business in Durban. He had saved R1560 000 in his personal bank account. On 1 February 20.1, Michael opened up a business bank account in the name MG Electricians
at ABC Bank and deposited R790 000. On 5 February 20.1, he bought equipment on credit for R1310 000 and delivery vehicle for R112 000 via the business banking app. During his first month of trading, he rendered cash services for R60
Flag question
000 and he rendered services to clients on credit for R40 000. On 23 February 20.1, Michael bought a business premises for R900 000 after he obtained a mortgage from ABC Bank. On 28 February 20.1, Michael used the business banking
app to pay for the water and electricity of R9 000 and the rental of the business property of R11 000.
Required:
After taking into account all the information provided in the scenario above, please fill in the total assets section of the statement of financial position as at 28 February 20.1 of MG Electricians.
Instructions:
1. Follow the format of the statement of financial position as provided in the study units 1 to 5.
2. Use a full stop to indicate any decimals (eg: 1000.01)
3. Round off to the second decimal after the full stop (eg: 50.56)
MG ELECTRICIANS
STATEMENT OF FINANCIAL POSITION AS AT 28 FEBRUARY 20.1
R
ASSETS
Non-current assets 2322000.00
Property, plant and equipment 2322000.00
, Current assets 758000.00
Trade receivables
40000.00
Bank 718000.00
TOTAL EQUITY AND LIABILITIES 3080000.00
Question 6
You are given the following information for Sibas Nail Bar: R
Answer saved
Equipment………………………………........................................................................ 143 000
Marked out of
2.00 Manicure tables and chairs……………………………................................................ 4 400
Flag question
Inventory…………………………………........................................................................ 11 000
Clients owing Sibas Nail Bar…………………………………........................................ 27 500
Sibas Nail Bar owes Salon Suppliers………………………….................................. 82 500
Bank ………………………………................................................................................ 14 300
Short term loan…………………………….................................................................. 55 000
OSCAR THE TUTOR
Sibas Nail Bar equity will be…
oscardiura@gmail.com
WHATSAPP: 0737560989
NB: Instructions +27844708483 for
1. Use a full stop to indicate any decimals (eg: 1000.01)
FAC,MAC,ECS,TAX,QMI,FIN,INV,BNU,MNB
2. Only show the amount, do not show the R (eg: 12141.72)
STA MNG DSC tutorials
Answer: 62700
Question 7 Indicate by choosing the correct option whether the following statement is true or false:
Answer saved Bank overdraft is an example of a current liability element of the statement of financial position.
Marked out of
1.00
Flag question
Select one:
True
False
Question 8 Indicate by choosing the correct option whether the following statement is true or false:
Answer saved A credit balance in the VAT input account will be transferred to the debit side of the VAT control account.
Marked out of
1.00
Flag question
Select one:
True
False
Question 9 Peter a qualified electrical engineer was retrenched in January 20.2 and he received a retrenchment package of R1 000 000. PG Electricians will also do installations of solar panels.PG Electricians will use the periodic inventory system.
Answer saved
The following transactions occurred in the books of PG Electricians during the month of February 20.2:
Marked out of
5.00 Transaction Details
, Flag question 1 He decided to open his own business PG Electricians on 1 February 20.2 and
deposited 100% of his retrenchment package into PG Electricians business bank
account.
2 Peter withdrew R10 000 cash for his own use.
3 For the month of February 20.2, PG Electricians rendered services on credit only to
the value of R10 000.
4 Peter used his business banking app to buy an air conditioner on credit from WR
Suppliers for R20 000.
5 Peter employed three staff members, one receptionist and two electricians. The
receptionist salary will be R12 000 a month and the two electrician’s wages will be
R3 500 per week. On 25 February 20.2 Peter made an EFT transfer of
R12 000 into the receptionist's bank account.
6 He installed 6 solar panels, one battery and 1 inverter for a total cost of R89 000 at
Mrs Thomas's home on 28 February 20.2. Mrs Thomas did a direct deposit of R89
000 into PG Electricians business account.
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)
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 been provided and it is not applicable to the specific question please put N/A in the column.
The correct ledger and accounting analysis of TRANSACTION 4 in the books of PG Electricians will be ...
General ledger
Assets Equity Liabilities
Account to be debited Account to be credited
R R R
Equipment Bank 0 0 0
Question 10 Which statement is correct?
Answer saved
Marked out of a. Trade receivables are primarily held for the purpose of not being traded.
1.00
Flag question
b. Current assets include income received in advance.
c. Accrued income is expected to be converted into money within twelve months of the statement of financial position date.
Clear my choice
Question 11 You are given the following transactions for an entity that uses the periodic inventory system:
Answer saved
Transaction Details
Marked out of
1 Sold inventory on credit to Ms F Khumalo for R19 200(VAT exclusive).
10.00
2 Electronic transfer fund (EFT) payment of R7 000(VAT exclusive) for merchandise
Flag question
purchased from SS Wholesalers
3 Purchased inventory on credit Lesedi Wholesalers for R34 500(VAT inclusive)
Instructions:
For each transaction, you must indicate which subsidiary journal the transaction will be entered.
You must then indicate whether the VAT Input account or the VAT Output account in the general ledger must be debited or credited.
You must then calculate the VAT amount and enter it in the amount column.
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