THIS DOCUMENT CONTAINS FAC1502 ASSESSMENT 6 SEM 1 OF 2024 EXPECTED QUESTIONS AND ANSWERS. USING IT CORRECTLY FOR REVISION AND PREP WILL HELP YOU SCORE ABOVE 75%
Opened: Tuesday, 14 May 2024, 8:00 AM
Closes: Tuesday, 21 May 2024, 11:00 PM
OSCAR THE TUTOR
Dear students, oscardiura@gmail.com
Please take note of the following important information regarding mandatory Assessment 4 for FAC1502: 0737560989
for FAC MAC ECS DSC TAX
Assessment 4: unique number: 218909
QMI FIN
The quiz will be available from Tuesday, 14 May 2024, 8:00 AM. INV BNU STA tutorials
This quiz will close on Tuesday, 21 May 2024, 11:00 PM.
PLEASE TAKE NOTE OF THE FOLLOWING IMPORTANT INFORMATION:
NB: Kindly note no extension or 2nd attempt will be granted for missing Assessment 4 for whatever reason (sick note, loadsheeding, network problems, etc.).
Please submit Elective Assessment 7 as a replacement for Assessment 4 you missed.
Please note the highest mark between Assessment 4 and Elective Assessment 7 will contribute towards your final mark.
1. You need to know the content of learning units 1 to 17 to be able to complete Assessment 4.
2. You will have one attempt to complete Assessment 4, and it will contribute 35% towards your final mark for FAC1502.
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this technical issue.
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Kind regards
FAC1502 lecturers
Attempts allowed: 1
Time limit: 2 hours
Grade to pass: 50.00 out of 100.00
Summary of your previous attempts
State Grade / 100.00 Review Feedback
Finished 81.88 Congratulations, you pass the assessment with a distinction.
Submitted Tuesday, 14 May 2024, 9:53 AM
Your final grade for this quiz is 81.88/100.00.
Overall feedback
Congratulations, you pass the assessment with a distinction.
,Ms. T Tlale, a debtor of JJ Stores, owed R5 004 to JJ Stores, which has been overdue for the past 7 months. Interest at 15% per annum must be charged on
overdue accounts. The interest has not been recorded in the books of JJ Stores.
What will the correct ledger entries of JJ Stores be to record the interest on Ms T. Tlale's overdue account?
Instructions:
Drag the correct answer into the correct space.
An option can be used more than once.
Ms. T Tlale/trade receivables control 437.85 Interest income 437.85
Interest expenses Ms. T Tlale/trade receivables control Interest income
417 750.60 62.55
,Naledi Traders purchased a new printer of R5 900 from SA Computers for cash. Naledi Traders maintained a positive bank balance.
Prepare the BAE incorporating the information form the above transaction in the table below by indicating the net effect (amount) and the account debited and credited:
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. When an element decreases, use a negative sign in front of the amount (eg: -1000.01)
4. When an element increases, the amount will be without any sign (eg: 1000.01)
5. Only show the amount, do not show the "R" (eg: 1000)
6. If no amount should be recorded in any of the numeric spaces, please indicate it by filling in a zero ("0")
Assets = Equity + Liabilities
0 0 0
Computer equipment debit and Bank account credit Not applicable Not applicable
, You are given the following post adjustment trial balance for JJ Wholesalers:
JJ WHOLESALERS
POST-ADJUSTMENT TRIAL BALANCE AS AT 30 JUNE 20.2
Debit Credit
R R
Capital ………………………………………. 1 500
000
Drawings…………………………………….. 60 000
Land………………………………………….. 750 000
Buildings……………………………………... 250 000
Vehicles………………………………………. 350 000
Equipment……………………………………. 200 000
Accumulated depreciation: Vehicles……… 35 000
Accumulated depreciation: Equipment…… 20 000
Trade receivables control…………………. 280 000
Inventory…………………………………….. 300 000
Bank …………………………………………. 400 000
Trade payables control…………………….. 450 000
VAT control………………………………….. 24 000
Sales…………………………………………. 1 200
000
Cost of sales………………………………… 560 000
Wages and salaries………………………… 112 000
Credit losses………………………………… 3 000
Water and electricity……………………….. 12 000
Telephone expenses………………………. 15 000
Depreciation…………………………………. 55 000
Bank charges………………………………... 2 000
Rental income………………………………. 168 000
3 373 000 3 373
000
Additional information
a. Assuming that the total comprehensive loss for the year is R700 000
b. After the total comprehensive loss was calculated it has been determined that:
- the owner took inventory with a cost price of R2 500 for his own use. The bookkeeper only did the credit entry of the transaction but forgot to do the debit
entry of the transaction in the books of JJ Wholesalers.
- the owner made his new personal computer available to the business. The cost of the computer was R20 000. The bookkeeper only did the debit entry of
the transaction but forgot to do the credit entry of the transaction in the books of JJ Wholesalers. All entries regarding the depreciation were done correctly.
The correct statement of changes in equity for the year ended 30 June 20.2 will be:
Instructions:
Drag the correct answer into the correct space.
An option can be used more than once.
Balance at 1 July 20.1 1 500 000
Total comprehensive income for the year 700 000
Additional capital contributions 20 000
(62 500)
Balance at 30 June 20.2 757 500
Balance at 30 June 20.2 Total comprehensive income for the year Balance at 1 July 20.1
Equipment Additional capital contributions Inventory
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