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FAC1502 Assignment 2 Semester 2 2019 Suggested Solutions
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FAC1502 Assignment 2 Semester 2 2019 Suggested Solutions with explanations.
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FAC1502Financial Accounting Concepts,
Principles and Procedures
ASSIGNMENT 02 (SECOND SEMESTER)
UNIQUE NUMBER 870281
ANNEXURE F: ASSIGNMENT 02 (SEMESTER 2)
FOR STUDENTS REGISTERED
FOR THE SECOND SEMESTER
Unique number: 870281
,ASSIGNMENT 02 FOR THE SECOND SEMESTER
UNIQUE NUMBER: 870281 (MULTIPLE-CHOICE QUESTIONS)
Please use the following information to answer questions 1 and 2:
MOLOI TRADERS
TRADE PAYABLES LEDGER
Tongaat Ltd
Date Debit Credit Balance
Feb 1 Balance b/d 20 381
4 Invoice number 3766 21 345 41 726
5 Cheque number 5780 15 361 26 365
15 Invoice number 3777 23 261 49 626
21 Debit note number 0657 1 652 47 974
28 Invoice number 3782 21 261 69 235
MOLOI TRADERS
TRADE RECEIVABLES LEDGER
Durban General Dealers
Date Debit Credit Balance
Feb 1 Balance b/d 20 381
Invoice number 4766 22 678 43 059
8 Receipt number 9765 15 361 27 698
12 Invoice number 5826 23 261 49 626
18 Invoice number 6926 17 577 68 536
Additional information
(a) Durban General Dealers forgot to deduct 10% trade discount from the amount of
invoice number 4766.
(b) Invoice number 6926 was not meant for Durban General Dealers but was for another
client.
(c) Moloi Traders returned damaged goods to the value of R3 061 received on invoice
3777 to Tongaat Ltd.
(d) Moloi Traders sends out statements on the 20th of each month.
(e) Payments to creditors are made at the end of the month of which the statement has
been received.
1. The amount that should be paid to Tongaat Limited at the end of the month is ...
R
(1) 68 536,00
(2) 20 381,00
(3) 72 296,00
(4) 66 174,00
(5) 47 974,00
Solution:
TIP: Don’t read the transactions – go straight to the “Required” section!
, NB: Trade Payables = Creditors (You owe them)
NB: Trade Receivables = Debtors (They owe you)
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