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FAC1502 ASSESSEMENT 3 SEM 2 OF 2024 EXPECTED QUESTIONS AND ANSWERS $5.58
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FAC1502 ASSESSEMENT 3 SEM 2 OF 2024 EXPECTED QUESTIONS AND ANSWERS

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  • Course
  • Financial Accounting Principles Concepts and Procedures (FAC1502)
  • Institution
  • University Of South Africa (Unisa)

THIS DOCUMENT CONTAINS FAC1502 ASBGTSESSMENT 3 SEM 2 OF 2024 EXPECTED QUESTIONS AND ANSWERS. USE IT CORRECTLY AS A GUIDE AND FOR PREP PURPOSES.

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Document information

  • October 4, 2024
  • 55
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • fac1502 assessement 3

Written for

  • University of South Africa (Unisa)
  • Financial Accounting Principles Concepts and Procedures (FAC1502)
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Question 1
Lunas Art Club provides you with the following information for the 20.2 financial year. Lunas Art Club had 12
Answer saved members at the end of the 20.2 financial year. Membership fees amounts to R245 per month. On 1 January 20.2,
Marked out of five new members joined the club and paid an entrance fee of R100 each. The entrance fees received was
2.00 capitalised to the accumulated fund account. Membership fees received in advance on 31 December 20.1 was R17
Flag question 640. The financial year-end of Lunas Art Club is 31 December.


The amount for membership fees that will disclosed in the income and expenditure statement on 31
December 20.2 will be …
Instructions:
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Round off to the nearest Rand (eg: 50.56 is 51)
3. Only show the amount, do not show the R (eg: 12141.72)


17640+12*245*12+5*245*12
Answer: 49980.00




Question 2 The following balances appeared in the accounting records of Vice Traders on 30 June 2024:
Answer saved
R
Marked out of Inventory (1 July 2023) 78 300
16.00 Sales 242 195
Flag question Purchases 190 800
Purchases returns 1 500
Carriage on purchases 329
Carriage on sales 500
Settlement discount granted 2 325


Additional information:
a) Inventory on hand on 30 June 2024 is R22 750.
b) Stationery on hand on 30 June 2024 is R125
c) Interest of R855 were charged on a long outstanding account with Situma Suppliers.


Required:
Compile the statement of profit or loss and other comprehensive income for the year ended 30 June 2024 using the
above information.


Instructions:
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Round off to the nearest rand (eg: 50.56 will be rounded to 51)
3. Do not type in “R” for Rand in the numeric block
4. Indicate any amount that should be deducted within a calculation with a minus sign (-) (eg: -1000)
5. If a line item is not applicable indicate the account name by choosing N/A from the list and complete
the amount as zero "0"
6. Please keep the sequence of transactions strictly according to the information given but also in the correct
format.


VICE TRADERS
STATEMENT OF PROFIT OR LOSS AND OTHER
COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2024
R
Revenue 240695.00 (242195-2325)

Cost of sales -244354.00

Inventory (1 July 2023) 78300.00

, Purchases 188475.00
190800-1500

Carriage on purchases 329.00

Inventory (30 June 2024) -22750.00



Gross loss -3659.00
240696-244354




Question 3 Indicate by choosing the correct option whether the following statement is true or false:
Answer saved Gizmo Soccer Club can set aside money in a special fund when it wants to use the money for purchasing of specific
Marked out of training gear for its members.
1.00
Flag question

Select one:
True
False



Question 4
Indicate whether the following statement is true or false:
Answer saved
If debentures are redeemable within the next 18 months the debentures will be shown as a current liability in the
Marked out of
1.00
statement of financial position.

Flag question


Select one:
True
False



Question 5
Indicate whether the following statement is true or false:
Answer saved
Cash investments are usually invested at a fixed rate or at a rate that does not change often.
Marked out of
1.00
Flag question
Select one:
True
False



Question 6
Joe Traders is not a registered VAT vendor. On 1 July 2023, Joe Traders bought machinery for R100 000 on credit
Answer saved from Malebo Machines. BB Logistics delivered the machinery at an additional cost of R1 850. Malebo Machines
Marked out of send a technician who installed the machinery and tested its operationality for R2 250. Joe Traders paid the delivery
2.00 cost and installation cost with electronic funds transfers. The interest charged on the outstanding amount for the year
Flag question ended 30 June 2024 was R5 000.
Depreciation is calculated on machinery at 12% per annum, using the straight-line method.

Required:

What will the depreciation on the machinery be that is recorded in the statement of profit or loss and other
comprehensive income for the year ended 30 June 2024?
NB: Instructions
1. Do not type the amount with any spaces as separators for thousands (eg: 12141)
2. Round off to the nearest Rand (eg: 50.56 is 51)
3. Only show the amount, do not show the R (eg: 12141)

, Answer: 12492.00




Question 7 Ronnie Dealers is not a registered VAT vendor and applies the principles of the perpetual inventory system.
Answer saved On 31 March 2024, the bookkeeper reconciled the individual creditor accounts and the trade and other payables
Marked out of control account. The bookkeeper noticed that an amount of R670 paid for wages was incorrectly analysed to the
5.00 Trade and other payables control account in the cash payments journal. No entry was made in the accounting
Flag question records of Ronnie Dealers to correct the error.
What will the correct general journal entry for the given transaction in the books of Ronnie Dealers be?

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. Do not type in “R” for Rand in the numeric block
4. If any debit or credit line item is not applicable indicate the account name by choosing N/A from the list
and complete the amount as zero "0"


Debit Credit
R R
31 Wages 670.00

Trade and other payables control 670

Correction of wages erroneously posted to
the trade and other payables control account




Question 8 Use the following transactions during May 20.2 to reflect the transactions in the capital account of Intercity
Answer saved Dentist (not a registered VAT vendor) for the month ended 31 May 20.2 (Please indicate the correct contra
ledger account):
Marked out of
12.00
Date Transactions Amount
Flag question 20.2 R
May 1 Mr K Mosipi, the owner of Intercity Dentist, made an EFT deposit into 241 070
the bank account of the business as opening capital.
May 13 As an additional capital contribution Mr Mosipi transferred an dentist 165 000
chair, he inherited, to the business.
May 20 Made an EFT to Mr K Mosipi for private use 10 760

The total comprehensive loss for the year ended 31 May 20.2 is R23 300.


Please note that the financial year-end of is 31 May 20.2.

Required:
Use the above information to compile the capital account of Intercity Dentist for the period ending 31 May 20.2


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. If no amount should be recorded in any of the numeric spaces, please indicate it by filling in a zero ("0")
4. Only show the amount, do not show the "R" (eg: 1000)




INTERCITY DENTIST
GENERAL LEDGER
Dr Capital
20.2 R 20.2

May 20 Drawings 10760.00 May 1 Bank 241000

, May 31 Total comprehensive loss for the year 23300.00 May 13 Furniture 165000




Question 9
Indicate whether the following statement is true or false:
Answer saved
The apportionment of depreciation is debited in the asset’s contra account, namely accumulated depreciation.
Marked out of
1.00
Flag question
Select one:
True
False



Question 10
State whether the following statement is true or false:
Answer saved
Thabo Stores incurred import duty costs of R1 000 when purchasing inventory from Mauritius. The import duty
Marked out of
1.00
cost of R1 000 will be disclosed as an expense under distribution, administrative and other expenses in the
statement of profit or loss and other comprehensive income.
Flag question



Select one:
True
False




Question 11
Answer saved The following information relates to Baker:
Marked out of
11.00
Balances as at 31 August 20.3: R R
Flag question Plant and machinery (at cost) 102 000
Accumulated depreciation: plant and machinery 55 920



Additional information
(a) According to the assets register, plant and machinery consist of two Presh machines of equal
value. Both the machines were purchased by obtaining a loan from Baker Bank and they were charged 15 %
interest per annum and installed on the same date.
(b) Depreciation is written off at 20% per annum by the diminishing balance method.
(c) On 31 January 20.4, management decided to increase production capacity and purchased
a Prince machine on credit from Mag Ltd for R108 000. One of the Presh machines was traded in, reducing the
amount owing to Mag Ltd to R84 600.
(d) On 1 February 20.4, installation charges on the new machine amounting to R7 200 were paid in
cash.



REQUIRED
Post the above transactions to the general ledger account provided below.


Instructions:
1. Do not type the amount with any spaces as separators for thousands (eg: 12141)
2. Round off to the nearest Rand (eg: 50.56 is 51)
3. Only show the amount, do not show the "R" for the Rand sign (eg: 12141)

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