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FAC1503 ASSIGNMENT 9 FOR 2ND SEMESTER 2024
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FAC1503 ASSIGNMENT 9 FOR 2ND SEMESTER 2024
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FAC1503ASSIGNMENT 9 FOR 2ND SEMESTER 2024
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,Question 2
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The business captured a deposit made into the business bank account as R4 500 instead of R5 400.
The amount reflects correctly on the bank statement. While preparing the bank reconciliation
statement the business does not need to make any entry in the cash journals or bank reconciliation
statement since the amount reflects correctly on the bank statement.
Select one:
True
False
Question 3
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What is a correspondent allowance?
Select one:
a.
A correspondent allowance is an allowance granted by the instructing attorney to the instructed
attorney.
b.
A correspondent allowance is an allowance granted by the instructed attorney to the
instructing attorney.
c.
Whatsapp Marlvin @ +2763 173 8181
, A correspondent allowance is an allowance granted by an attorney to an advocate for providing a
service.
d.
A correspondent allowance is an allowance granted between an attorney and the auditor of the
practice.
Clear my choice
Question 4
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It is the policy of Majozi Attorneys to charge interest on client accounts that has been
outstanding for longer than 3 months. Majozi Attorneys charges the client interest on the overdue
account at 7% per annum.
On 31 March 2024, the client account of Mr K Tswai of R13 920 was 7 months in arrears.
Record the interest charged on the outstanding account of Mr K Tswai in the general
journal of Majozi Attorneys for March 2024.
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 Interest receivable Answer
Answer
568.40
Client control (K Tsw ai) Answer
Answer
568.40
Interest charged on overdue account
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Whatsapp Marlvin @ +2763 173 8181
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