Other
FAC1502 ELECTIVE ASSIGNMENT 7- DUE 07 NOVEMBER 2024
- Course
- Institution
Distinction document
[Show more]
Seller
Follow
nompumelelokampumi93
Reviews received
Content preview
11/6/24, 12:55 PM Assessment 7 (page 1 of 2)FAC1502-24-S2 Welcome Message Assessment 7
QUIZ
Time left 1:16:59
Question 1
Answer saved
Marked out of 9.00
Mandla Traders' (not a registered VAT vendor) financial year ends annually on 31 December.
The business uses the perpetual inventory system. During the current financial year of
20.22, Mandla Traders had credit sales of R405 000. The company applies a 35% mark-up
on cost price.
The correct recording of the transaction in the general ledger of Mandla Traders 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)
Dr Cost of sales Cr
20.22 20.22
Dec Inventory SJ Dec Trading account GJ
300000 300000
31 31
300000 300000
Dr Sales Cr
20.22 20.22
Dec Trading account GJ 405000 Dec Trade receivables control SJ 405000
31 31
405000 405000
.
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=23522660&cmid=846360#question-23768835-10 1/12
, 11/6/24, 12:55 PM Assessment 7 (page 1 of 2)
Question 2
Answer saved
Marked out of 1.00
An entity has the following balances: Bank: R100 000; Machinery: R20 000; Capital: R50
000; Drawings: R2 500.
The total liabilities of the entity according to the basic accounting equation is …
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: 67500
Question 3
Answer saved
Marked out of 1.00
Indicate whether the following statement is true or false:
Sales is disclosed in the statement of profit or loss and other comprehensive income.
Select one:
True
False
Question 4
Answer saved
Marked out of 2.00
Betties Dealers obtained a loan of R700 000 from VL Bank on 1 December 2023. The loan is
secured by mortgage over land and buildings and is redeemable in four equal annual
instalments. The first instalment on loan is payable on 31 August 2024. The interest rate
payable is 12%. Betties Dealers financial year end 31 March.
The amount of the interest expense to be disclosed in the statement of profit or loss and
other comprehensive income for the year ended 31 March 2024 is …
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
Answer: 7000
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=23522660&cmid=846360#question-23768835-10 2/12
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller nompumelelokampumi93. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $4.96. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
57114 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now