Exam (elaborations)
FAC 1502 ASSESSMENT 02 SEMESTER 2 2024 GUARANTED DISTINCTION
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FAC 1502 ASSESSMENT 02 SEMESTER 2 2024 GUARANTED DISTINCTION
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4/2/24, 5:11 PM Assessment 2C1502-24-S1 Welcome to FAC1502 Assessment 2
QUIZ
Time left 0:37:00
Question 1
Not yet answered
Marked out of 1.00
Use the information provided below to
calculate the cost of sales:
R
Opening inventory 60
000
Purchases 40
000
Settlement discount granted 5 000
Freight charges 1 000
Settlement discount 3 000
received
Closing inventory 30
000
Answer:
68000.00
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=16782729&cmid=842835 1/24
,4/2/24, 5:11 PM Assessment 2
Question 2
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CK TRADERS
AN EXTRACT OF THE PRE-
ADJUSTMENT TRIAL BALANCE AS AT
31 OCTOBER 20.9
R
Capital…………………………………………………………………………………......................……. 350 000
Drawings………………………………………………………………………………....................……. 2 500
Trade receivables control……………………………………………………………............……. 180 560
Trade payable control……………………………………………………………….............……… 129 875
Inventory: Trading (1 November 20.8)…………………………………………….....……… 4 800
Bank (Favourable)…………………………………………………………………................………. 15 909
Petty cash………………………………………………………………………………...................…… 254
Cash float………………………………………………………………………………...................…… 2 542
Loan from ATM Bank………………………………………………………………............………. 258 564
Fixed deposit: TB Bank……………………………………………………….................………… 120 782
Allowances for credit losses………………………………………………………….........……. 1 530
Rental income…………………………………………………………………………….............…… 19 800
Interest on fixed deposit…………………………………………………………….........……… 7 247
Advertising…………………………………………………………………………….................…….. 23 580
Packaging material…………………………………………………………………….............…… 8 910
Stationery……………………………………………………………………………….................…… 3 540
Credit losses……………………………………………………………………………...................... 650
Salaries and wages…………………………………………………………………….............…… 98 000
Interest on loan from ATM Bank……………………………………………………….....….. 20 257
Water and electricity…………………………………………………………………...........…….. 9 456
Telephone expenses…………………………………………………………………….............…. 1 984
Additional information with regards to
adjustments that you still need to take
into account.
(a) CK Traders sublets part of its
building to B Silver. B Silver paid R19 800
on the 1 November 20.8 for 15 months.
The rental agreement stipulated that CK
Traders will increase the rental amount to
R1 500 from 1 August 20.9.
(b) CK Traders deposited R120 782 into
a fixed deposit account with TB Bank on
1 February 20.9, at an interest rate of 12%
per annum. The interest is receivable
twice per annum in June and December.
(c) On 1 November 20.8, CK Traders
entered into an advertising contract with
Kgomotso advertising agency for a
period of 2 years for a total amount of
R23 580. CK Traders paid R23 580 to
Kgomotso advertising agency on 1
November 20.8 to cover the full
contracted period.
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=16782729&cmid=842835 2/24
,4/2/24, 5:11 PM Assessment 2
(d) A physical inventory count revealed
that the following was on hand on 31
October 20.9:
Inventory R7 775
Packaging material R1 990
Stationery R260
(e) On 1 December 20.8 CK Traders
obtained a loan from ATM Bank. Interest
is calculated at 11,5% per annum. The
loan repayment schedule indicate that
the capital repayment of the loan would
be made in four equal instalments as
follows:
Instalments Amount Repayment date
First instalment R64 641 30 April 20.10
Second instalment R64 641 31 October 20.10
Third instalment R64 641 30 April 20.11
Fourth instalment R64 641 31 October 20.11
The amount for rental income to be
shown in the statement of profit or loss
and other comprehensive income for
the year ended 31 October 20.9 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)
Answer:
15300.00
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=16782729&cmid=842835 3/24
, 4/2/24, 5:11 PM Assessment 2
Question 3
Not yet answered
Marked out of 6.00
On 31 December 20.2, the end of the
financial year for Kiyu Traders, the total
amount of unused packing material was
R4 500. The amount reflecting in the trial
balance for packing material at year-end
was R6 000.
The correct general ledger entries in the
packing material account of Kiyu
Stores on 31 December 20.2 are ...
Instructions:
1. First do the adjustment general
ledger entries and then do your
closing transfer general ledger
entries.
2. Use a full stop to indicate any
decimals (eg: 1000.01)
3. Round off to the second
decimal after the full stop (eg: 50.56)
KIYU STORES
GENERAL LEDGER
Dr Packing material Cr
20.2 R 20.2 R
Dec Balance 6000.00 Dec Bank 4500.00
31 31
Profit or loss account 1500.00
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=16782729&cmid=842835 4/24
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