Exam (elaborations)
FAC1502 Assignment 2 semester 1 2024
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4/4/24, 6:45 PM Assessment 2FAC1502-24-S1 Welcome to FAC1502 Assessment 2
QUIZ
Time left 1:21:22
Question 1
Not yet answered
Marked out of 1.00
Use the information provided below to calculate the cost of sales:
R
Opening inventory 360 000
Purchases 440 000
Settlement discount granted 55 000
Carriage on sales 62 000
Settlement discount received 73 000
Closing inventory 530 000
Answer: 197000
Question 2
Not yet answered
Marked out of 1.00
Indicate by choosing the correct option whether the following statement is true or false:
Donation of trading inventory is recorded at cost price in cash payments journal.
Select one:
True
False
Question 3
Not yet answered
Marked out of 1.00
Indicate by choosing the correct option whether the following statement is true or false:
In a sole proprietorship, usually the owner himself is responsible for the daily activities of the business.
Select one:
True
False
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=16918846&cmid=842835 1/13
,4/4/24, 6:45 PM Assessment 2
Question 4
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On 1 May 20.18 Venus Traders entered into a new two-year advertising agreement with Tino Advertising Agency. The advertising
agreement was effective with immediate effect and stipulated that Venus Traders would pay R2 750 per month to Tino Advertising
Agency for advertising services that would be provided by Tino Advertising Agency on a monthly basis. Tino Advertising Agency has
performed all the necessary advertising services that was required from them since the effective date of the advertising agreement for
the current nancial period (the current nancial period ends on 28 February 20.19).
The pre-adjustment trial balance for the year ended 28 February 20.19 re ected advertising expenses for an amount of R18 720 as well
as accrued advertising expenses of R4 170 on 1 March 20.18 (the beginning of the current nancial period). On 20 April 20.18 Venus
Traders paid the advertising expenses that was outstanding from the previous nancial period. The outstanding advertising expenses
for the current nancial period must still be provided for.
The advertising expenses amount to be disclosed in the statement of pro t or loss and other comprehensive income for the year
ended 28 February 20.19 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: 27500
Question 5
Not yet answered
Marked out of 1.00
Indicate by choosing the correct option whether the following statement is true or false:
When the perpetual inventory system is used, carriage on purchases, is debited to the asset account, inventory, since the cost of sales
must be brought into account with each sales transaction and carriage on purchases constitutes an integral part of the cost per unit.
Select one:
True
False
Question 6
Not yet answered
Marked out of 1.00
Indicate by choosing the correct option whether the following statement is true or false:
The account of a debtor that is insolvent will be credited with the amount owed and credit losses will be debited.
Select one:
True
False
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=16918846&cmid=842835 2/13
,4/4/24, 6:45 PM Assessment 2
Question 7
Not yet answered
Marked out of 1.00
Indicate by choosing the correct option whether the following statement is true or false:
The apportionment of the depreciation is credited in the asset contra account, namely accumulated depreciation.
Select one:
True
False
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=16918846&cmid=842835 3/13
, 4/4/24, 6:45 PM Assessment 2
Question 8
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CK TRADERS
PRE-ADJUSTMENT TRIAL BALANCE (EXTRACT) AS AT 31 OCTOBER 20.9
R
Capital……………………………………………………………………………………...........................…. 350 000
Drawings……………………………………………………………………………….........................……. 2 500
Trade receivables control…………………………………………………………….................……. 180 560
Trade payables control…………………………………………………………………................…… 129 875
Land............................................................................................................................................... 50 000
Building……………………………………………………………………....................……..................... 23 722
Machinery (at cost)……………………………………………………………………....................…… 1 075 308
Accumulated depreciation: Machinery (1 November 20.8)……………………………. ?
Vehicle (at cost)……………………………………………………………………….......................……. 125 900
Accumulated depreciation: Vehicle (1 November 20.8)…………………………..…….. 12 590
Inventory: Trading (1 November 20.8)……………………………………………..........……… 10 800
Bank (Favourable)…………………………………………………………………….....................……. 15 909
Petty cash……………………………………………………………………………........................……… 254
Cash oat………………………………………………………………………………........................…… 2 542
Loan from ATM Bank…………………………………………………………………...................…… 258 564
Fixed deposit: TB Bank……………………………………………………………….................…..... 120 782
Allowances for credit losses…………………………………………………………..............……. 1 530
Sales……………………………………………………………………………………...........................…… 205 556
Sales returns………………………………………………………………………….......................…….. 10 256
Settlement discount received…………………………………………………….............………… 2 594
Purchases……………………………………………………………………………........................……... 95 520
Purchases returns…………………………………………………………………....................………. 1 750
Settlement discount granted……………………………………………………….............…….. 896
Freight on purchases…………………………………………………………………..................…… 1 350
Import duties on purchases…………………………………………………………..............……. 2 650
Insurance on purchases……………………………………………………………....................…... 990
Freight on sales……………………………………………………………………….....................……. 5 852
Rental income…………………………………………………………………………..................……… 20 928
Interest on xed 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.
(d) A physical inventory count revealed that the following was on hand on 31 October 20.9:
Inventory R9 775
Packaging material R1 990
Stationery R260
The amount for cost of sales to be shown in the statement of pro t 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: 97191
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=16918846&cmid=842835 4/13
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