Exam (elaborations)
FAC1502 Assignment 4 Semester 2 2024 All Questions covered
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FAC1502 Assignment 4 Semester 2 2024 All Questions covered
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Question 1Not yet answered
Marked out of 14.00
You are given the following information for United Tennis Club for the year ended 31 December 20.6:
a) Membership fees received for the year is R38 500.
b) Membership fees was R200 in 20.5, R275 in 20.6 and will be R325 in 20.7.
c) On 1 January 20.6, the membership fees of five members for 20.5 were still due.
d) On 31 December 20.5, six members prepaid their membership fees for 20.6.
e) On 31 December 20.6 four members paid their membership fees for 20.7.
f) Membership fees received during 20.6 included the membership fees of three members who did not pay in 20.5. The other
two members' membership fees must be written off as irrecoverable.
g) On 31 December 20.6, three member’s membership fees for 20.6 were still outstanding.
Required:
Prepare the membership fees account in the general ledger as at 31 December 20.6.
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)
4. Keep the transactions strictly according to date sequence
5. When no amount needs to be entered in a column, then indicate this by entering "0" in the column.
6. If an options has been provided and it is not applicable to the speci c questions please put N/A in the account column.
GENERAL LEDGER
UNITED TENNIS CLUB
Dr Membership fees
Cr
20.6 20.6
Accrued income 1000 Income received in advance 1650
Jan 1 Jan 1
Dec 31 Dec 31
Income received in advance 1300 Bank 38500
Income and expenditure 39075 Credit losses 400
Accrued income 825
41 375 41 375
,Question 2
Not yet answered
Marked out of 1.00
Betties Dealers obtained a loan of R1 000 000 from VL Bank on 1 September 2023. The loan is secured by mortgage over land and
buildings and is redeemable in four equal annual instalments. The rst instalment on loan is payable on 31 August 2024. The interest
rate payable is 15%. Betties Dealers nancial year end 31 March.
The amount of the interest expense to be disclosed in the statement of pro t 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: 87500
Question 3
Not yet answered
Marked out of 10.00
KK Trading is a registered VAT vendor and makes use of the periodic inventory system.
The following information relates to K Mathi, one of the creditors of KK Trading.
K Mathi’s balance as per the trade payables ledger as at 30 June 2024 was R6 650.
The following information had not been considered in correcting of the trade payables ledger:
K Mathi charged interest on KK Trading's overdue account at 18% interest for the month of June 2024. No entry has as yet been
made.
Required:
Prepare the corrected account of the creditor in the trade payables ledger
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. Only show the amount, do not show the "R" (eg: 1000)
4. If no amount should be recorded in any of the numeric spaces, please indicate it by lling in a zero ("0")
K Mathi
Debit Credit Balance
2024 R R R
Jun 30
Amount owed b/d 6650 Cr
Interest charged GJ 0 99.75 6749.75 Cr
,Question 4
Not yet answered
Marked out of 1.00
Indicate by choosing the correct option whether the following statement is true or false:
When using a single-entry system, the pro t/loss for a certain period can only be determined by means of a comparison of the
capital at the beginning of the period with the capital at the end or the period after provision has been made for any additions to
capital or withdrawals by the owner. An increase in capital may be regarded as a pro t.
Select one:
True
False
, Question 5
Not yet answered
Marked out of 25.00
Arch Traders designs and builds arches for gardens. The nancial year-end of the business is 30 September. Arch Traders is not a
registered VAT vendor.
You are given the following extract of the pre-adjustment trial balance for Arch Traders for the nancial year ended 30 September
2024.
ARCH TRADERS
EXTRACT OF THE PRE-ADJUSTMENT TRIAL BALANCE AS AT 30 SEPTEMBER 2024
Debit Credit
R R
Capital 525 000
Drawings 25 000
Buildings 150 000
Land 450 000
Equipment 280 000
Accumulated depreciation: Equipment (1 October 60 000
2023)
Trade receivables control 225 000
Inventory 250 000
Bank overdraft 714 750
Trade payables control 300 000
Additional information
a) Included in the cost price of equipment on the pre-adjustment trial balance is new equipment bought on 1 April 2024 to the value
of R80 000.
b) On 1 September 2024 old equipment with a cost price of R60 000, bought on 1 October 2022, was sold for R54 000.
b) Depreciation for the year must be provided as follows:
- Equipment: 10% per annum on the diminishing balance method
Required:
Compile the property, plant and equipment note for equipment (total column excluded) for Arch Traders on 30 September 2024.
Instructions for numeric responses:
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. All amounts that will decrease the closing balance of assets must be recorded with a negative sign in front of the amount (eg:
-1000.01)
4. When no amount needs to be entered in a column, then indicate this by entering "0" in the column.
Arch Traders
Notes to the nancial statements for the year ended 30 September 2024
Property, plant and equipment Equipment
R
Carrying amount: Beginning of the year 140000
Cost 200000
Accumulated depreciation -60000
Additions
80000
Disposals
-49050
Cost 60000
Accumulated depreciation -10950
Depreciation for the year -22950
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