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Fac1502 Assignment 2 semester 1 2024
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4/5/24, 12:33 PM Assessment 2UNISA 2024 FAC1502-24-S1 Welcome to FAC1502 Assessment 2
QUIZ
Time left 1:19:24
Question 1
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On 1 November 20.18 Mars Traders paid rental to the amount of R25 740 for 12 months. The pre-adjustment trial balance for
the year ended 28 February 20.19 re ected an amount for rental expenses of R25 740 as well as an amount for prepaid rental
expenses at 1 March 20.18 of R16 400. The only transaction that has been recorded or processed in the accounting books of
Mars Traders regarding rental expenses, related to the payment that was made on 1 November 20.18 and no other
transaction or adjustment has been taken into account as yet.
The amount for prepaid rental expenses 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: 8580
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=16963507&cmid=842835 1/14
,4/5/24, 12:33 PM Assessment 2
Question 2
Not yet answered
Marked out of 6.00
On 31 July 20.2 the balance in the packing material account of Kiyu Stores in the pre-adjustment trial balance was R34 000.
After a physical inventory count, it was revealed that there was only R6 000 worth of packing material used during the
financial year. The financial year of Kiyu Stores begins on the 1 August.
The correct ledger entries in the packing material account of Kiyu Stores on 31 July 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
Jul 31 Balance 34000 Jul 31 Consumable stores on hand 28000
Pro t or loss account 6000
Question 3
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Indicate whether the following statement is true or false.
Drawings and the donation of trading inventory is not recorded at cost price in the general journal.
Select one:
True
False
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,4/5/24, 12:33 PM Assessment 2
Question 4
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Marked out of 12.00
The following balances were extracted from the subsidiary journals of General Spaza Shop as at 28 February 20.2.
R
Cash receipts journal
VAT input 3 546,24
Amounts for sales added in the Sales column 513 371,04
Cash payments journal
Amounts for purchases added in the Bank column 742 523,72
VAT output 4 892,16
Purchases journal
Trade payables column 387 320,00
Sales journal
Trade receivables column 738 990,00
Purchases returns journal
Purchases returns column 50 399,44
Sales returns journal
Trade receivables column 32 714,40
On 1 February 20.2, the VAT input account had an opening balance of R123 525 and the VAT output account had an
opening balance of R185 265.
Calculate the closing balance of the VAT output account as at 28 February 20.2.
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. For embedded questions spelling is very important. If you spell the answer incorrect it will be marked incorrect. Please
make sure that your spelling of the words is correct.
4. Keep the ledger entries strictly according to the information given.
GENERAL SPAZA SHOP
GENERAL LEDGER
Dr VAT output Cr
20.2
R 20.2 R
Feb 28 Trade receivables control SRJ Balance
4267.10 Feb 1 b/d 185265
VAT control 349241.50 Feb 28 Bank 66961.44
GJ CRJ
Trade payables control
CPJ 4892.16
Trade receivables control
SJ 96390
353508.6 353508.6
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=16963507&cmid=842835 3/14
, 4/5/24, 12:33 PM Assessment 2
Question 5
Not yet answered
Marked out of 1.00
Indicate whether the following statement is true or false:
An owner that starts a business cannot invest equipment as part of his investment to start the business.
Select one:
True
False
Question 6
Not yet answered
Marked out of 4.00
Please choose the correct option for the given scenario.
The perpetual inventory system will not have a ... in the general ledger. nominal
The ... accounts provide the information that is required to prepare a
statement of pro t or loss and other comprehensive income. trading inventory account
In a ... inventory system the inventory account is continuously updated. perpetual
In the ... inventory system there is no cost of sales account in the general
periodic
ledger
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