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Summary FAC1502 ASSIGNMENT 2 2024
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FAC1502 ASSIGNMENT 2 2024
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Indicate by choosing the correct option whether the following statement is true or false:Drawings and donation of trading inventory is recorded at cost price in the general journal.
Select one:
True
False
Question 2
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The balance of the insurance account in the trial balance prepared on 30 June 20.2 is
R96 300. The monthly insurance premium for this financial year is R10 700 per month. On 1
July 20.2, the bookkeeper of KA Traders made a further electronic funds transfer of R64 200
to Clarke Insurers but the bookkeeper forgot to do the general ledger entries for this
transaction. The financial year end of KA Traders is 30 June.
The correct general ledger entries in the insurance account in the books of KA Traders on 30
June 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)
KA TRADERS
GENERAL LEDGER
Dr Insurance Cr
20.2 R 20.2
Jun Balance 96 300 Jun Answer Answer
30 30
Jul 1 Answer Answer Answer Answer
,Question 3
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On 1 September 20.18 Lloyd Traders received a prepayment for an amount of R82 550 from a client
that is currently occupying part of Lloyd’s office building under a lease agreement. The prepayment
is the rent for 13 months. The prepayment transaction has not yet been recorded in the accounting
books of Lloyd Traders. The current financial period ends on 28 February 20.19.
The pre-adjustment trial balance for the year ended 28 February 20.19 reflected rental income to the
amount of R25 400. No adjusting journal entry has been processed in the accounting records of
Lloyd Traders.
The rental income amount to be disclosed in the statement of profit 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:
Question 4
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Indicate by choosing the correct option whether the following statement is true or false:
A closing transfer entry will be done at the end of the financial year in the general journal to transfer
sales returns to the sales account.
Select one:
True
, False
Question 5
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The cost price of goods sold for R82 560, if the profit mark-up was 25% on the cost, will be …
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)
Answer:
Question 6
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The following information for December 2023 relates to Thoka Traders.
1. The following information appeared in the bank reconciliation statement for November 2023.
Bank reconciliation statement as at 30 November 2023
Debit Credit
R R
Unfavourable balance as per the bank statement 24 500
Outstanding deposit 205 7 500
Outstanding EFT no:
- No. 210 3 500
- No. 212 1 800
- No. 213 2 550
Credit correction of error 250
Unfavourable balance as per bank account 24 600
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