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Fac1502 Assignment 3 Semester 1 2024
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FAC1502-24-S1: Assessment 3 https://mymodules.dtls.unisa.ac.za/mod/quiz/view.php?id=8425. How to use a smartphone
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Kind regards
FAC1502 lecturers
Attempts allowed: 1
Time limit: 2 hours
Grade to pass: 50.00 out of 100.00
Summary of your previous attempts
Marks / Grade /
State 86.00 100.00 Review Feedback
Finished Not Congratulations, you pass
Submitted permitted the assessment with a
Tuesday, 30 April distinction.
2024, 12:01 PM
Your �nal grade for this quiz is
Overall feedback
Congratulations, you pass the assessment with a distinction.
2 of 3 2024/04/30, 12
,Assessment 3 https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=18
FAC1502-24-S1 Welcome to FAC1502 Assessment 3
QUIZ
Time left 0:28:22
Question 1
Not yet answered
Marked out of 4.00
Please choose the correct option for the given scenario.
Interest on an overdrawn bank balance will re�ect in the … of the … debit column; bank statement
Transactions in the cash payments journal will be ticked off with items in the … of the ... debit and credit columns; bank statement
Direct deposits made by a client will re�ect in the … of the ... credit column; bank statement
Transactions in the cash receipts journal will be ticked off with items in the … of the ... credit column; bank statement
Question 2
Not yet answered
Marked out of 1.00
Indicate whether the following statement is true or false:
The classi�cation inventory includes consumable inventory which are consumed in the normal business activities.
Select one:
True
False
Question 3
Not yet answered
Marked out of 1.00
Indicate whether the following statement is true or false:
The only difference between a debenture and a long-term loan is that with debentures there is only one creditor being a �nancial institution, whereas with a
long-term loan there are usually several creditors.
Select one:
True
False
1 of 10 2024/04/30, 12
,Assessment 3 https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=18
Question 4
Not yet answered
Marked out of 28.00
Moffat Trading, a registered VAT vendor, uses the periodic inventory system. The VAT rate is 15%.
The following is an extract from the �nancial records of Moffat Trading for January 2024:
R
Trade receivables: opening balance (1 January) 37 505
Credit sales 133 990
Cash receipts journal: Trade receivables column total (31 67 800
January)
Sales returns journal: Trade receivables column (31 January) 8 411
At month's end, the Bookkeeper completed a debtor’s reconciliation and found the following:
1. On 10 January, a client returned goods sold to him on credit for R778. This transaction was incorrectly recorded in the Purchases returns journal
instead of the Sales returns journal.
2. The trade receivables column in the cash receipts journal was undercast by R1 334. The bookkeeper has not corrected the error.
3. On 18 January, goods sold on credit in the amount of R8 866 were recorded in the sales journal as R6 688. No journal entry has been made to correct
this error.
4. Molly Suppliers' account was charged an interest of R303 during the month. Entries were only made in the trade payables ledger.
5. On 21January 2024 Moffat Trading was informed that T Thabang, a debtor who owed the entity R1 500, had been declared insolvent. The amount must
be written off as irrecoverable.
Required:
Complete the trade receivables control account in Moffat Trading's general ledger for the month ending 31 January 2024.
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. If no amount should be recorded in any of the numeric spaces, please indicate it by �lling in a zero ("0")
Dr Trade receivables control Cr
2024 R 2024 R
Jan 1 Balance b/d 37505 Jan 1 Balance b/d 0
31 Sales SJ 136168 31 Bank CRJ 69134
Interest income GJ 303 Credit losses and VAT GJ 1500
Sales returns SRJ 9189
Balance c/d 0 Balance c/d 94153
173976 173976
Feb 1 Balance b/d 94153 Feb 1 Balance b/d 0
2 of 10 2024/04/30, 12
,Assessment 3 https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=18
Question 5
Not yet answered
Marked out of 1.00
State whether the following statement is true or false:
A savings account is an example of a cash investment.
Select one:
True
False
Question 6
Not yet answered
Marked out of 1.00
Sales is R90 000. Mark-up of 35% on selling price. What is the cost of sales amount?
Round off your answer to the nearest Rand.
Answer: 66666.67
Question 7
Not yet answered
Marked out of 4.00
Please choose the correct option to complete the given statement or scenario.
What will be classi�ed as a current asset for a motor vehicle dealership? Vehicles held for delivery
The total of the trade payables column in the cash payments journal will
debit side of the trade payables control account in the general ledger.
be posted to the …
The total revenue and the cost of sales amount disclosed in the statement
of pro�t or loss and other comprehensive income for Thabo Stores for the
year ended 30 June 20.1 is R870 000 and R600 000 respectively. The
gross pro�t for the year is R270 000. 31%
The gross pro�t percentage on sales (rounded off to the nearest whole
number) is …
Where in the statement of �nancial position would a business that trades
in the sale of motor vehicles disclose the �eet truck it uses to deliver sold Non-current assets: Property, plant and equipment
vehicles to customers?
Question 8
Not yet answered
Marked out of 1.00
Indicate whether the following statement is true or false:
Trade receivables control is included as current assets in the statement of �nancial position.
Select one:
True
False
3 of 10 2024/04/30, 12
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