Financial Accounting Principles Concepts and Procedures (FAC1502)
Institution
University Of South Africa (Unisa)
FAC1502 ASSESSEMENT ASSESSMENT 2 EXPECTED QUESTIONS AND ANSWERS CONTAINS A COMPILATION OF OVER 4 ASSESSMENTS. USING IT CORRECTLY WILL HELP YOU SCORE ABOVE 75%
Financial Accounting Principles Concepts and Procedures (FAC1502)
All documents for this subject (102)
1
review
By: shivambixiluva • 2 months ago
Seller
Follow
oscardiura
Reviews received
Content preview
Thomas Trading, a registered VAT vendor, uses the periodic inventory system. The VAT rate is 15%.
The following is an extract from the financial records of Thomas Trading for January 2024:
R OSCAR THE T
oscardiura@gm
Trade receivables: opening balance (1 January) 27 500 +27737560989
Credit sales 91 150 for FAC MAC E
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 in the amount of R510. This transaction was incorrectly recorded in the Purchases returns journal instead of the Sales
2. The trade receivables column in the cash receipts journal was undercast by R700.
3. On 18 January, goods sold on credit in the amount of R3 800 were recorded in the sales journal as R3 350. No journal entry has been made to correct this error.
4. On 15 January 2024 Thomas Trading was informed that S Cook, a debtor who owed the entity R750, had been declared insolvent. The amount must be written off as irrecoverab
5. On 31 January 2024 Thomas Trading charged interest on overdue clients’ accounts of R85.
Required:
Complete the trade receivables account in the general ledger of Thomas Trading 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 filling in a zero ("0")
Dr Trade receivables control
2024 R 2024
Jan 1 Balance b/d Jan 1 Balance b/d
27500.00
31 31
Sales SJ 91600 Bank CRJ
Interest income GJ 85.00 Credit losses SJ
,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
, The rates and taxes account in the pre-adjustment trial balance of HS Traders on 28 February 20.2 shows an amount o
rates and taxes for the last four months of the current financial year. The rates and taxes amount to be paid was determin
amount for every month for the current financial year.
The correct general ledger entries in the rates and taxes account in the books of HS Traders on 28 February 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)
4. Only show the amount, do not show the R (eg: 12141)
HS TRADERS
GENERAL LEDGER
Dr Rates and taxes Cr
20.2 R 20.2 R
17760+35520
Feb 28 Accrued expenses 17760.00 Feb 28 Profit or loss account 53280.00
35520/8*4
Bank 35520.00
Previous page
, The following balances were extracted from the subsidiary journals of General Spaza Shop as at 28 February 20.2.
On 1 February 20.2, the VAT input account had an opening balance of R42 500 and the VAT output account had an opening balance of
R63 700.
The applicable VAT rate is 15%.
Using the above information, compile the VAT input account in the general ledger as at 28 February 20.2, including the
final closing transfer.
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: 12141.72)
4. Keep the ledger entries strictly according to the information given.
GENERAL SPAZA SHOP
GENERAL LEDGER
Dr VAT input Cr
20.2 R 20.2 R
Feb 1 Balance 42000.00 Feb 1 Purchases returns
b/d PRJ 2257.50
Feb 28 Trade receivables control 1207.50
CRJ VAT control GJ 89843.48
Bank 28943.48
CPJ
Trade payables control
PJ 19950.00
92100.98
92100.98
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller oscardiura. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $5.15. You're not tied to anything after your purchase.
