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FAC1601 ASSESSMENT 3 SEM 2 OF 2024 EXPECTED QUESTIONS AND ANSWERS $5.63
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  5. Financial Accounting and Reporting (FAC1601)

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FAC1601 ASSESSMENT 3 SEM 2 OF 2024 EXPECTED QUESTIONS AND ANSWERS
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  • Course
  • Financial Accounting and Reporting (FAC1601)
  • Institution
  • University Of South Africa (Unisa)

THIS DOCUMENT CONTAINS CAREFULLY WORKED FAC1601 ASSESSMENT 3 SEM 2 OF 2024 EXPECTED QUESTIONS AND ANSWERS. USE IT CAREFULLY FOR PRACTICE AND PREP

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  • September 28, 2024
  • 5
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • fac1601 assessment 3

Written for

  • University of South Africa (Unisa)
  • Financial Accounting and Reporting (FAC1601)
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Revenue(3205100-5700) 3199200 Investments 385,700
Cost of sales -325,500 Land and buildings at revaluation (1 March 2023) 1,119,300
Inventory 46,100 Equipment at cost 658,400
Purchases(305000-2400) 302400 Accumulated depreciation: Equipment 87,800
Cariage on purchases 22500 Revaluation surplus (1 March 2023) 120,300
Inventory closing -45500 Inventory (1 March 2023) 46,100
Gross profit 2873700 Bank 137,400
other Income 105300 Trade receivables control 283,400
Fair value adjustment: Listed share Petty cash 8,100
investment(17550*15.5-(376925-140000)) 26325

Share capital: Ordinary shares (1 March 2023) 755,200
Dividend income: Listed share investment(4.5*17550) 78975
Distribution, administrative and other expenses -1000800 Retained earnings (1 March 2023) 280,800
Salaries and wages 379200 Loan: Broederstroom Bank 125,400
Director's remuniration(200100+163000) 363000 SARS (income tax) (Dr) 35,400
Auditor's remuniration 141900 Sales 3,205,000
Credit losses(8400-7200+12200) 12300 Allowance for settlement discount granted 7,500
Depreciation 53300 Carriage on purchases 22,500
Carriage on sales 28200 Trade payables control 266,000
Stationery consumed (11400-5100) 6400 Income received in advance 8,300
Telephone expenses 16500 Allowance for credit losses 7,300
Finance costs -12540 Settlement discount granted 5,800
Interest on loan(0.1*125500) -12540 Auditor's remuneration 141,900
Profit before tax 1965660 Carriage on sales 28,200
Income tax expense -138800 Settlement discount received 2,500
Profit for the year 1826860 Purchases 304,900
Other comprehensive income for the year 138800 Salaries and wages 379,300
Revaluation surplus 114400 Directors’ remuneration 200,000
Total comprehensive income for the year 1941260 Stationery 11,500
Telephone 16,500
Income Tax for the year 138,800
Revaluation of Land 114,400

, Provision for depreciation for the year 53,300
Closing Inventory 45,500
Stationery On hand 5,100

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