Exam (elaborations)
FAC1502 ASSESSMENT 3 SEM 2 OF 2024 EXPECTED QUESTIONS AND ANSWERS
- Course
- Institution
THIS DOCUMENT CONTAINS FAC1502 ASSESSMENT 3 SEM 2 OF 2024 EXPECTED QUESTIONS AND ANSWERS. USE IT CAREFULLY FOR PREP AND REVISION
[Show more]
2 reviews
By: motlhagokgatla • 1 month ago
By: nomfundofutureluthuli • 1 month ago
Seller
Follow
oscardiura
Reviews received
Content preview
The following information relates to Beatah:Balances as at 31 August 20.3: R R
Plant and machinery (at cost) 83 800
Accumulated depreciation: plant and machinery 45 400
Additional information
(a) According to the assets register, plant and machinery consist of two Zebra machines of equal value. Both the
machines were purchased by obtaining a loan from King Bank and they were charged 15 % interest per annum and installed on
the same date.
(b) Depreciation is written off at 20% per annum by the diminishing balance method.
(c) On 31 January 20.4, management decided to increase production capacity and purchased a Deck machine on
credit from Amy Ltd for R88 800. One of the Zebra machines was traded in, reducing the amount owing to Amy Ltd to R69 300.
(d) On 1 February 20.4, installation charges on the new machine amounting to R4 800 were paid in credit.
REQUIRED
Post the above transactions to the general ledger account provided below.
Instructions:
1. Do not type the amount with any spaces as separators for thousands (eg: 12141)
2. Round off to the nearest Rand (eg: 50.56 is 51)
3. Only show the amount, do not show the "R" for the Rand sign (eg: 12141)
BEATAH
GENERAL LEDGER
Dr Machinery realisation Cr
R R
20.4 20.4
Jan 31 Plant and machinery 41900.00
Jan 31 Accumulated depreciation 24300.00
Profit on sale of machinery 1900.00 Amy Ltd/Trade payables control
(88800-69300) 19500.00
, 43800.00 43800.00
Question 2
State whether the following statement is true or false:
Answer saved
According to IFRS the annual depreciation calculated on an asset is credited to the asset account in the general ledger.
Marked out of
1.00
Flag
question Select one:
True
False
Question 3
Lunas Art Club provides you with the following information for the 20.2 financial year. Lunas Art Club had 35 members at the
Answer saved end of the 20.2 financial year. Membership fees amounts to R200 per month. On 1 January 20.2, five new members joined the
Marked out of club and paid an entrance fee of R100 each. The entrance fees received was capitalised to the accumulated fund account.
2.00 Membership fees received in advance on 31 December 20.1 was R14 400. The financial year-end of Lunas Art Club is 31
Flag December.
question
The amount for membership fees that will disclosed in the income and expenditure statement on 31 December 20.2 will be …
Answer: 84000.00
Question 4
Membership fees of Gizmo Soccer Club was R680 per year for 20.1 and R700 per year for 20.2. On 31 December 20.1, it was
Answer saved noted that 3 members did not pay their membership fees for 20.1 and 10 members paid their membership fees for the 20.2 on
Marked out of 31 December. The financial year end of Gizmo Soccer Club is 31 December.
1.00
Flag
question The amount to be disclosed as current liabilities in statement of financial position as at 31 December is …
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: 7000.00
Question 5 Ronnie Dealers is not a registered VAT vendor and applies the principles of the perpetual inventory system.
Answer saved On 31 March 2024, Ronnie’s Dealers received a statement from MM Wholesalers (a creditor). The bookkeeper noticed that
Marked out of Ronnie's Dealers owe MM Wholesalers R2 910 and that interest of 8% was charged due to late payment of the account. No entry
5.00 was made in the accounting records of Ronnie Dealers for the interest amount charged.
Flag
question
What will the correct general journal entry for the given transaction in the books of Ronnie Dealers 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)
3. Do not type in “R” for Rand in the numeric block
4. If any debit or credit line item is not applicable indicate the account name by choosing N/A from the list and complete the
amount as zero "0"
Debit Credit
R R
31 Interest expense 232.80
Trade and other payables control (MM Wholesalers) 232.80 0.08*2910
Interest charged on the overdue account of MM
Wholesalers
Question 6 The accountant for Gizmo Traders provides you with the following information for the financial years ended 31 May 20.2, 31 May
Answer saved 20.3, and 31 May 20.4:
Marked out of
1.00 20.4 20.3 20.2
Flag
Revenue 900 000 800 000 600 000
question Cost of sales (700 000) (500 000) (400 000)
Gross profit 200 000 300 000 200 000
The gross profit percentage on the cost of sales for the year ended 31 May 20.2 is …
Instructions:
1. Use a full stop to indicate any decimals (eg, 70.01)
2. Round off to the second decimal after the full stop (eg, 50.56)
3. Don't show the % sign, only the numbers (eg, 70.01% is 70.01)
, 200/600*100%
Answer: 33.00
Question 7 Indicate whether the following statement is true or false.
Answer saved A liability shall be classified as a current liability when it is expected to be converted into money (realised) within 12 months of
Marked out of the statement of financial position date.
1.00
Flag
question
Select one:
True
False
Question 8
Joe Traders is not a registered VAT vendor. On 1 July 2023, Joe Traders bought machinery on credit from Malebo Machines for
Answer saved R104 500. BB Logistics delivered the machinery at an additional cost of R6 800. Malebo Machines sent a technician to install
Marked out of the machinery and test its operationality for R3 100. Joe Traders paid the delivery and installation costs with electronic funds
2.00
transfers. The interest charged on the outstanding amount for the year ended 30 June 2024 was R12 000.
Flag
Depreciation is calculated on machinery using the units of production method. The machine will be able to manufacture an
question
estimated 2 600 units over a 5-year period.
Production estimates per annum:
Year 1 - 600 units
Year 2 - 550 units
Year 3 - 550 units
Year 4 - 500 units
Year 5 - 400 units
Required:
What will the depreciation on the machinery be that is recorded in the statement of profit or loss and other comprehensive
income for the year ended 30 June 2024?
NB: Instructions
1. Do not type the amount with any spaces as separators for thousands (eg: 12141)
2. Round off to the nearest Rand (eg: 50.56 is 51)
3. Only show the amount, do not show the R (eg: 12141)
Answer: 26400.00
Question 9 The following balances appeared in the accounting records of Vice Traders on 31 August 2024:
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 $5.94. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
77254 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now