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FAC1502 Assignment 3 Second Semester 2024
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This memo contains various versions of solutions that students can use to achieve a pass mark of 90% or higher. Feel free to contact me on
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FAC1502ASSIGNMENT 3
SECOND SEMESTER
2024
BY: MTHOMBENI: 0767297208
,INSTRUCTIONS
1. This memo consists of a set of questions and answers
2. Do not go through every page to search for an answer
3. Copy and paste a question into the search bar or make use of pdf search if you are using
cellphone
4. Make sure that information in your question matches with the one on this memo
5. If you come across a question that is not on this memo, don’t hesitate to contact me
, VERSION 1
Question 1
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Joe Traders is not a registered VAT vendor. On 1 July 2023, Joe Traders bought machinery for R84 000
on credit from Malebo Machines. BB Logistics delivered the machinery at an additional cost of R2 500.
Malebo Machines send a technician who installed the machinery and tested its operationality for R4 500.
Joe Traders paid the delivery cost and installation cost with electronic funds transfers. The interest
charged on the outstanding amount for the year ended 30 June 2024 was R10 080.
Depreciation is calculated on machinery at 20% per annum, using the straight-line method.
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?
18200
Answer:
Question 2
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Indicate whether the following statement is true or false regarding investment in shares:
Investment in shares may earn a profit for the investor when the investor buys and sells shares.
Select one:
True
False
Question 3
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The following balances appeared in the accounting records of Vice Traders on 31 July 2024:
R
Inventory (1 August 2023) 32 750
Sales 145 200
Purchases 102 940
Sales returns 1 460
Carriage on purchases 2 680
Carriage on sales 1 637
Settlement discount received 3 130
Additional information:
a) Inventory on hand on 31 July 2024 is R24 310.
b) Stationery on hand on 31 July 2024 is R640
c) Interest of R390 were charged on a long outstanding account with Situma Suppliers.
Required:
Compile the statement of profit or loss and other comprehensive income for the year ended 31 July 2024 using
the above information.
Question 4
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