Exam (elaborations)
FAC1501 EXAM PACK 2022
- Course
- FAC1501 EXAM PACK
- Institution
- University Of South Africa (Unisa)
FAC1501 EXAM PACK 2022
[Show more]
1 review
By: Karams • 8 months ago
Content preview
FAC1501EXAM PACK
Downloaded by: shakeerao | shakeerao@gmail.com
Distribution of this document is illegal
, Stuvia.com - The study-notes marketplace
FAC1501
EXAM PACK
Downloaded by: shakeerao | shakeerao@gmail.com
Distribution of this document is illegal
, CTM Tutoring ServS
CictTe
uM
viaT.u
s cotom
rin-gTS
he rsvtiu
ce
dsy-notes marketplace
SOLUTION 1: MULTIPLE CHOICE QUESTIONS
1.1. 1
1.2. 1
1.3. 4
1.4. 3
R
Assets 800 000
Property, plant & Equipment 600 000
Trade and other receivables 200 000
Less Liabilities (180 000)
Bank overdraft 100 000
Long – term borrowings 80 000
Equity 620 000
1.5. 5
R
Land & Buildings 2 904 000
Vehicles at carrying amount 1 645 076
Equipment at carrying amount 363 364
Fixed deposit 562 984
Total Non – current assets 5 475 424
1.6. 1
R
Creditors Control 601 880
Accrued expenses 24 980
Income received in advance 9 140
Current assets 636 000
4
ctDmo.w
tuntoloriandge@
d gbm
y:asilh.caokm
eerao | shakeerao@gmail.com
D2is7tr6ib5u5
+ tio
0n5o
3f1t1h9is document is illegal
, CTM Tutoring ServC
SictTe
uM
viaT.u
s cotom
rin-gTS
he rsvtiu
ce
dsy-notes marketplace
1.7. 3
1.8. 4
1.9. 4
Assets = Equity + Liabilities
Equipment Debtors Bank Capital Income / Creditors
Expenses
R R R R R R
2017
July 1 + 60 000 +60 000
7 +11 000 +11 000
19 -7 000 -7 000
27 -50 -50
Net Effect +60 000 +11 000 -7 050 +53 000 +10 950
1.10. 2
SOLUTION 2: RECORDING OF TRANSACTIONS
General ledger Subsidiary Journal
Date Account to be debited Account to be credited
2017
August 5 Inventory Creditors` Control Purchases Journal
August 7 Debtors Control Sales Sales Journal
Cost of Sales Inventory
August 14 Packing Materials Inventory General Journal
August 23 Bank Debtors` control Cash Receipts Journal
August 26 Drawings Inventory General Journal
August 31 Insurance Bank Cash Payments Journal
5
ctDmo.w
tuntoloriandge@
d gbm
y:asilh.caokm
eerao | shakeerao@gmail.com
D2is7tr6ib5u5
+ tio
0n5o
3f1t1h9is document is illegal
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 EFT, 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 this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller UNISA2022. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R50,00. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
53022 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy summaries for 14 years now