Exam (elaborations)
FAC1502 ASSIGNMENT 4 SEMESTER 2 2022
- Institution
- University Of South Africa (Unisa)
This document includes possible questions and answers for FAC1502 Assignment 4 Semester 2 2022
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Content preview
Mild Traders sells goods on behalf of Take-itTraders and earns a commission of 10% based
on revenue for that specific financial period.
During the current financial period ending on
28 February 20.19, Take-it Traders paid a
commission amounting to R18 456 and this
transaction was recorded in the accounting
books of Mild Traders (commission was
calculated based on unaudited revenue account
for the current financial period). After an
independent audit of the revenue account, it
was discovered that the revenue account of
Take-it Traders was overstated by an amount of
R35 500. Take-it Traders accepted the audit
finding and agreed to correct the revenue
amount. On 27 February 20.19, Take-it Traders
informed Mild Traders about the audit finding
on the revenue account. Take-it Traders also
informed Mild Traders that they will subtract the
amount of commission overpaid from the
commission earned by Mild Traders in the next
financial year. No adjustment journal entry has
been recorded in the accounting books of Mild
Traders for the overpaid commission.
The effect of the adjustment journal entry for
the overpaid commission on the basic
accounting equation of Mild Traders for the
year ended 28 February 20.19 will be ...
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