Case
FAC1601 Assignment 1 Solutions Second Semester 2022
- Institution
- University Of South Africa (Unisa)
All questions and working for the first assignment of second semester 2022.
[Show more]
13 reviews
By: sindisiwip2 • 2 year ago
By: maphuti123 • 2 year ago
it was very helpful
By: hloobeylshlee • 2 year ago
By: sandilenyawo3 • 2 year ago
By: mgxabayiabongile • 2 year ago
By: nisha101cool • 2 year ago
By: nsibandenokukhanya1 • 2 year ago
Content preview
FAC1601ASSIGNMENT 1
SOLUTIONS
PREPARED BY: MTHOMBENI
0767297208
, PART 1
1. A credit balance on a ledger account indicates………
A liability or income.
2. Which one of the following expenses should be included in cost of inventories sold during
the year?
Carriage on purchases.
3. On 30 June 2022, Ndabeni Traders sold R5 100 worth of inventory on credit to Ndlovu
Supermarket, subject to a trade discount of 15%. A cash discount of 15% will be given if the
account is settled within 30 days. Which one of the following amounts represents the correct
amount received by Ndabezitha Wholesalers on 29 July 2022?
R4 335 > 5 100 x 85%
4. As of 1 January 2021, Kelly’s Clothing had a capital balance of R100 000. During the year
Kelly’s Clothing had revenues and expenses amounting to R80 000 and R45 000
respectively. On 31 December 2021, the owner conducted a stock take and realised that an
inventory valued at R5 000 was damaged. The salvage value of the damaged inventory was
estimated at R1 500. In addition, the owner (Kelly), withdrew R20 100 for her personal use.
Which one of the following alternatives represents the correct capital balance in the
statement of financial position of Kelly’s Clothing as at 31 December 2021?
R111 400
R
Balance 100 000
Profit (80 000 – 45 000) 35 000
Inventory (5 000 – 1 500) (3 500)
Drawings (3 500)
111 400
5. The year-end of Xakwa Mining, a business entity owned by Mr Manenzhe, is 31
December. On 1 January 2021, the statement received from the municipality showed that
1
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 TheTeachingMachine. 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)
68175 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy summaries for 15 years now