Exam (elaborations)
FAC1501 Assignment 5 Semester 2 2023
- Institution
- University Of South Africa (Unisa)
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10/5/23, 2:16 PM FAC1501-23-S2: Assessment 5FAC1501-23-S2 Welcome Message Assessment 5
QUIZ
Assessment 5
Opened: Thursday, 5 October 2023, 10:00 AM
Closes: Monday, 9 October 2023, 10:00 PM
787046
Kindly note that you will only be able to view your mark obtained for assessment
5 and the overall feedback for assessment 5 after you have submitted your
attempt.
You will be able to view the questions you have received for the attempt, with
their answers and general feedback, after the due date of assessment 5.
Attempts allowed: 1
Time limit: 1 hour 45 mins
Grade to pass: 50.00 out of 100.00
Summary of your previous attempts
Marks / Grade /
State 55.00 100.00 Review Feedback
Finished Well done. You passed
Submitted Thursday, 5 this assessment.
.20 1 ,
Your nal grade for this quiz is
Overall feedback
Well done. You passed this assessment.
No more attempts are allowed
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https://mymodules.dtls.unisa.ac.za/mod/quiz/view.php?id=582743 1/2
,10/5/23, 2:15 PM Assessment 5 (page 1 of 2)
Question 1
Not yet answered
Marked out of 3.00
Stokvel Traders (a registered VAT vendor) manufactures and sells luxury goods.
Stokvel Traders further provides certain marketing and advertising services to clients
in the tourism industry. The periodic inventory system and control accounts are in
use.
The following balances and totals were extracted from the nancial records of
Stokvel Traders for the year ended 31 March 2022:
R
Sales 1 230 045
Services rendered 230 000
Rent received 95 000
Insurance 67 500
Advertising 43 700
Water and electricity 36 800
Telephone expenses 35 190
Additional information:
1. Stokvel Traders sublets a portion of its o ce space to Tourists International
for a monthly fee of R10 925 (VAT inclusive).
2. SA Destinations, made a direct deposit to the amount of R3 335 in to the bank
account of Stokvel Traders for marketing consultation services to be delivered
during April 2022. The transaction was recorded as income in the accounting
records.
3. The insurance was paid on 1 April 2021 for a period of 15 months.
4. On 1 October 2020, Stokvel Traders’ entered into a two-year contract with
TelePhon Inc whereby they pay a xed monthly fee of R3 910 (VAT exclusive)
for line rental, unlimited phone calls and unlimited data.
What is the amount that will be reported as accrued expenses in the statement of
Financial position as at 31 March 2022?
NB: Instructions
1. Do not type the amount with any spaces as separators for thousands (eg:
12141.72)
2. Only show the amount, do not show the R (eg: 12141.72)
Answer: 9520
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=13955676&cmid=582743 2/13
,10/5/23, 2:15 PM Assessment 5 (page 1 of 2)
Question 2
Not yet answered
Marked out of 3.00
Use the following information to answer the question below:
Giyani Traders is a business that sells electronic equipment. The entity is not registered
as a VAT vendor. The financial year-end of Giyani Traders is 28 February of each year.
The following trial balance was extracted from the financial records of Giyani Traders.
GIYANI TRADERS
PRE-ADJUSTMENT TRIAL BALANCE AS AT 28 FEBRUARY 2022
Debit Credit
R R
Financial position section
Capital 320 000
Drawings 20 000
Land and buildings at cost price 500 000
Mortgage 400 000
Vehicles at cost price 200 000
Equipment at cost price 50 000
Accumulated depreciation: Vehicles 80 000
Accumulated depreciation: Equipment 9 500
Inventory 67 500
Trade receivables 19 500
Trade payables 41 000
Allowance for credit losses 800
Accrued expenses 1 500
Bank 10 000
Petty cash 6 000
Total comprehensive income for the year 20 200
873 000 873 000
Additional information:
The mortgage loan with interest at 9% per annum is repayable over a period of 20 years.
The capital that will be repaid from 1 March 2022 to 28 February 2023 amounts to R20
000. No interest was due at the end of the financial year.
Non-current liabilities on the statement of nancial position of Giyani Traders as at
28 February 2022 will amount to …
NB: Instructions
1. Do not type the amount with any spaces as separators for thousands (eg:
12141.72)
2. Use a full stop to indicate any decimals (eg: 1000.01)
3. You must enter cents even if it is 0 (eg .00)
4. Only show the amount, do not show the R (eg: 12141.72)
Answer: 380000
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=13955676&cmid=582743 3/13
, 10/5/23, 2:15 PM Assessment 5 (page 1 of 2)
Question 3
Not yet answered
Marked out of 2.00
On 6 August 2021 Mthatha Traders purchased goods valued at R70 000 on credit.
The entity uses the periodic inventory control system. Mthatha Traders is NOT
registered as a VAT vendor.
What will the effect of the transaction be on the accounting equation?
Select one:
a. Equity will increase with R70 000, and liabilities will decrease with R70 000.
b. Assets will increase with R70 000, and liabilities will decrease with R70 000.
c. Assets will decrease with R70 000, and liabilities will increase with R70 000.
d. Equity will decrease with R70 000, and liabilities will increase with R70 000.
Clear my choice
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=13955676&cmid=582743 4/13
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