Exam (elaborations)
FAC1502 ASSIGNMENT 2
- Institution
- University Of South Africa (Unisa)
ASSIGNMENT 2 QUESTIONS AND ANSWERS
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MENU Dashboard / My courses / FAC1502-23-S1 / Welcome Message / Assessment 2
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Question 1
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Indicate whether the following statement is true or false regarding the statement of financial position:
The statement reflects the financial position of the business.
Select one:
True
False
, Question 2
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On 1 September 20.18 Lloyd Traders received a prepayment for an amount of R82 550 from a client that is currently occupying part of Lloyd’s office
Dashboard
building / My
under courses
a lease / FAC1502-23-S1
agreement. / Welcome
The prepayment Message
is the rent / Assessment
for 13 months. 2
The prepayment transaction has not yet been recorded in the accounting
books of Lloyd Traders. The current financial period ends on 28 February 20.19.
The correct journal entries (including cash transactions) that need to be processed, to ensure that the rental income amount to be disclosed in
the statement of profit or loss and other comprehensive income for the year ended 28 February 20.19 is correct?
Instructions:
Drag the correct answer into the correct space.
An option can be used more than once.
Bank 38 100
Rental income 38 100
Rental income 44 450
Income received in advance 44 450
Bank Trade payables control Income received in advance Accrued income Accrued expenses
Prepaid expenses Rental expenses Rental income
76 200 25 400 82 550 38 100 44 450 6 350
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