Exam (elaborations)
FAC1502 ASSIGNMENT % A MUST HAVE
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- University Of South Africa (Unisa)
FAC1502 ASSIGNMENT % A MUST HAVE DOCUMENTS.
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Dashboard / My courses / FAC1502-22-S1
Started on
/ WELCOME Wednesday,
TO FAC1502 6 April ACCOUNTING
FINANCIAL 2022, 7:21 PM 1: FINANCIAL ACCOUNTING CONCEPTS, PRINCIPLES AND PROCEDURES
State Finished
/ Assessment 2
Completed on Wednesday, 6 April 2022, 7:54 PM
Time taken 33 mins 33 secs
Marks 34.00/40.00
Grade 85.00 out of 100.00
Feedback Congratulations, you pass the assessment with a distinction.
Question 1
Incorrect
Mark 0.00 out of 2.00
Select one:
A. R60 000 (unfavourable/overdraft)
B. R1 260 000 (favourable)
C. R60 000 (favourable)
D. R360 000 (unfavourable/overdraft)
E. R360 000 (favourable)
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Question 2
Correct
Mark 2.00 out of 2.00
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The total of trade receivables column in the sales return journal of Dineo Stores is R80 000. In the process of reconciling the balance on the
Dashboard / My courses / FAC1502-22-S1
trade receivables control account with the list of balances as per trade receivables ledger, it was noted that the sales return journal was
/ WELCOME
overcast by R990.TO FAC1502 FINANCIAL ACCOUNTING 1: FINANCIAL ACCOUNTING CONCEPTS, PRINCIPLES AND PROCEDURES
Which one of the2following represents the correct general ledger entries in the books of Dineo Stores to rectify the sales returns journal
/ Assessment
total?
Select one:
A. DINEO STORES
General ledger Amount
Account debited Account credited R
Trade receivables control Sales return 990
B. DINEO STORES
General ledger Amount
Account debited Account credited R
Trade payable control Sales 990
C. DINEO STORES
General ledger Amount
Account debited Account credited R
Sales Sales Return 990
D. DINEO STORES
General ledger Amount
Account debited Account credited R
Sales returns Trade receivables control 990
E. DINEO STORES
General ledger Amount
Account debited Account credited R
Sales returns Trade payables control 990
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Question 3
Incorrect
Mark 0.00 out of 3.00
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The following information relates to Tshwane Dry Cleaners at 28 February 20.20:
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Balances:
/ WELCOME TO FAC1502 FINANCIAL ACCOUNTING 1: FINANCIAL ACCOUNTING CONCEPTS, PRINCIPLES AND PROCEDURES
R
/ Assessment 2
Trade receivables control account (1 March 20.19) 11 000
Allowance for credit losses (1 March 20.19) 648
Credit losses recovered 500
Credit sales 61 000
Settlement discount granted 840
Additional information
(1) During the year R54 000 was received from debtors in respect of credit sales.
(2) Debtor, P Kleinman, was declared insolvent and his account of R100 has to be written off.
(3) It was determined that the allowance for credit losses account should amount to R853 at 28 February 20.20. As credit losses occur the
credit losses is written off against the allowance for credit losses account.
Which one of the following options represents the correct journal entries in the general journal of Tshwane Dry Cleaners:
Select one:
A. TSHWANE DRY CLEANERS
GENERAL JOURNAL – FEBRUARY 20.20
Date Details Fol Debit Credit
R R
28 Allowance for credit losses 100
P Kleinman/Trade receivables control 100
Writing off of amount owed by P Kleinman
Credit losses 305
Allowance for credit losses 305
Adjustment of allowance
B. TSHWANE DRY CLEANERS
GENERAL JOURNAL – FEBRUARY 20.20
Date Details Fol Debit Credit
R R
28 Credit losses 100
P Kleinman/Trade receivables control 100
Writing off of amount owed by P Kleinman
Trade receivables control 853
Allowance for credit losses 853
Adjustment of allowance
C. TSHWANE DRY CLEANERS
GENERAL JOURNAL – FEBRUARY 20.20
Date Details Fol Debit Credit
R R
28 Credit losses 100
P Kleinman/Trade receivables control 100
Writing off of amount owed by P Kleinman
Trade receivables control 205
Allowance for credit losses 205
Adjustment of allowance
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D. TSHWANE DRY CLEANERS
GENERAL JOURNAL – FEBRUARY 20.20
Date Details Fol Debit Credit
R R
MENU 28 Credit losses 100
P Kleinman/Trade receivables control 100
Writing off of amount owed by P Kleinman
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Credit losses 853
/ WELCOME TO FAC1502 FINANCIAL
Allowance for creditACCOUNTING
losses 1: FINANCIAL ACCOUNTING CONCEPTS, PRINCIPLES
853 AND PROCEDURES
/ Assessment 2Adjustment of allowance
Credit losses recovered 500
Trade receivables control 500
Transfer of credit losses recovered to the trade
receivables control account
E. TSHWANE DRY CLEANERS
GENERAL JOURNAL – FEBRUARY 20.20
Date Details Fol Debit Credit
R R
28 Credit losses 100
P Kleinman/Trade receivables control 100
Writing off of amount owed by P Kleinman
Credit losses 853
Allowance for credit losses 853
Adjustment of allowance
Question 4
Correct
Mark 1.00 out of 1.00
The financial manager of Steven Traders hired an inexperienced bookkeeper, on 1 February 20.19, who was immediately required to assist
with the creation of an allowance for credit losses (current financial year ends on 28 February 20.19). The auditors of Steven Traders raised an
audit finding in the previous financial period, stating that trade and other receivables were overstated since no allowances for credit losses
has been created although there was evidence that some of the debtors did not pay their accounts in the previous financial periods.
The financial manager wants to avoid this audit finding in the current financial period. The financial manager requested the bookkeeper to
write a memo and indicate which accounts will be affected when the allowance for credit losses is created? The bookkeeper has written the
following statement down and requires you to confirm whether the statement is true or false when the allowance for credit losses is
created.
Trade receivables control account balance in the general ledger will only be reduced when the actual credit losses are verified, by either;
(i) debiting the allowance for credit losses and crediting trade receivable/control account, or by
(ii) debiting the credit losses and crediting trade receivable/control account (while the allowance for credit losses remain unchanged).
Select one:
True
False
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