Exam (elaborations)
Fac1502 Assignment 3 Semester 2 2023
- Institution
- University Of South Africa (Unisa)
The document contains Assignment question Together with answers Distinction Guaranteed 100% multiple Attempts done Whtsapp
[Show more]
2 reviews
By: mmoniseak • 1 year ago
By: mapulehlabangwane • 1 year ago
Content preview
UNISA 2023 FAC1502-23-S2 Welcome Message Assessment 3QUIZ
Assessment 3
Opened: Friday, 8 September 2023, 8:00 PM
Closes: Tuesday, 19 September 2023, 11:00 PM
716707
Attempts allowed: 1
Time limit: 1 hour 30 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 Congratulations, you pass
Submitted Sunday, the assessment with a
10 September 2023, distiction.
Your nal grade for this quiz is
Overall feedback
Congratulations, you pass the assessment with a distiction.
No more attempts are allowed
Back to the course
Contact us
Follow us
You are logged in as NONDUMISO MILLICENT MAPHUMULO (Log out)
Data retention summary
,9/10/23, 11:41 PM Assessment 3
Question 1
Not yet answered
Marked out of 7.00
GBV Club is a non- pro t organisation that was started by 130 members on 1 January
20.7. The objective of GBV Club is to address gender-based violence that is faced by
South African citizens.
On 1 January 20.8 GBV Club opened a small shop to raise additional funding. The shop
sells, printed T-shirts with messages addressing gender-based violence. No T-shirts
were on hand on 1 January 20.8.
In order to prepare the nancial statements for the current nancial period ended
31 December 20.8, the bookkeeper presented the following information regarding the
nances of the club to members at a meeting held on 31 December 20.8:
(1) GBV Club purchased 1 790 T-shirts during the current nancial period at a cost
price of R55.00 per T-shirt.
(2) GBV Club donated 110 T-shirts to citizens during the year to raise more awareness
about gender-based violence.
(3) 430 T-shirts were on hand on 31 December 20.8 (considered as nal inventory
count for the current nancial year).
(4) T-shirts that have not been donated or not on hand, were all sold at a mark-up of
50% on cost price.
The gross pro t/loss amount for the small shop for T-shirts of GBV Club to be shown
in the trading statement for the year ended 31 December 20.8, will be:
Instructions:
Drag the correct answer into the correct space.
An option can be used more than once.
Keep the sequence of the transactions strictly according to the information given and
the correct format.
Sales
103 125
Cost of sales
(68 750)
Purchases 98 450
Donations (6 050)
Sales (Closing)
Inventory Revenue Cost of sales Inventory (Opening) (23 650)
Inventory (Closing) Donations Purchases Gross profit
Gross profit Gross income Net profit 34 375
1 790 98 450 110 6 050 430 23 650 103 125 21 970
1 250 1 470 80 850 121 275 40 425 98 450 (68 750) 29 700
(6 050) (23 650) 34 375
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=13204450&cmid=623192 2/17
, 9/10/23, 11:41 PM Assessment 3
Question 2
Not yet answered
Marked out of 1.00
Lunas Art Club provides you with the following information for the 20.2 nancial year.
Lunas Art Club had 50 members at the end of the 20.2 nancial year. Membership fees
amounts to R250 per month. During the current nancial year, ve new members joined
the club and paid an entrance fee of R100 each. The entrance fees received was
capitalised to the accumulated fund account. Membership fees received in advance on
31 December 20.1 was R6 000. The nancial year-end of Lunas Art Club is 31
December.
The amount for membership fees that will disclosed in the income and expenditure
statement on 31 December 20.2 will be …
Instructions:
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Round off to the nearest Rand (eg: 50.56 is 51)
3. Only show the amount, do not show the R (eg: 12141.72)
Answer: 156500
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=13204450&cmid=623192 3/17
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 SmartTutors. 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)
71498 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy summaries for 14 years now