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Summary fac1502 Assignment 4 Semester 2 2023
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- University Of South Africa (Unisa)
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10/12/23, 1:15 PM FAC1502-23-S2: Assessment 4UNISA 2023 FAC1502-23-S2 Welcome Message Assessment 4
QUIZ
Assessment 4
Opened: Monday, 9 October 2023, 8:00 PM
Closes: Monday, 16 October 2023, 11:00 PM
717806
Attempts allowed: 1
Time limit: 2 hours
Grade to pass: 50.00 out of 100.00
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,10/12/23, 1:13 PM Assessment 4
Question 1
Not yet answered
Marked out of 5.00
The following information was obtained from the books
of Orange Traders:
TRIAL BALANCE OF ORANGE TRADERS AS AT 29 FEBRUARY 20.12
Debit Credit
R R
Capital.................................................................................................. - 100
Drawings.............................................................................................. 2 445 000
-
Land (at cost)....................................................................................... 120 000
Buildings (at cost)................................................................................ 80 000 -
Vehicles (at cost)................................................................................. 120 000 -
Furniture and fittings (at cost) ............................................................. 65 000 -
Accumulated depreciation on vehicles (1 March 20.11)..................... - -
54
Accumulated depreciation on furniture and fittings (1 March 20.11).. -
700
Trade receivables control.................................................................... 6 780
22
Inventory: Trading (1 March 20.11)..................................................... 13 550 700
Bank..................................................................................................... 7 775
-
Cash float............................................................................................. 500 -
Mortgage.............................................................................................. -
-
Loan from Africa Bank (@ 12% p.a.)................................................... - -
Trade payables control........................................................................ - 150
Sales.................................................................................................... - 000
Carriage on purchases........................................................................ 660 50
Commission income............................................................................ - 000
3 200
Credit losses........................................................................................ 244
Insurance............................................................................................. 2 400 243
645
Packing materials................................................................................ 3 300
-
Purchases............................................................................................ 154 880
15
Purchases returns................................................................................ - 000
Rent income......................................................................................... - -
Sales returns........................................................................................ 1 338
-
Settlement discount granted................................................................ 553 -
Settlement discount received.............................................................. -
-
Stationery............................................................................................. 2 345 245
Wages.................................................................................................. 56 775
3 300
Water and electricity............................................................................ 4 400 -
-
155
-
-
-
642 945 642
945
Additional information:
a. Inventory on hand at 29 February 20.12
Trading inventory – R12 800
Stationery – R345.
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=14129315&cmid=623193 2/15
,10/12/23, 1:13 PM Assessment 4
b. The insurance amount of R2 400 includes a
premium of R200 for March 20.12.
c. The loan was obtained from Africa Bank on 1
September 20.11. The interest on the loan has
still to be paid.
d. Rent income for February 20.12 is still
outstanding.
e. Provision must be made for depreciation as
follows:
Vehicles – 20% per annum on the diminishing
balance method.
Furniture and fittings – 10% per annum on the cost
price.
Use the information provided to prepare the asset
section of the statement of nancial position of
Orange Traders as at 29 February 20.12.
Instructions:
Drag the correct answer into the correct space.
An option can be used more than once.
If an options has been provided and it is not applicable
to the speci c questions please put a 0 in the amounts
column.
Keep the sequence strictly according to the
information given (under current assets bank should
be disclosed as the last item).
Non-current assets
Property, plant and equipment 288 040
Current assets
Land and buildings
Inventories 13 145
Current assets
Trade and other receivables 7 080
Cash float
Bank Prepayments 200
Accrued income
Cash and cash equivalent 8 275
Land, buildings and vehicles
Furniture and fittings
Trade receivables
Cash and cash equivalent
Accrued expenses
Trade and other receivables
Prepayments
Land, buildings, vehicles and furniture and fittings
Inventories
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, 10/12/23, 1:13 PM Assessment 4
Consumable stores on hand
Trading inventory
Income received in advance
Trade receivables control
Non-current assets
Property, plant and equipment
13 145 345 13 895 7 080 2 400
385 000 265 300 200 000 12 800 58 275
2 200 500 307 600 300 3 600
13 550 3 300 8 275 7 775 200
6 780 7 280 288 040
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=14129315&cmid=623193 4/15
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