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FAC1501 ASSESSMENT 9 SEM 2 of 2023 EXPECTEDD QUESTIONS AND ANSWERS R100,00
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  3. University Of South Africa (Unisa)
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  5. FAC1501 - Introductory Financial Accounting (FAC1501)

Exam (elaborations)

FAC1501 ASSESSMENT 9 SEM 2 of 2023 EXPECTEDD QUESTIONS AND ANSWERS

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  • June 11, 2023
  • November 3, 2023
  • 449
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers

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Question 1
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Africa Traders is not a registered VAT vendor and uses the periodic inventory system.
The following extract was obtained from the accounting records of Africa Traders as at 28 February 2022:
R

Computer equipment (cost on 1 March 2021) 236 340
Accumulated depreciation: Computer equipment (1 March 2021) 65 145
Vehicles (cost on 1 March 2021) 398 950
Accumulated depreciation: Vehicles (1 March 2021) 85 850
Inventory (1 March 2021) 646 703
Trade receivables control 105 545
Consumables (stationery) on hand (1 March 2021) 7 676
Bank (unfavourable) 90 243
Long-term loan: ABC Bank 406 000
Trade payables control 78 174
Motor vehicle finance: ZAR Bank 290 880

The following has not yet been recorded in the accounting record of Africa Traders:
1. Depreciation on vehicles for the year ended February 2022 amounted to R79 790.
2. Depreciation on equipment for the year ended February 2022 amounted to R17 120.
3. On 28 February 2022, stationery on hand amounted to R5 110.
4. SA Traders deposited R17 480 into the bank account of Africa Traders on 27 February 2022, for services to be rendered in March 2022.
5. During the inventory count (28 February 2022) it was determined that inventory to the amount of R735 078 was on hand.
6. An amount of R30 900 will be repayable on the motor vehicle finance before 28 February 2023.
7. The first bi-annual instalment to the amount of R57 500 on the long-term loan from ABC Bank is payable on 1 April 2023.

Required:
What is the total that will be recorded in the statement of financial position for current liabilities as at 28 February 2022?


NB: Instructions
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Only show the amount, do not show the R (eg: 12141.72)




Answer:

,Question 2

Answer saved

M arked out of 15.00




Shabangu Suppliers (not a registered VAT vendor) is a retail entity situated in the Limpopo province. The perpetual inventory system is in use and merchandise are sold at a 25%
mark-up on cost. The following transactions took place during May 2023:
Date Transaction R
6 Purchased merchandise from Matsene Traders and paid cash 15 198
15 Sold merchandise to Mr Hall for cash 4 005
29 Purchased merchandise from Zittace Traders on account 10 149
31 Returned merchandise purchased on credit to Zittace Traders 3 876

The opening balance of the inventory account on 1 May 2023 was R6 426


Required:
Post the above transactions to the general ledger account provided below.


Instructions for numeric responses:
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Round off to the second decimal after the full stop (eg: 50.56)
3. When no amount needs to be entered in a column, then indicate this by entering "0" in the column.


Dr Inventory
Cr

2023 R 2023 R

May 1 Balance b/d May 1 Balance b/d
6426.00 0

31 31
Bank CPJ 15198.00 Cost of sales CPJ 4005.00


Trade payables PJ 10149.00 Trade payables PRJ 3876.00

Balance c/d Balance c/d
0 23892.00


31773.00 31773.00

Jun 1 Balance b/d Jun 1 Balance b/d
23892.00 0

,Question 3

Answer saved

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At 31 August 2021, the financial year-end of Sibasa Traders, the following information was obtained from the entity’s accounting records:

R
Net sales 546 842
Cost of sales 437 474
Interest received 13 944
Settlement discount received 8 530
Inventory (1 September 2020) 98 431
Water and electricity 14 655
Insurance 15 530

Calculate the gross profit for the ye ar e nde d 31 August 2021.

NB: Instructions
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Only show the amount, do not show the R (eg: 12141.72)




Answer: 117898.00




Question 4

Incomplete answer

M arked out of 6.00




SA Traders, a registered VAT vendor, manufactures and sells gardening equipment. On 28 March 2023, SA Traders received the monthly rent of R12 880 (VAT inclusive) through
a direct deposit from Africa Properties. The VAT rate is 15%.


Required:
Record the above transaction in the applicable subsidiary journal of SA Traders.


Instructions for numeric responses:
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Round off to the second decimal after the full stop (eg: 50.56)
3. If no amount should be recorded in any of the numeric spaces, please indicate it by filling in a zero ("0")


SA Traders
– March 2023


Doc Sundry accounts
Analysis of receipts Bank Rent income VAT Output
no Day Details Fol Amount Fol Details
12880.00 12880.00 11200.00 1680.00
28

Please answer all parts of the question.

, Question 5

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Entries in the cash payments journal can be recorded from the duplicate credit card slips or debit card slips.

Select one:
True
False




Question 6

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The bank statement only shows bank transactions made during that period.

Select one:
True
False




Question 7

Answer saved

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Africa Traders is a trading entity and makes use of the perpetual inventory system. When writing-up the closing transfers, the profit or loss account must be closed off to the
capital account by transferring the net profit or net loss for the year.

Select one:
True
False

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