Exam (elaborations)
FAC1501Assignment 9 semester 2 2023
- Institution
- University Of South Africa (Unisa)
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6/11/23, 2:25 PM Assessment 9 (page 1 of 2)MENU
Dashboard / Courses / UNISA / 2023 / Semester 1 / FAC1501-23-S1 / Welcome Message / Assessment 9
Question 1
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The double-entry principle provides a logical method of recording transactions. In using the double entry system, the monetary (money value) of each
transaction must be entered on the debit side of one ledger account as well as on the credit side of another ledger account. Which of the following is/are
the benefit of using a double-entry principle?
1. It provides an accurate look at the entity’s financial position since the accounting equation is based on double-entry accounting system.
2. It reduces errors since it allows for cross referencing and provides the possibility to check and control the arithmetical of the work.
3. It provides an audit trail as it allows you to trace financial transactions from journal entries to the posting in the general ledger accounts.
4. It prevent accounting errors from occurring.
5. It ensures that the sum of all debits to the account is equal to the sum of all credits
Select one:
a. (2), (3) and (4)
b. (2) and (4)
c. (1) and (4)
d. (1), (2), (3) and (5)
Clear my choice
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,6/11/23, 2:25 PM Assessment 9 (page 1 of 2)
Question 2
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Majola Traders is a registered VAT vendor and the financial year end is 28 February 2023. The bookkeeper of Majola Traders requested your assistance
after noting the following:
Dashboard / Courses / UNISA / 2023 / Semester 1 / FAC1501-23-S1 / Welcome Message / Assessment 9
a) On 5 October 2022, Majola Traders received an electronic funds transfer of R135 240 (VAT inclusive) for rental of a new office building from October
2022 up to 30 September 2023. The total amount recorded on the trial balance on 28 February 2023 is R117 600.
b) The total insurance paid for the year as per the trial balance on 28 February 2023 is R22 500. The monthly insurance premium is R1 437.50 (VAT
inclusive).
Required:
Prepare the general journal with regard to the adjustments of Majola Traders at 28 February 2023
MAJOLA TRADERS
GENERAL JOURNAL - FEBRUARY 2023
Debit Credit
R R
Rent income 117600
Profit or loss account 117600
Adjustment entry for rent
Prepaid expense 7500
Insurance 7500
Adjustment entry for insurance
Question 3
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In the financial statements, trade receivables will be classified as?
Select one:
a. Current assets
b. Non-current liabilities
c. Non-current assets
d. Current liabilities
Clear my choice
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Question 4
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SA Traders, a registered VAT vendor, manufactures and sells gardening equipment. The buildings of SA Traders is situated next to a busy local road and
for additional/ income,
Dashboard CoursesSA/ Traders
UNISAprovides
/ 2023 advertising
/ Semester space
1 / to local businesses
FAC1501-23-S1 / atWelcome
a fee. OnMessage
28 March/ 2023, SA Traders
Assessment 9 received R4 830 (VAT exclusive)
cash from Ayanda Traders for the placement of an advertisement on one of the billboards. 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
Cash receipts journal – March 2023
Doc Sundry accounts
no Day Details Fol Analysis of receipts Bank Advertising income VAT Output Amount Fol Detail
Ayanda Traders 5554.5 5554.5 4830 724.5
28
Question 5
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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 520 302
Cost of sales 416 241
Interest received 13 267
Settlement discount received 8 116
Inventory (1 September 2020) 93 654
Water and electricity 13 944
Insurance 14 776
Calculate the amount that will be posted in the Trading account for cost of sales for the year ended 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: 501774
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Question 6
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Africa Services provided the following information for the financial year ended 28 February 2022:
Dashboard / Courses / UNISA / 2023 / Semester 1 / FAC1501-23-S1 / Welcome Message / Assessment 9
R
Capital 531 468
Equipment 354 312
Bank (favourable) 265 734
Trade payables 164 047
Services rendered 627 264
Interest income 4 638
Wages 379 495
Telephone expenses 94 874
Water and electricity 56 046
Insurance 23 191
Rental expenses 79 237
Advertising expenses 5 798
The profit/loss for the year ended 28 February 2022 is ...
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)
3. If the total amount calculated is a profit, please enter the amount as a positive (eg: 12141.72), if the amount calculated is a loss, please enter the
amount as a negative (eg: -12141.72)
Answer: -6739
Question 7
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An entry on the credit side of the capital account never increases the equity.
Select one:
True
False
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