Exam (elaborations)
FAC1502 Assignment 3 Solutions First Semester 2023.
- Institution
- University Of South Africa
FAC1502 Assignment 3 Solutions First Semester 2023. Detailed working, solutions, memo, notes & explanations.
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FAC1502 Assignment 3Solutions First Semester 2023.
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, VERSION 1
Indicate by choosing the correct option whether the following statement is true or false:
A receipts and payments statement for non-profit entities is the same as a bank account for a sole trader.
Select one:
True
False
Question 2
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Question text
The following information was extracted from the accounting records of Lele Plastics:
Balances at 1 April 20.19 R
Equipment: Cost 56 000
Accumulated depreciation: Equipment (37 800)
Additional information
At the beginning of the financial year, 1 April 20.19, Lele Plastics replaced its plastic shredding equipment
with new glass recycling equipment that had a purchase price of R250 000. The replaced plastic shredding
machine was sold for R10 500 cash, it was the only piece of equipment in the books of Lele Plastics prior
to the purchase of the new glass recycling equipment. Depreciation is provided at 15% p.a. on the straight-
line method.
The correct property, plant and equipment note for equipment (total column excluded) for Lele
Plastics on 31 March 20.20 will be:
Instructions:
Drag the correct answer into the correct space.
An option can be used more than once.
Please keep the sequence of transactions strictly according the information given but also in the correct
format.
3
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