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Fac1502 Assignment 4 Semester 2 2023 Exam last quiz
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- University Of South Africa (Unisa)
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FAC 1502ASSIGNMENT 4 SEMESTER 2 2023
Use this document as a guide to learn, compare and reference
, EXPECT VIEW TUTORS
066 5387925
,10/12/23, 4:28 PM Assessment 4
Mandla Traders financial year ends annually on 31 December. The business uses the perpetual inventory system. During the current financial year of 20.22, Mandla Traders
had credit sales of R168 000. The company applies a 20% mark-up on selling price.
The correct recording of the transaction in the general ledger of Mandla Traders will be:
Dr Cost of sales Cr
20.22 20.22
Dec 31 SJ Dec 31 GJ
inventory 134400 trading account 134400
134400 134400
Dr Sales
20.22 20.22
Dec GJ Dec SJ
trading account 168000 trade receivable control 168000
31 31
168000 168000
.
Question 2
Answer saved
Marked out of 1.00
Indicate by choosing the correct option whether the following statement is true or false:
Financial statements prepared from using the single-entry system are considered unreliable.
Select one:
True
False
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=14132912&cmid=623193 1/10
, 10/12/23, 4:28 PM Assessment 4
Question 3
Answer saved
Marked out of 14.00
You are given the following information for United Tennis Club for the year ended 31 December 20.6.
a) Membership fees received for the year is R56 160.
b) Membership fees was R300 in 20.5, R360 in 20.6 and will be R420 in 20.7.
c) On 1 January 20.6, the membership fees of five members for 20.5 were still due.
d) On 31 December 20.5, four members prepaid their membership fees for 20.6.
e) On 31 December 20.6 three members paid their membership fees for 20.7.
f) Membership fees received during 20.6 included the membership fees of two members who did not pay in 20.5. The other three
members membership fees must be written off as irrecoverable.
g) On 31 December 20.6, three member’s membership fees for 20.6 were still outstanding.
Instructions:
1. Drag the correct answer into the correct space (cell phone click on the answer and click on the place where you want to place the amount - also keep your cell phone
horizontal when doing the question).
2. An option can be used more than once.
3. Keep the transactions strictly according to date sequence.
4. If an options has been provided and it is not applicable to the specific questions please put N/A in the account column and a 0 in the amount column.
The properly balanced membership fees for United Tennis Club as at 31 December 20.6 will be …
GENERAL LEDGER
UNITED TENNIS CLUB
Dr Membership fees Cr
20.6 20.6
Jan 1 Accrued income 1500 Jan 1 Income received in advance 1440
Dec 31 Dec 31
Income and expenditure 56820 Bank 55560
Income received in advance 1260 Credit losses 1500
Accrued income 1080
59 580 59 580
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=14132912&cmid=623193 2/10
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