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FAC1502
Assignment 4
Semester 2 - 2023
Due date: 16 October 2023
Unique No.: 717806
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Started on Saturday, 14 October 2023, 09:04 AM
State Finished
Completed on Saturday, 14 October 2023, 10:19 AM
Time taken 1 hour 15 mins
Marks 98.75/100.00
Grade 98.75 out of 100.00
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,VERSION 1
The financial year-end for Nice Dealers is 28 February. The rental expenses of Nice Dealers are R9 600 per
month. The financial records of Nice Dealers showed that rent was paid for ten months during the financial
year ended 28 February 20.2.
Use the information to do the journal entry that correctly accounts for the closing adjustment of the
rentals at year-end:
Instructions:
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. For embedded questions spelling is very important. If you spell the answer incorrect it will be marked
incorrect. Please make sure that your spelling of the words is correct.
4. Don’t use any special characters (&) and don’t use bold in your answer. It will be marked incorrect.
5. Do not use any abbreviations.
6. Your answer is case sensitive; therefore, you need to put the very first letter of the answer in uppercase,
but the rest of your answer must be in lowercase (eg: Interest on loan)
NICE DEALERS
Question 2
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Marked out of 1.00
3
, Flag question
Question text
Indicate whether the following statement is true or false:
The historical cost of asset and liabilities are increased if they become impaired or onerous.
Select one:
True
False
Question 3
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Question text
Indicate whether the following statement is true or false:
Assets decrease on the debit side of a T-account.
Select one:
True
False
Question 4
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Marked out of 9.00
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Question text
Waterhouse is a small township retail business that trades in soft drinks and has a 30 June 20.19 financial
year-end. The business records the amount of inventory it purchases only on a cash basis. The owner,
Daniel Makoe, has requested you to assist him in preparing the accounting records on an accrual basis.
He has provided you with the following information:
Purchases: Inventory
Date Amount
R
4
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