Essay
FAC1501 ASSESSMENT 6 SEMESTER 2 2023
- Course
- (FAC1501)
- Institution
- University Of South Africa (Unisa)
FAC1501 ASSESSMENT 6 SEMESTER 2 2023
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By: motlhagokgatla • 11 months ago
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10/29/23, 8:45 PM Assessment 6 (page 1 of 2)UNISA 2023 FAC1501-23-S2 Welcome Message Assessment 6
Z
Time left 1:12:46
1
nswered
out of 3.00
a Traders sells different product streams. Not all product streams were profitable during the 2021 financial year. At
ugust 2021, the financial year-end of Sibasa Traders, the following information was obtained from the entity’s accounting
ds:
R
t sales: Laptops 300 000
t sales: Tablets 200 000
t sales: Games 50 000
t purchases: Laptops 70 000
t purchases: Tablets 115 000
t purchases: Games 65 000
erest paid 12 750
rriage on purchases: Laptops 17 000
rriage on purchases: Tablets 16 600
rriage on purchases: Games 12 500
vertising 11 500
ater and electricity 15 000
ate the amount that will be transferred from the trading account to the profit or loss account for the Tablets product line for the
ended 31 August 2021.
nstructions
e a full stop to indicate any decimals (eg: 1000.01)
y show the amount, do not show the R (eg: 12141.72)
he total amount calculated is a loss, please enter the amount as a negative (eg: -12141.72), if the amount calculated is a profit, please
the amount as a positive (eg: 12141.72)
wer: 68400
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=14370186&cmid=582744 1/15
,10/29/23, 8:45 PM Assessment 6 (page 1 of 2)
2
nswered
out of 15.00
angu Suppliers (not a registered VAT vendor) is a retail entity situated in the Limpopo province. The perpetual inventory
m is in use and merchandise are sold at a 30% mark-up on cost. The following transactions took place during May 2023:
e Transaction R
Purchased merchandise from Matsene Traders and paid cash 13 821
Sold merchandise to Mr Hall for cash 2 990
Purchased merchandise from Zittace Traders on account 7 650
Returned merchandise purchased on credit to Zittace Traders 2 740
opening balance of the inventory account on 1 May 2023 was R4 570
ired:
the above transactions to the general ledger account provided below.
uctions for numeric responses:
se a full stop to indicate any decimals (eg: 1000.01)
ound off to the second decimal after the full stop (eg: 50.56)
hen no amount needs to be entered in a column, then indicate this by entering "0" in the column.
Cr
Inventory
R 2023 R
1 Balance b/d May 1 Balance b/d
4570 0
31 31
Bank CPJ 13821 Cost of sales CRJ 2300
Trade payables PJ 7650 Trade payables PRJ 2740
Balance c/d Balance c/d
0 21001
26041 26041
1 Balance b/d Jun 1 Balance b/d
21001 0
3
nswered
out of 1.00
input tax is more than the output tax the vendor will claim the amount of the difference from SARS (it is refundable). If
utput tax is more than the input tax, the difference is payable to SARS.
t one:
ue
alse
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=14370186&cmid=582744 2/15
,10/29/23, 8:45 PM Assessment 6 (page 1 of 2)
4
nswered
out of 3.00
a Services provided the following information for the financial year ended 28 February 2022:
R
al 250 000
ces rendered 500 000
es 100 000
hone expense 8 000
r and electricity 5 000
ance 2 500
tenance of vehicles 3 000
est expense 1 500
est income 2 000
profit/loss for the year ended 28 February 2022 is ...
nstructions
e a full stop to indicate any decimals (eg: 1000.01)
ly show the amount, do not show the R (eg: 12141.72)
he total amount calculated is a profit, please enter the amount as a positive (eg: 12141.72), if the amount calculated is a
please enter the amount as a negative (eg: -12141.72)
wer: 382000
5
nswered
out of 1.00
for the year is not important for determining the financial performance of an entity.
t one:
ue
alse
6
nswered
out of 1.00
e financial statements, consumable stores on hand will be classified as?
t one:
a. Non-current assets
b. Current liabilities
c. Non-current liabilities
d. Current assets
Clear my choice
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=14370186&cmid=582744 3/15
, 10/29/23, 8:45 PM Assessment 6 (page 1 of 2)
7
nswered
out of 6.00
aders, NOT a registered VAT vendor, manufactures and sells gardening equipment. On 28 March 2023, SA Traders paid
monthly rent of R12 880 (VAT inclusive) with an EFT in favour of Africa Properties (registered VAT vendor). The VAT rate
%.
ired:
rd the above transaction in the applicable subsidiary journal of SA Traders.
uctions for numeric responses:
se a full stop to indicate any decimals (eg: 1000.01)
ound off to the second decimal after the full stop (eg: 50.56)
no amount should be recorded in any of the numeric spaces, please indicate it by filling in a zero ("0")
raders
– March 2023
Sundry accounts
Day Details Fol Not applicable Bank Rent expense Not applicable Amount Fol Details
Africa Properties 0 12880 12880 0
28
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=14370186&cmid=582744 4/15
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