Exam (elaborations)
fac1502 assessment 1 semester 1 2024
- Institution
- University Of South Africa (Unisa)
fac1502 assessment 1 semester 1 2024
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3/17/24, 7:40 PM Assessment 1UNISA 2024 FAC1502-24-S1 Welcome Message Assessment 1
QUIZ
Time left 1:03:28
Question 1
Not yet answered
Marked out of 15.00
The following information was obtained from the records of MG Electricians for the month of February 20.1:
Michael is a qualified electrician and he decided to open his electrician business in Durban. He had saved R2 340 000 in his personal
bank account. On 1 February 20.1, Michael opened up a business bank account in the name MG Electricians at ABC Bank and deposited
R1 185 000.
On 5 February 20.1, he bought equipment on credit for R1 000 000, which is repayable within a year. On 6 February he bought a delivery
truck for R965 000 and furniture for R168 000 via the business banking app. During his first month of trading, he only rendered services
on credit to clients for R100 000.
On 23 February 20.1, Michael bought a business premises for R1 350 000 after he obtained a mortgage from ABC Bank. On 28 February
20.1, Michael used the business banking app to pay for the water account of R10 000 and the telephone account of R5 000.
Required:
After taking into account all the information provided in the scenario above, please fill in the total equity and liabilities section of the
statement of financial position as at 28 February 20.1 of MG Electricians.
Instructions:
1. Follow the format of the statement of financial position as provided in the study units 1 to 5.
2. Use a full stop to indicate any decimals (eg: 1000.01)
3. Round off to the second decimal after the full stop (eg: 50.56)
MG ELECTRICIANS
STATEMENT OF FINANCIAL POSITION AS AT 28 FEBRUARY 20.2
R
EQUITY AND LIABILITIES
Total equity
1285000
Capital 1185000
Non-current liabilities 1350000
Long-term borrowings 1350000
Current liabilities 1000000
Trade and other payables 1000000
TOTAL EQUITY AND LIABILITIES 3635000
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=15885759&cmid=842834 1/12
,3/17/24, 7:40 PM Assessment 1
Question 2
Not yet answered
Marked out of 1.00
Indicate by choosing the correct option whether the following statement is true or false:
Management accounting entails providing historical data to the management of the entity to aid in current and future planning activities.
Select one:
True
False
Question 3
Not yet answered
Marked out of 1.00
Indicate by choosing the correct option whether the following statement is true or false:
Machinery will be carried at the amount of cash or cash equivalent that could currently be obtained that can be obtained from selling the
equipment in an orderly disposal.
Select one:
True
False
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=15885759&cmid=842834 2/12
,3/17/24, 7:40 PM Assessment 1
Question 4
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Marked out of 22.00
H Pillay is the owner of HP Traders. HP Traders is a registered VAT vendor and the VAT rate applicable is 15%. HPTraders will
use the periodic inventory system and entered into the following transactions during September 20.3:
20.3
Sept 2 Borrowed an amount of R375 000 from TEC Bank. The amount was paid into HP
Traders bank account The amount must be paid. back on 1 September 20.4.
Made a direct payment to the Midrand municipality to pay the water and
electricity deposit, R1 500.
6 Credit sales to RG Supermarket of R17 250.
8 Purchased merchandise on credit from Big Wholesalers, R28 750.
Cash purchases of merchandise from Dairy Wholesalers, R13 800.
17 Received interest of R2 500 on a favourable bank balance from SAT Bank.
RG Supermarket deposited R13 800 directly into the bank account of HP Traders
in full settlement of his account.
Cash purchase of merchandise from GG Wholesalers, R12 900.
25 Received R650 interest on fixed deposit from FMB Bank.
27 Mr S Sithole a tenant of HP Traders, did an EFT of R10 000.(Ignore VAT).
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. Don’t use any special characters (&) and don’t use bold in your answer. It will be marked incorrect.
4. Do not use any abbreviations.
5. Please remember the brackets around the amounts must be indicated by a negative amount [eg: (50) will be -50].
6. Keep the transactions strictly according to date sequence.
7. If an option has been provided and it is not applicable to the specific question, please put a 0 in the amount column and N/A in the
detail column. You can also leave the blocks empty because no marks were allocated to the 0 and N/A columns. The answer will be
marked incorrect, but you will not lose any marks because no marks were allocated to these columns.
The transactions in the cash receipts journal of GG Traders for May 20.2 will be …
HP TRADERS
CASH RECEIPTS JOURNAL – SEPTEMBER 20.3 CRJ4
Analysis Trade Settlement
VAT
Date Details Fol of Bank receivable Sales discount VAT input
output
receipts control granted
Amount
R R R R R R R R
2
Bank 375000 0 0 0 0 0 375000
17
SAT Bank 2500 0 0 0 0 0 2500
RG Supermarket
13800 17250 0 -3450 -450 0 1725
25
FMB Bank 650 0 0 0 0 0 650
27
Mr S Sithole 10000 0 0 0 0 0 10000
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=15885759&cmid=842834 3/12
, 3/17/24, 7:40 PM Assessment 1
Question 5
Not yet answered
Marked out of 13.00
On 1 August 20.2 Mr G Moyo opened a supermarket under the tradename Moyo Supermarket. Moyo Supermarket is a registered VAT
vendor and the VAT rate applicable is 15%. Moyo Supermarket will use the periodic inventory system and entered into the following
transactions during August 20.2:
20.2 Day Details
August 1 The owner, Mr G Moyo, deposited R670 000 of his own funds directly into the
bank account of the business.
Cash purchase of merchandise from Ram Traders for R24 150.
2 Bought shop equipment from EQUIP on credit, R10 005, and paid R1 005 by
credit card as a deposit.
3 Purchased merchandise on credit from Letty Stores, R36 800.
9 Made an EFT of R29 440 to creditor, Letty Stores and received a settlement
discount of R7 360.
10 Credit card sales of R3 105.
Cash sales of R4 600.
Credit sales to B Sullivan of R6 900
15 B Sullivan deposited R5 750 directly into the bank account of Bundu Bashing in
full settlement of his account.
18 Borrowed an amount of R50 000 from Better Bank. The amount must be paid
back on 1 May 20.4.
25 Mr G Moyo withdrew R5 000 via the ATM to pay for the painting to be done at his
home.
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. Don’t use any special characters (&) and don’t use bold in your answer. It will be marked incorrect.
4. Do not use any abbreviations.
5. Please remember the brackets around the amounts must be indicated by a negative amount [eg: (50) will be -50].
6. Keep the transactions strictly according to date sequence.
7. If an option has been provided and it is not applicable to the specific question, please put 0 in the amount column and N/A
in the detail column. You can also leave the blocks empty because no marks were allocated to the 0 and N/A columns. The
answer will be marked incorrect, but you will not lose any marks because no marks were allocated to these columns.
The transactions in the cash payments journal of Moyo Supermarket for August will be …
MOYO SUPERMARKET
CASH PAYMENTS JOURNAL - AUGUST 20.2 CPJ1
Document Date Details Fol Bank Trade payables Settlement VAT input VAT output Purchases Wages
control discount
numbers
received
R R R R R R R
P/R P001 1
Ram Traders 24150 0 0 3622.50 0 20527.50 0
P/R P005 9
Letty Stores 29440 36800 7360 5520 0 0 0
P/R P006 25
Bank 5000 0 0 0 0 0 0
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=15885759&cmid=842834 4/12
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