Exam (elaborations)
FAC1502 Assignment 2 2024
- Institution
- University Of Cape Town (UCT)
FAC1502 Assignment 2 2024
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FAC1502ASSIGNMENT2
FIRST SEMSTER
,Instructions
1. Convert this document into word from the ILOVEMYPDF website
2. Type any word from the question and paste on the search bar
Example
Betties Smith is the owner of Bettties Plumbing.
Copy the whole sentence and paste into the search bar
Once the information pops out , check if the amounts are the same
3. Do not convert is you are using a cellphone
4. If you come across questions that are not on this memo, send me a WhatsApp message
HOW TO CALCULATE COST OF SALES
OPENING INVENTORY
+ PURCHASES
+ CARRIAGE COSTS SUCH AS
• Carriage on purchases
• Import duties
• Custom tarrifs
• Railage
• Shipping cost
• Inwards costs
• Freight on purchases
• Freight charges
, Question 1
Complete
Mark 3.00 out of 4.00
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Question text
Please choose the correct option for the given scenario.
The amount of the closing inventory in the entity is
determined by way of a physical inventory count at
Answer 1
the end of the financial period. This amount of the
a current asset
closing inventory is accounted for as … at the end of
the financial year.
On 9 June 20.23 KKY Traders purchased inventory,
at a cost of R5 000, on credit. KKY Traders uses the
Answer 2
perpetual inventory system.
Dr Purchases R5 000; Cr Trade payables control R5 000
How would this transaction be recorded in the
general ledger of KKY Traders:
On 9 June 20.23 KKY Traders purchased inventory
at a cost of R5 000 cash. KKY Traders uses the
perpetual inventory system. The bank account of Answer 3
KKY Traders had a favourable balance. Dr Inventory R5 000; Cr Bank R5 000
How would this transaction be recorded in the
general ledger of KKY Traders:
On 9 June 20.23 KKY Traders purchased inventory
at a cost of R5 000 cash. KKY Traders uses the
perpetual inventory system. The bank account of Answer 4
KKY Traders had a unfavourable balance. Dr Inventory R5 000; Cr Bank R5 000
How would this transaction be recorded in the
general ledger of KKY Traders:
Question 2
Complete
Mark 1.00 out of 1.00
Flag question
Question text
Indicate whether the following statement is true or false regarding the statement of financial position:
The statement reflects the financial position of the business.
Select one:
True
False
Question 3
Complete
3
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