Exam (elaborations)
FAC1502 Assignment 3 2024
- Institution
- University Of Cape Town (UCT)
FAC1502 Assignment 3 2024[1]
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FAC1502ASSIGNMENT 3
DUE: 6 MAY 2024
,UNISA 2024 FAC1502-24-S1 Welcome Message Assessment 3
QUIZ
Assessment 3
Opened: Monday, 29 April 2024, 8:00 AM
Closes: Monday, 6 May 2024, 11:00 PM
Summary of your previous attempts
Marks /
State
Finished 95 67 2 00 Congratulations, you pass
Submitted Thursday, the assessment with a
30 April 2024, distinction.
93
Your nal grade for this quiz is
Overall feedback
Congratulations, you pass the assessment with a distinction.
No more attempts are allowed
Back to the course
, GBV Club is a non- profit organisation that was started by 150 members on 1 January 20.7. The objective of GBV Club is to address gender-
based violence that is faced by South African citizens. The constitution of GBV Club indicated the following:
(a) Membership fees amount to R1 600 per member per annum.
(b) Entrance fees to join the club amount to R180 per member and it should be capitalised.
(c) Membership fees needs to increase by 10% at the beginning of every year, starting from 1 January 20.8.
(d) GBV Club does not provide members with refunds if they leave the club.
In order to prepare the financial statements for the current financial period ended 31 December 20.8, the bookkeeper presented the
following information regarding the finances of the club to members at a meeting held on 31 December 20.8:
Membership fees and entrance fees:
(1) 80 new members joined the club and each member paid their entrance fees of R180.
(2) Membership fees received of R306 480 for the current financial year ended 31 December 20.9
The amount for entrance fees paid by the new members in the current financial period that will form part of the accumulated fund
will be:
Instructions:
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Round off to the nearest Rand (eg: 50.56 is 51)
3. Only show the amount, do not show the R (eg: 12141.72)
Answer: 14400
, Please choose the correct option for the given scenario.
Luna Electricians received a bank statement that reflects a debit balance of R2 000
in Luna Electricians business bank account. This means … Luna Electricians has an unfavourable bank balance of R2 000.
A client paid R3 000 Luna Electricians with debit card. The debit card transaction
will automatically reflect during the course of the business day on Luna Electricians bank statement
…
The correction of errors and deposits not yet credited reflected on the previous
months … must be compared with current months bank statement to determine if bank reconciliation statement
the bank has attended to this items or not.
The bank statement of Luna Electricians must be compared with the … in the bank
reconciliation process. cash receipts and cash payments journal of Luna Electricians
Question 2
Indicate whether the following statement is true or false:
Answer saved
The cost price of property, plant and equipment includes any other expenses incurred in getting the asset operational excluding import duties and non-
Marked out of
1.00 refundable purchase taxes.
Flag
question
Select one:
True
False
Question 3
Indicate whether the following statement is true or false regarding debentures:
Answer saved
Debentures only has one creditor.
Marked out of
1.00
Flag
question Select one:
True
False
Question 4 Please choose the correct option for the given scenario.
Answer saved
Marked out of Extract of the pre-closing trial balance of THC Traders Depreciation R38 367; Loss on sale of equipment R1 500; Interest on fixed deposit R7 500.
4.00 as at 30 September 2019
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