Exam (elaborations)
FAC1501Assignment 5 Semester 1 2024
- Institution
- University Of South Africa (Unisa)
FAC1501Assignment 5 Semester 1 2024
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Opened: Thursday, 9 May 2024, 8:00 AMCloses: Monday, 13 May 2024, 9:00 PM
825320
Kindly note that you will only be able to view your mark obtained for assessment 5 and the overall feedback for
assessment 5 after you have submitted your attempt.
You will be able to view the questions you have received for the attempt, with their answers and general
feedback, after the due date of assessment 5.
Attempts allowed: 1
Time limit: 2 hour
Grade to pass: 50.00 out of 100.00
Summary of your previous attempts
Marks / Grade /
State 50.00 100.00 Review Feedback
Finished 48.67 97.21 You passed this assessment
Submitted Thursday, with a distinction. Keep up the
9 May 2024, 8:50 PM good work.
,Question 1
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The following information relates to Pinetown Traders at 28 February 2022:
Balances:
R
Trade receivables control account (1 March 2021) 16 469
Allowance for credit losses (1 March 2021) 1 490
Credit losses recovered 785
Credit sales 116 967
Settlement discount granted 1 950
Additional information
(1) Debtor, A Zulu, was declared insolvent and his account of R473 has to be written off.
(2) It was determined that the allowance for credit losses account should amount to R3 439 at
28 February 2022. As credit losses occur the credit losses is written off against the allowance for credit
losses account.
What is the total amount with which the credit losses account will be adjusted in the accounting
records of Pinetown Traders, after taking the above information into account?
NB: Instructions
1. Do not type the amount with any spaces as separators for thousands (eg: 12141.72)
2. Use a full stop to indicate any decimals (eg: 1000.01)
3. You must enter cents even if it is 0 (eg .00)
4. Only show the amount, do not show the R (eg: 12141.72)
5. If the total amount with which the credit losses account is adjusted should be credited to the account, please
enter the amount as a negative (eg: -12141.72), if the amount should be debited to the account, please enter the
amount as a positive (eg: 12141.72)
Answer: 2422.00
,Question 2
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SA Traders is a registered VAT vendor. The VAT rate is 15%. The following information was recorded in the
accounting records of SA Traders as at 28 February 2022 (the financial year-end):
R
Vehicles at cost 218 000
Computer equipment at cost 109 000
Accumulated depreciation: Vehicle (1 March 2021) 65 400
Accumulated depreciation: Computer equipment (1 March 16 350
2021)
The vehicles are depreciated at 20% per annum, using the straight-line method. Computer equipment is depreciated
at 15% per annum, using the reducing balance method.
What will be the carrying value of the computer equipment as at 28 February 2022?
NB: Instructions
1. Do not type the amount with any spaces as separators for thousands (eg: 12141.72)
2. Use a full stop to indicate any decimals (eg: 1000.01)
3. Only show the amount, do not show the R (eg: 12141.72)
Answer: 78752.50
, Question 3
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The following information relates to a bank reconciliation of WaMarks Traders:
(1) The balance as per the bank account in the general ledger, before taking the items below into account, was
R12 800 (unfavourable).
(2) A debit order for R3 800, relating to advertising, that appears on the bank statement has not been entered in the
applicable cash journal.
(3) A deposit of R13 500 that appears on the bank statement, regarding a customer who deposited directly into the
bank account, has not been entered in the applicable cash journal.
(4) Payments totalling R4 600 have been correctly entered in the cash payments journal but have not been presented
for payment.
(5) The balance as per the bank statement was R10 370 (unfavourable).
What will the outstanding deposits amount be in the bank reconciliation statement?
NB: Instructions
1. Do not type the amount with any spaces as separators for thousands (eg: 12141.72)
2. Only show the amount, do not show the R (eg: 12141.72)
Answer: 7030.00
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