Exam (elaborations)
FAC1502 ASSIGNMENT 4 SEMESTER 2 2022
- Course
- FAC1502 (FAC1502)
- Institution
- University Of South Africa
FAC1502 ASSIGNMENT 4 QUESTIONS AND ANSWERS
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[Date]FAC1502
ASSIGNMENT 4
SEMESTER 2 2022
QUESTIONS AND ANSWERS
steve
, lOMoAR cPSD| 24668432
FAC1502 ASSIGNMENT 4 SEMESTER 2 2022
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, lOMoAR cPSD| 24668432
VERSION 1 CK
TRADERS
AN EXTRACT OF THE PRE-ADJUSTMENT TRIAL BALANCE AS AT 31 OCTOBER 20.9
R
Capital……………………………………………………………………………....................……... 450 000
...……. 5 500
Drawings………………………………………………………………………………..................…. 180 560
......…. 129 875
Trade receivables control……………………………………………………………..................…… 50 000
Trade payable 23 722
control………………………………………………………………...........…...........… 1 075 30
Land ............................................................................................................................................... 8?
Building…………………………………………………………………....................................…..... 125 900
...….. 12 590
Machinery (at 4 800
cost)……………………………………………………………………....................…… 15 909
Accumulated depreciation: Machinery (1 November 20.8)……………………………. 254
Vehicle (at 2 542
cost)………………………………………………………………….......................…………. 264 000
Accumulated depreciation: Vehicle (1 November 20.8)………………………...……….. 120 782
Inventory: Trading (1 November 20.8)……………………………………………...........……… 1 530
Bank 20 928
(Favourable)…………………………………………………………………….......................……. 7 247
Petty 23 580
cash……………………………………………………………………………..........................…… 8 910
… 3 540
Cash 650
float………………………………………………………………………………..........................… 98
… 000
Loan from ATM 20 257
Bank…………………………………………………………………....................……. 9 456
Fixed deposit: TB 1 984
Bank…………………………………………………………....................……….....
Allowances for credit
losses………………………………………………………….................…….
Rental
income……………………………………………………………………………......................…..
Interest on fixed
deposit………………………………………………………………….................…
Advertising………………………………………………………………………………....................
.....…..
, lOMoAR cPSD| 24668432
Packaging
material………………………………………………………………………......................…
Stationery…………………………………………………………………………………..................
............
Credit
losses…………………………………………………………………………….........................…...
Salaries and
wages……………………………………………………………………......................……
Interest on loan from ATM Bank……………………………………………………..............……..
Water and
electricity…………………………………………………………………....................……..
Telephone
expenses……………………………………………………………………......................….
Additional information with regards to adjustments that you still need to take into account.
(a) CK Traders sublets part of its building to B Silver. B Silver paid R20 928 on the 1 November 20.8 for
15 months. The rental agreement stipulated that CK Traders will increase the rental amount to R1 688
from 1 August 20.9.
(b) CK Traders deposited R120 782 into a fixed deposit account with TB Bank on 1 February 20.9, at an
interest rate of 12% per annum. The interest is receivable twice per annum in June and December.
(c) On 1 November 20.8, CK Traders entered into an advertising contract with Kgomotso advertising
agency for a period of 2 years for a total amount of R23 580. CK Traders paid R23 580 to Kgomotso
advertising agency on 1 November 20.8 to cover the full contracted period.
(d) A physical inventory count revealed that the following was on hand on 31 October 20.9: Inventory
R7 775
Packaging material R1 990
Stationery R260
(e) On 1 December 20.8 CK Traders obtained a loan from ATM Bank. Interest is calculated at 11,5% per
annum. The loan repayment schedule indicate that the capital repayment of the loan would be made
in four equal instalments as follows:
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