Exam (elaborations)
FAC1502 Assignment 6 Due 24 May 2024
- Institution
- University Of South Africa (Unisa)
FAC1502 Assignment 6 Due 24 May 2024
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1. UNISA2. 2024
3. FAC1502-24-S1
4. Welcome to FAC1502
5. Assessment 6
QUIZ
Assessment 6
Completion requirements
Opened: Thursday, 23 May 2024, 8:00 AM
Closes: Friday, 24 May 2024, 8:00 AM
Attempts allowed: 1
Time limit: 2 hours
Grade to pass: 50.00 out of 100.00
Ms. T Tlale, a debtor of JJ Stores, owed R5 004 to JJ Stores, which has been overdue for the past 7 months. Interest at 15% per annum must be charged on
overdue accounts. The interest has not been recorded in the books of JJ Stores.
What will the correct ledger entries of JJ Stores be to record the interest on Ms T. Tlale's overdue account?
Instructions:
Drag the correct answer into the correct space.
An option can be used more than once.
Ms. T Tlale/trade receivables control 437.85 Interest income 437.85
Interest expenses Ms. T Tlale/trade receivables control Interest income
417 750.60 62.55
,Naledi Traders purchased a new printer of R5 900 from SA Computers for cash. Naledi Traders maintained a positive bank balance.
Prepare the BAE incorporating the information form the above transaction in the table below by indicating the net effect (amount) and the account debited and credited:
Instructions for numeric responses:
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. When an element decreases, use a negative sign in front of the amount (eg: -1000.01)
4. When an element increases, the amount will be without any sign (eg: 1000.01)
5. Only show the amount, do not show the "R" (eg: 1000)
6. If no amount should be recorded in any of the numeric spaces, please indicate it by filling in a zero ("0")
Assets = Equity + Liabilities
0 0 0
Computer equipment debit and Bank account credit Not applicable Not applicable
,You are given the following post adjustment trial balance for JJ Wholesalers:
JJ WHOLESALERS
POST-ADJUSTMENT TRIAL BALANCE AS AT 30 JUNE 20.2
Debit Credit
R R
Capital ………………………………………. 1 500
000
Drawings…………………………………….. 60 000
Land………………………………………….. 750 000
Buildings……………………………………... 250 000
Vehicles………………………………………. 350 000
Equipment……………………………………. 200 000
Accumulated depreciation: Vehicles……… 35 000
Accumulated depreciation: Equipment…… 20 000
Trade receivables control…………………. 280 000
Inventory…………………………………….. 300 000
Bank …………………………………………. 400 000
Trade payables control…………………….. 450 000
VAT control………………………………….. 24 000
Sales…………………………………………. 1 200
000
Cost of sales………………………………… 560 000
Wages and salaries………………………… 112 000
Credit losses………………………………… 3 000
Water and electricity……………………….. 12 000
Telephone expenses………………………. 15 000
Depreciation…………………………………. 55 000
Bank charges………………………………... 2 000
Rental income………………………………. 168 000
3 373 000 3 373
000
Additional information
a. Assuming that the total comprehensive loss for the year is R700 000
b. After the total comprehensive loss was calculated it has been determined that:
- the owner took inventory with a cost price of R2 500 for his own use. The bookkeeper only did the credit entry of the transaction but forgot to do the debit
entry of the transaction in the books of JJ Wholesalers.
- the owner made his new personal computer available to the business. The cost of the computer was R20 000. The bookkeeper only did the debit entry of
the transaction but forgot to do the credit entry of the transaction in the books of JJ Wholesalers. All entries regarding the depreciation were done correctly.
The correct statement of changes in equity for the year ended 30 June 20.2 will be:
Instructions:
Drag the correct answer into the correct space.
An option can be used more than once.
Balance at 1 July 20.1 1 500 000
Total comprehensive income for the year 700 000
Additional capital contributions 20 000
(62 500)
Balance at 30 June 20.2 757 500
Balance at 30 June 20.2 Total comprehensive income for the year Balance at 1 July 20.1
Equipment Additional capital contributions Inventory
Total comprehensive loss for the year
(62 500) 1 500 000 (60 000) 2 118 000 (22 500) (82 500) (2 500) 702 500 (57 500) 57 500 2 500 1 502 500 700 000
37 500 60 000 17 500 20 000 722 500 757 500 (37 500) 697 500 1 517 500 740 000 82 500 (80 000) 717 500
22 500 1 522 500 (20 000) 80 000 1 477 500 62 500 (17 500) (700 000)
, The following information was extracted from the accounting records of Lele Plastics:
Balances at 1 April 20.19 R
Equipment: Cost 56 000
Accumulated depreciation: Equipment (37 800)
Additional information
At the beginning of the financial year, 1 April 20.19, Lele Plastics replaced its plastic shredding equipment with new glass
recycling equipment that had a purchase price of R250 000. The replaced plastic shredding machine was sold for R10 500
cash, it was the only piece of equipment in the books of Lele Plastics prior to the purchase of the new glass recycling
equipment. Depreciation is provided at 15% p.a. on the straight-line method.
The correct property, plant and equipment note for equipment (total column excluded) for Lele Plastics on 31 March 20.20
will be:
Instructions:
Drag the correct answer into the correct space.
An option can be used more than once.
Please keep the sequence of transactions strictly according the information given but also in the correct format.
For the section dealing with the movements within assets, start with any additions.
18 200
Carrying amount: Beginning of year
Cost 56 000
Accumulated depreciation (37 800)
250 000
Additions
(18 200)
Disposals
56 000
Cost
(37 800)
Accumulated depreciation
Depreciation for the year (37 500)
Carrying amount: End of year 212 500
Cost 250 000
Carrying amount: Beginning of year
Accumulated depreciation Disposals Depreciation for the year (37 500)
Cost Carrying amount: End of year Additions
Accumulated depreciation
257 700 93 800 (18 200) (9 800) (37 500) (37 800) 7 700 275 900 (8 400) (10 500) 287 500
250 000 212 500 56 000 (45 900) 18 200 (46 200)
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