Exam (elaborations)
FAC1502 Assignment 7 Elective 2024
- Institution
- University Of South Africa (Unisa)
FAC1502 Assignment 7 Elective 2024
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FAC1502ASSIGNMENT 7
DUE DATE: 28 MAY 2024
,1. UNISA
2. 2024
3. FAC1502-24-S1
4. Welcome to FAC1502
5. Assessment 7
QUIZ
Assessment 7
Completion requirements
Opens: Monday, 27 May 2024, 8:00 AM
Closes: Tuesday, 28 May 2024, 8:00 AM
Dear students,
Please take note of the following important information regarding Assessment Seven for FAC1502:
Assessment 7 unique number: 354983
The following information relates to SIYANDA:
R R
Balances as at 31 August 20.3:
119 000
Plant and machinery (at cost)
65 240
Accumulated depreciation: plant and machinery
Additional information
(a) According to the assets register, plant and machinery consist of two Zeep machines of equal value. Both the
machines were purchased and installed on the same date.
(b) Depreciation is written off at 20% per annum by the diminishing balance method.
(c) On 31 January 20.4, management decided to increase production capacity and purchased a Zack machine
on credit from Thulani Ltd for R126 000. One of the Zeep machines was traded in, reducing the amount owing to Thulani Ltd
to R98 700.
(d) On 1 February 20.4, installation charges on the new machine amounting to R8 400 were paid in credit.
REQUIRED
Post the above transactions to the general ledger account provided below.
Instructions:
1. Do not type the amount with any spaces as separators for thousands (eg: 12141)
3. Only show the amount, do not show the "R" for the Rand sign (eg: 12141)
SIYANDA
GENERAL LEDGER
Dr Machinery realisation Cr
R R
20.4 20.4
Jan 31 Plant and machinery 59500 Jan 31 Accumulated depreciation 34860
Profit on sale of machinery 2660 Thulani Ltd/Trade receivables control
27300
62160 62160
,Question 7
Not yet answered
Marked out of 11.00
The following information relates to Raden:
Balances as at 31 August 20.3: R R
Plant and machinery (at cost) 93 500
Accumulated depreciation: plant and machinery 51 260
Additional information
(a) According to the assets register, plant and machinery consist of two Blacky machines of equal value. Both
the machines were purchased and installed on the same date.
(b) Depreciation is written off at 20% per annum by the diminishing balance method.
(c) On 31 January 20.4, management decided to increase production capacity and purchased a Desh machine
on credit from Plack Ltd for R99 000. One of the Blacky machines was traded in, reducing the amount owing to Plack Ltd to
R77 550.
(d) On 1 February 20.4, installation charges on the new machine amounting to R6 600 were paid in credit.
REQUIRED
Post the above transactions to the general ledger account provided below.
Instructions:
1. Do not type the amount with any spaces as separators for thousands (eg: 12141)
2. Round off to the nearest Rand (eg: 50.56 is 51)
3. Only show the amount, do not show the "R" for the Rand sign (eg: 12141)
Raden
GENERAL LEDGER
Dr Machinery realisation Cr
R R
20.4 20.4
Jan 31 Plant and machinery 46750 Jan 31 Accumulated depreciation 27390
Profit on sale of machinery 2090 Plack Ltd /Trade receivables control
21450
48840 48840
,FAC1502-24-S1 Welcome to FAC1502 Assessment 7
Question 1
Not yet answered
Marked out of 6.00
Naledi Traders purchased office furniture of R12 000 from Joe's Furniture and paid with an
electronic funds transfer. Naledi Traders maintained a favourable 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
Office furniture debit and bank account credit Not applicable Not applicable
,Not yet answered
Marked out of 8.00
ADAM TRADERS EXTRACT FROM THE LIST OF BALANCES AS AT 28 FEBRUARY 2024
R
Fixed deposit: NFB Bank (18%) 935 000
Interest on fixed deposit 84 150
Additional information
On 1 June 2023, Adam Traders invested money in a three-year fixed deposit account with NFB Bank at 18% interest per
annum. The interest is payable quarterly. Account for any outstanding interest.
Required
Using the information given, show the disclosure of the fixed deposit in Adam Traders' financial statements for the year
ended 28 February 2024.
Instructions for numeric responses:
1. Use a full stop to indicate any decimals (e.g., 1000.01)
2. Round off to the second decimal after the full stop (e.g., 50.56)
3. Only show the amount; do not show the "R" (e.g., 1000)
4. If no amount should be recorded in any of the numeric spaces, please indicate it by filling in a zero ("0")
ADAM TRADERS STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE
INCOME FOR THE YEAR ENDED 28 FEBRUARY 2024 (EXTRACT)
R
Other income, Interest income: fixed
126225
deposit
ADAM TRADERS STATEMENT OF FINANCIAL POSITION AS AT 28 FEBRUARY 2024 (EXTRACT)
ASSETS R
Non-current assets
Financial assets: fixed deposit at NFB Bank 935000
Current assets
Trade and other receivables 42075
,Question 3
Not yet answered
Marked out of 11.00
The following information relates to Baker:
Balances as at 31 August 20.3: R R
Plant and machinery (at cost) 102 000
Accumulated depreciation: plant and machinery 55 920
Additional information
(a) According to the assets register, plant and machinery consist of two Presh machines of equal value. Both the
machines were purchased by obtaining a loan from Baker Bank and they were charged 15 % interest per annum and installed
on the same date.
(b) Depreciation is written off at 20% per annum by the diminishing balance method.
(c) On 31 January 20.4, management decided to increase production capacity and purchased a Prince machine
on credit from Mag Ltd for R108 000. One of the Presh machines was traded in, reducing the amount owing to Mag Ltd to
R84 600.
(d) On 1 February 20.4, installation charges on the new machine amounting to R7 200 were paid in cash.
REQUIRED
Post the above transactions to the general ledger account provided below.
Instructions:
1. Do not type the amount with any spaces as separators for thousands (eg: 12141)
2. Round off to the nearest Rand (eg: 50.56 is 51)
3. Only show the amount, do not show the "R" for the Rand sign (eg: 12141)
BAKER
GENERAL LEDGER
Dr Machinery realisation Cr
R R
20.4 20.4
Jan 31 Plant and machinery 51000 Jan 31 Accumulated depreciation 29880
Profit on sale of machinery 2280 Mag Ltd /Trade receivables control
23400
53280 53280
,Question 7
Not yet answered
Marked out of 8.00
MAKKO'S TRADERS EXTRACT FROM THE LIST OF BALANCES AS AT 28 FEBRUARY 2023
R
Fixed deposit: FIN Bank (10%) 500 000
Interest on fixed deposit 25 000
Additional information
On 1 June 2022, Makko's Traders invested money in a five-year fixed deposit account with FIN Bank at 10% interest per
annum. The interest is payable quarterly. Account for any outstanding interest.
Required
Using the information given, show the disclosure of the fixed deposit in the financial statements of Makko's Traders for the
year ended 28 February 2023.
Instructions for numeric responses:
1. Use a full stop to indicate any decimals (e.g., 1000.01)
2. Round off to the second decimal after the full stop (e.g., 50.56)
3. Only show the amount; do not show the "R" (e.g., 1000)
4. If no amount should be recorded in any of the numeric spaces, please indicate it by filling in a zero ("0")
MAKKO'S TRADERS STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE
INCOME FOR THE YEAR ENDED 28 FEBRUARY 2023(EXTRACT)
R
Other income, Interest income: fixed
37500
deposit
MAKKO'S TRADERS STATEMENT OF FINANCIAL POSITION AS AT 28 FEBRUARY 2023
(EXTRACT)
ASSETS R
Non-current assets
Financial assets: fixed deposit at FIN Bank 500000
Current assets
Trade and other receivables 12500
,Question 4
Not yet answered
Marked out of 6.00
Naledi Traders rendered services of R1 800 on credit for a client. Naledi Traders maintained a favourable 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 +
1800 1800
Accounts receivable debit Services rendered account credit Not applicable
,Question 5
Not yet answered
Marked out of 6.00
Naledi Traders obtained a loan of R100 000 from the bank and purchased a law library for the full amount. Naledi Traders maintained a
favourable 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
100000 0 100000
Law library debit Not applicable Loan account credit
, Question 11
Not yet answered
Marked out of 6.00
Naledi Traders purchased cleaning material of R1 300 on credit from Africa Wholesalers.
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 -1300 1300
Not applicable Cleaning materials debit Accounts payable credit
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