THIS DOCUMENT CONTAINS FAC1502 ASSESSMENT 2 SEM 2OF 2024 EXPECTED QUESTIONS AND ANSWERS. WE HAVE ALSO ANOTATED WORKINGS IN CASE YOUR FIGURES ARE DIFFERENT. USE IT FOR REVISION AND PREP TO HELP YOU SCORE ABOVE 75%
OSCAR THE TUTOR
oscardiura@gmail.com
+27737560989 The following information relates to Babu Services for August 20.19:
for FAC MAC ECS DSC TAX QMI FIN INV BNU STA
BABU SERVICES
tutorials
1. BANK RECONCILIATION STATEMENT AS AT 31 JULY 20.19
R
Unfavourable balance per bank (4 375)
statement………………………………………………
Deposit not yet 16 720
credited……………………………………………………………………
Favourable balance per bank ?
account………….………………………………………..
2. The bookkeeper received the bank statement for August after the August cash journals were totaled.
On comparing it with the August cash journals the following items did not appear in the cash journals:
BANK STATEMENT FOR AUGUST 20.19
Details Date Debit Credit
R R
Deposit ………….…………………………………………… 01/08 16 720
Stop order - Insurance……………………………………….................. 17/08 2 250
Service fees……………………….…………………………. 26/08 700
Interest……………………………………………………….. 26/08 105
EFT PR P831….…………………………………………….. 26/08 675
Debit order – City Council………………………………….. 27/08 2 550
Additional information regarding the bank statement received on 31 August 20.19.
2.1 EFT PR P831 was made in favour of a creditor, I Moloi. The amount was incorrectly entered in the
cash payments journal as R765.
2.2 The debit order in favour of the City Council was for the owner’s private water and electricity account.
2.3 On 31 August 20.19 the bank statement showed a credit balance of R2 765.
3. A deposit for R14 750 appeared in the cash journals, for August 20.19, but not on the bank statement
for the same period:
Complete the cash payments journal of Babu Services, bank column only, for August 20.19.
Instructions:
Drag the correct answer into the correct space.
An option can be used more than once.
If an options has been provided and it is not applicable to the specific questions please put N/A in the
accounts column and a 0 in the amounts column.
Start with the subtotal and thereafter keep the transactions strictly in the order they were given.
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: 72000.00 60+40-2-30
, Dintsalo Trading, a registered VAT vendor, uses the periodic inventory system. The VAT rate is 15%.
The following is an extract from the financial records of DintsaloTrading for January 2024:
R
Trade receivables: opening balance (1 January) 88 000
Credit sales 182 300
Cash receipts journal: Trade receivables column total (31 93 600
January)
Sales returns journal: Trade receivables column (31 9 700
January)
At month's end, the Bookkeeper completed a debtor’s reconciliation and found the following:
1. On 10 January, a client returned goods sold to him on credit in the amount of R930. This transaction
was incorrectly recorded in the Purchases returns journal instead of the Sales returns journal.
2. On 18 January, Mr J Bhaca, paid R700 cash in partial settlement of his account. This transaction has not
yet been recorded.
3. The trade receivables column in the sales journal was overcast by R1 400.
4. On 15 January 2024 Dintsalo Trading was informed that S Swallows, a debtor who owed the entity R1
260, had been declared insolvent. The amount must be written off as irrecoverable.
5. On 31 January 2024 DintsaloTrading charged interest on overdue clients’ accounts of R550.
Required:
Complete the trade receivables account in the general ledger of DintsaloTrading for the month ending 31
January 2024.
Instructions:
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. If no amount should be recorded in any of the numeric spaces, please indicate it by filling in a zero ("0")
4. Only show the amount, do not show the "R" (eg: 1000)
Dr Trade receivables control C
2024 R 2024 R
Jan 1 Balance b/d Jan 1 Balance b/d
88000.00 0
31 Sales SJ
31 Bank CRJ
(182300+1400) 180900.00 (93600+700) 94300.00
Interest income GJ 550.00 Credit losses GJ 1260.00
Sales returns (9700+930) SRJ 10630.00
Balance c/d Balance c/d
0 163260.00
269450.00 269450.00
Feb 1 Balance b/d Feb 1 Balance b/d
163260.00 0
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Pre vi o us ac t i vi t y
Assessment 1
OSCAR THE TUTOR
oscardiura@gmail.com
+27737560989
for FAC MAC ECS DSC TAX QMI FIN INV BNU STA
tutorials
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