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FAC1501 Assignment 4 Semester 2 2024
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lOMoAR cPSD| 45211451FAC1501 Assignment 4 Semester 2 2024
PRINCIPLES OF TAXATION
, lOMoAR cPSD| 45211451
UNISA 2023 FAC1502-23-S2 Welcome Message Assessment 4
QUIZ
Assessment 4
Opened: Monday, 9 October 2023, 8:00 AM
Closes: Monday, 16 October 2023, 11:00 PM
Summary of your previous attempts
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Finished 95 67 2 00 Congratulations, you passthe Submitted Sunday, assessment
with adistiction.
9 October 2023,
Your nal grade for this quiz is
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No more attempts are allowed
Back to the course
VERSION 1
The financial year-end for Nice Dealers is 28 February. The rental expenses of Nice Dealers are R9 600 per
month. The financial records of Nice Dealers showed that rent was paid for ten months during the financial
year ended 28 February 20.2.
Use the information to do the journal entry that correctly accounts for the closing adjustment of the
rentals at year-end:
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)
, lOMoAR cPSD| 45211451
3. For embedded questions spelling is very important. If you spell the answer incorrect it will be marked
incorrect. Please make sure that your spelling of the words is correct.
4. Don’t use any special characters (&) and don’t use bold in your answer. It will be marked incorrect.
5. Do not use any abbreviations.
6. Your answer is case sensitive; therefore, you need to put the very first letter of the answer in uppercase,
but the rest of your answer must be in lowercase (eg: Interest on loan)
NICE DEALERS
Question 2
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Indicate whether the following statement is true or false:
The historical cost of asset and liabilities are increased if they become impaired or onerous.
Select one: True
False
Question 3
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3
, lOMoAR cPSD| 45211451
Indicate whether the following statement is true or false: Assets
decrease on the debit side of a T-account.
Select
one: True
False
Question 4
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Waterhouse is a small township retail business that trades in soft drinks and has a 30 June 20.19 financial
year-end. The business records the amount of inventory it purchases only on a cash basis. The owner,
Daniel Makoe, has requested you to assist him in preparing the accounting records on an accrual basis.
He has provided you with the following information:
Purchases: Inventory
Date Amount
R
15 July 20.19 10 385
19 August 20.19 7 236
28 September 20.19 17 311
12 October 20.19 14 422
30 November 20.19 20 005
31 December 20.19 17 987
03 February 20.19 6 500
25 March 20.19 7 340
17 May 20.19 3 670
104 856
Based on your review of the business’s bank statement and a discussion with Daniel, you established the
following:
4
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