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FAC1502 ASSIGNMENT 3 DUE 8 OCTOBER 2024 S2
- Institution
- University Of South Africa (Unisa)
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10/2/24, 1:02 PM Assessment 3 (page 1 of 2)UNISA 2024 FAC1502-24-S2 Welcome Message Assessment 3
QUIZ
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Question 1
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State whether the following statement is true or false:
If a financial asset is acquired, the bank account will be debited and the financial asset account will be credited.
Select one:
True
False
Question 2
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Lunas Art Club provides you with the following information for the 20.2 financial year. Lunas Art Club had 29 members at the end of
the 20.2 financial year. Membership fees amounts to R320 per month. On 1 January 20.2, five new members joined the club and paid
an entrance fee of R100 each. The entrance fees received was capitalised to the accumulated fund account. Membership fees
received in advance on 31 December 20.1 was R23 040. The financial year-end of Lunas Art Club is 31 December.
The amount for membership fees that will disclosed in the income and expenditure statement on 31 December 20.2 will be …
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: 134400
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=22885672&cmid=846356 1/10
, 10/2/24, 1:02 PM Assessment 3 (page 1 of 2)
Question 3
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Joe Traders is not a registered VAT vendor. On 1 July 2023, Joe Traders bought machinery for R90 000 on credit from Malebo
Machines. BB Logistics delivered the machinery at an additional cost of R1 600. Malebo Machines send a technician who installed
the machinery and tested its operationality for R1 900. Joe Traders paid the delivery cost and installation cost with electronic funds
transfers. The interest charged on the outstanding amount for the year ended 30 June 2024 was R7 800.
Depreciation is calculated on machinery at 18% per annum, using the straight-line method.
Required:
What will the depreciation on the machinery be that is recorded in the statement of profit or loss and other comprehensive income for
the year ended 30 June 2024?
NB: 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 (eg: 12141)
Answer: 16830
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=22885672&cmid=846356 2/10
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