Other
FAC1502 ASSIGNMENT 3 - DUE 8 OCTOBER 2024 SEMESTER 2
- Institution
- University Of South Africa (Unisa)
The document that will enable you to pass your fac1502 assignment 2024
[Show more]
Content preview
10/3/24, 9:14 AM Assessment 3 (page 1 of 2)FAC1502-24-S2 Welcome Message Assessment 3
QUIZ
Time left 1:26:06
Question 1
Not yet answered
Marked out of 12.00
Use the following transactions during Jan 20.2 to reflect the transactions in the capital account of Intercity Dentist (not a
registered VAT vendor) for the month ended 31 Jan 20.2 (Please indicate the correct contra ledger account):
Date Transactions Amount
20.2 R
Jan 1 Mr K Mosipi, the owner of Intercity Dentist, made an EFT deposit 143 620
into the bank account of the business as opening capital.
Jan 13 As an additional capital contribution Mr Mosipi transferred an 125 750
dentist chair, he inherited, to the business.
Jan 20 Made an EFT to Mr K Mosipi for private use 26 100
The total comprehensive loss for the year ended 31 Jan 20.2 is R30 500.
Please note that the financial year-end of is 31 Jan 20.2.
Required:
Use the above information to compile the capital account of Intercity Dentist for the period ending 31 Jan 20.2
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)
INTERCITY DENTIST
GENERAL LEDGER
Dr Capital Cr
20.2 R 20.2 R
Jan 20 Drawings 26100 Jan 1 Bank 143620
Jan 31 Total comprehensive loss for the year 30500 Jan 13 Furniture 125750
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=22913359&cmid=846356 1/8
, 10/3/24, 9:14 AM Assessment 3 (page 1 of 2)
Question 2
Not yet answered
Marked out of 11.00
The following information relates to Moloko:
Balances as at 31 August 20.3: R R
Plant and machinery (at cost) 127 500
Accumulated depreciation: plant and machinery 69 900
Additional information
(a) According to the assets register, plant and machinery consist of two Desh machines of equal value. Both the
machines were purchased by obtaining a loan from Bakona 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 King machine on credit
from Precious Ltd for R135 000. One of the Desh machines was traded in, reducing the amount owing to Precious Ltd to R105 750.
(d) On 1 February 20.4, installation charges on the new machine amounting to R9 000 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)
Moloko
GENERAL LEDGER
Dr Machinery realisation Cr
R R
20.4 20.4
Jan 31 Balance b/d 63750 Jan 31 Accumulated depreciation 37350
Profit on sale of machinery 2850 Precious Ltd/Trade payables control
29250
66600 66600
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=22913359&cmid=846356 2/8
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller nompumelelokampumi93. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R153,33. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
57727 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy summaries for 14 years now