Other
FAC1503 ASSIGNMENT 08
- Course
- Fac1503 (FAC1503)
- Institution
- University Of South Africa (Unisa)
DISTINCTION
[Show more]
Content preview
10/9/24, 11:13 AM Assessment 8 (page 2 of 2)FAC1503-24-S2 FAC1503 - Financial Accounting Principles for Law Practitioners Assessment 8
QUIZ
Time left 0:36:20
Question 2
Answer saved
Marked out of 5.00
Dlamini Attorneys specialises in the registration of new patents and trademarks as well as setting up contracts for selling
existing patents and trademarks. The business is NOT a registered VAT vendor. The South African government started the
planning and construction of a new smart city in KwaZulu Natal. Dlamini Attorneys decided to branch out to seize the
opportunity since they belief many new patents and trademarks will be developed or created from this initiative.
On 1 September 2023, Dlamini Attorneys bought furniture for the new office to the amount of R27 780. The purchase was
financed through a loan obtained from Anele Bank.
It was decided to depreciate the furniture by 20% per annum using the reducing-balance method. The financial year of Dlamini
Attorneys ends on 31 December 2023.
Required:
Record the following in the general journal of Dlamini Attorneys:
a) Depreciation on the furniture for the year ending 31 December 2023
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. Do not type in “R” for Rand in the numeric block
Dlamini Attorneys
General journal – 31 December 2023
Day Details Debit Credit
R R
31
Depreciation 1852
Accumulated depreciation 1852
Depreciation on furniture for the
period ending 31 December 2023
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php 1/13
, 10/9/24, 11:13 AM Assessment 8 (page 2 of 2)
Question 3
Answer saved
Marked out of 3.00
The following information for the month ended 30 April 2022 relates to SA Attorneys:
EXTRACT FROM THE TRIAL BALANCE OF SA ATTORNEYS ON 31 MARCH 2022
Debit Credit
R R
Business bank 18 300
Trust bank 18 900
Trust creditors control:
S Africa 8 000
G Langa 7 500
C Natal 3 400
Clients control:
S Africa 6 900
G Langa 5 790
Additional information
1. The following totals appeared in the subsidiary journals of SA Attorneys on 30 April 2022:
Trust cash receipts journal R Trust cash payments journal R
Trust creditors 36 630 Trust creditors 14 610
E North 30 000 G Langa 11 610
S Africa 6 630 C Natal 3 000
Bank 36 630 Bank 14 610
Fees journal
Business cash payments journal Clients control 8 780
Sundries 16 950 S Africa 3 780
Bank 16 950 C Natal 5 000
Fees
8 780
What is the total amount to be transferred from the trust creditor account to the client creditors account for S Africa once all the obligations
to S Africa have been met in full on 30 April 2022?
Select one:
a. R10 680
b. R3 780
c. R8 000
d. R0 because an amount of R6 900 should be transferred to the trust creditor's account of S Africa
Clear my choice
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php 2/13
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 R133,33. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
53022 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy summaries for 14 years now