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FAC1503 ASSIGNMENT 08
- Course
- Fac1503 (FAC1503)
- Institution
- University Of South Africa (Unisa)
DISTINCTION
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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
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Question 2
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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
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, 10/9/24, 11:13 AM Assessment 8 (page 2 of 2)
Question 3
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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
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