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FAC1502 ELECTIVE ASSIGNMENT 5-DUE 05 NOVEMBER 8AM
- Institution
- University Of South Africa (Unisa)
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11/4/24, 10:14 AM Assessment 5 (page 1 of 2)UNISA 2024 FAC1502-24-S2 Welcome Message Assessment 5
QUIZ
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Question 1
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On 31 December 20.2, the end of the financial year for Kiyu Traders, the total amount of unused packing material was R4 500. The
amount reflecting in the trial balance for packing material at year-end was R6 000.
The correct general ledger entries in the packing material account of Kiyu Stores on 31 December 20.2 are ...
Instructions:
1. First do the adjustment general ledger entries and then do your closing transfer general ledger entries.
2. Use a full stop to indicate any decimals (eg: 1000.01)
3. Round off to the second decimal after the full stop (eg: 50.56)
4. Only show the amount, do not show the R (eg: 12141)
KIYU STORES
GENERAL LEDGER
Dr Packing material Cr
20.2 R 20.2 R
Dec 31 Profit or loss account 6000 Dec 31 Consumable stores on hand 4500
Accrued Expenses 1500
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=23469426&cmid=846358 1/7
, 11/4/24, 10:14 AM Assessment 5 (page 1 of 2)
Question 2
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Marked out of 7.00
Spaza Stores is not a registered VAT vendor and applies the principles of the perpetual inventory system. The business trades in small
kitchen appliances.
On 30 September 2024, the end of the financial year of Spaza Stores, the following balances appeared in the trial balance:
R
Inventory 68 370
Trade receivables control account 143 100
Sales 180 200
Settlement discount granted 795
The entity’s credit policy allows a settlement discount granted of 4% if an account is settled within 30 days after the sale took place. Over
the years the entity established that 50% of its customers take up the settlement discount granted.
Required:
Using the information given, show the disclosure of the fixed deposit in the financial statements of Spaza Stores for the year ended 30
September 2024.
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. Only show the amount, do not show the "R" (eg: 1000)
4. If no amount should be recorded in any of the numeric spaces, please indicate it by filling in a zero ("0")
SPAZA STORES
STATEMENT OF FINANCIAL POSISTION AS AT 30 SEPTEMBER 2024
R
Current assets 113897
Inventory 111035
Trade receivables control 2862
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=23469426&cmid=846358 2/7
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