Exam (elaborations)
FAC1502 Assignment 6 Semester 2 2024 (100%)
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- University Of South Africa (Unisa)
FAC1502 Assignment 6 Semester 2 2024
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11/5/24, 1:46 PM Assessment 6 (page 1 of 2)Time left 0:09:36
Question 1 Betties Smith owns Betties Plumbing. The following information is provided for Betties Plumbing for the year
Answer saved ended 30 June 20.1.
Marked out of
2.00
R
Flag question
Capital 250 000
Services rendered 500 000
Wages 100 000
Telephone expenses 8 000
Water and electricity 5 000
Insurance expenses 2 500
Maintenance of vehicles 3 000
Interest expenses 1 500
Interest income 2 000
What is the correct profit or loss for Betties Plumbing for the year ended 30 June 20.1?
NB: Instructions
1. Use a full stop to indicate any decimals (e.g., 1000.01)
2. Only show the amount; do not show the R (e.g., 12141.72)
3. If the net effect is a loss, please enter the amount as a negative (e.g.: -12141.72)
Answer: 382000.00
Question 2
K Swa Traders (not a registered VAT vendor) makes use of the periodic inventory system and a mark-up of 50%
Answer saved on cost price. The following transactions took place during the current financial year:
Marked out of (a) Bought inventory for R14 580 cash
18.00
(b) Inventory previously sold on credit and returned by customers amounted to R 1 800.
Flag question
(c) Inventory was sold for cash R9 560.
Required:
Record the above transactions in the table provided below.
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. A decrease in an amount must be indicated by using a negative sign in front of the amount (eg:
-1000.01)
4. An increase must be indicated by the amount without any sign (eg: 1000.01)
5. If an option has a increase as well as a decrease the net effect will be 0.
6. If an option has been provided that is not applicable to the question, please use N/A in the column to indicate
that the option is not applicable.
Subsidiary journal Account in the general ledger to be Net effect on Net effect
No assets = equity
Debited Credited
(a) -14 580 14580
Cash payments journal Inventory Bank
(b)
Sales returns journal Sales returns Trade receivables control -1800 -1800
(c) 9560 9560
Cash receipts journal Bank Sales
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=23497549&cmid=846359 1/7
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