Exam (elaborations)
Fac1502 Assignment 6 Semester 2 2024 All question covered
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- University Of South Africa (Unisa)
Fac1502 Assignment 6 Semester 2 2024 All question covered
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11/5/24, 2:36 PM Assessment 6 (page 1 of 2)UNISA 2024 FAC1502-24-S2 Welcome Message Assessment 6
QUIZ
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Question 1
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K Swa Traders (not a registered VAT vendor) makes use of the periodic inventory system and a mark-up of 35% on cost price. The
following transactions took place during the current nancial year:
(a) Bought inventory for R15 535 on account
(b) Inventory returned by a customer previously sold for cash R 6 650 and the K Swa Traders refunded the customer.
(c) Inventory was sold on credit for R9 180.
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 Net effect on Net effect
No on = equity + on
assets liabilities
Debited Credited
(a) Purchases journal Inventory Trade payables control 15535 N/A 15535
(b) Sales returns journal Inventory Bank -6650 -6650 N/A
(c) Sales journal Trade receivables control Sales 9180 9180 N/A
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=23498750&cmid=846359 1/11
,11/5/24, 2:36 PM Assessment 6 (page 1 of 2)
Question 2
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Indicate whether the following statement is true or false regarding investment in shares:
Dividends earned on investments in shares are only received if the company from whom the shares are bought declares a dividend.
Select one:
True
False
Question 3
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Marked out of 2.00
Designer Traders obtained an unsecured loan for an amount of R230 000 at the beginning of the current nancial year from ATM Bank at
an interest rate of 16% per annum. 50% of the loan was repaid on 1 March 20.19 and the remainder needs to be repaid on 1 March
20.20. The interest is not capitalised but paid to the bank on the day the loan is repaid. Designer Traders current nancial period ends on
31 May 20.19 and according to the extract from pre-adjustment trial balance as at 31 May 20.19, interest on loan amounted to R27 600.
The amount for interest payable to be shown in the statement of nancial position for the year ended 31 May 20.19 will be?
Instructions:
1. Use a full stop to indicate any decimals (eg: 70.01)
2. Round off to the nearest R (eg: 50.56 is 51)
3. Only show the amount, do not show the R (eg: 12141)
Answer: 16866
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=23498750&cmid=846359 2/11
,11/5/24, 2:36 PM Assessment 6 (page 1 of 2)
Question 4
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You are given the following information for United Tennis Club for the year ended 31 December 20.6:
a) Membership fees received for the year is R74 880.
b) Membership fees was R400 in 20.5, R480 in 20.6 and will be R560 in 20.7.
c) On 1 January 20.6, the membership fees of four members for 20.5 were still due.
d) On 31 December 20.5, six members prepaid their membership fees for 20.6.
e) On 31 December 20.6 two members paid their membership fees for 20.7.
f) Membership fees received during 20.6 included the membership fees of three members who did not pay in 20.5. The other member's
membership fee must be written off as irrecoverable.
g) On 31 December 20.6, three member’s membership fees for 20.6 were still outstanding.
Required:
Prepare the membership fees account in the general ledger as at 31 December 20.6
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)
4. Keep the transactions strictly according to date sequence
5. When no amount needs to be entered in a column, then indicate this by entering "0" in the column.
6. If an option has been provided and it is not applicable to the speci c question please put N/A in the account column.
GENERAL LEDGER
UNITED TENNIS CLUB
Dr Membership fees Cr
20.6 20.6
Accrued income 2000 Income received in advance 2880
Jan 1 Jan 1
Dec 31 Dec 31
Income received in advance 2240 Bank 74880
Income and expenditure 76160 Credit losses 1200
Accrued income 1440
79 600 79 600
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=23498750&cmid=846359 3/11
, 11/5/24, 2:36 PM Assessment 6 (page 1 of 2)
Question 5
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Marked out of 2.00
Betties Smith is the owner of Betties Plumbing. You are given the following information for Betties Plumbing for the year ended 28
February 20.2:
R
Capital 150 000
Services rendered 350 000
Wages 60 000
Telephone expenses 6 000
Water and electricity: Deposit 8 000
Insurance 1 500
Maintenance of vehicles 1 500
Interest expense 2 500
Interest income 5 000
Rent income 18 000
What is the correct equity amount for Betties Smith on 28 February 20.2:
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)
Answer: 451500
Question 6
Not yet answered
Marked out of 5.00
Spaza Dealers is not a registered VAT vendor and applies the principles of the perpetual inventory system.
On 30 June 2024, the bookkeeper of Spaza Dealers noticed that AA Wholesalers (a debtor) owing Spaza Dealers R6 825 was overdue by
three months and that interest of 11.5% per annum should be charged due to the late payment of the account.
What will the correct general journal entry for the given transaction in the books of Spaza Dealers be?
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. Do not type in “R” for Rand in the numeric block
4. If any debit or credit line item is not applicable indicate the account name by choosing N/A from the list and complete the amount as
zero "0"
Debit Credit
R R
30
Trade and other receivables control (AA Wholesalers) 196.21
Interest income 196.21
Interest charged on the overdue account of AA Wholesalers
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=23498750&cmid=846359 4/11
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