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FAC1502 ELECTIVE ASSIGNMENT 7- DUE 07 NOVEMBER 2024
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- University Of South Africa (Unisa)
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11/6/24, 12:55 PM Assessment 7 (page 1 of 2)FAC1502-24-S2 Welcome Message Assessment 7
QUIZ
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Question 1
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Mandla Traders' (not a registered VAT vendor) financial year ends annually on 31 December.
The business uses the perpetual inventory system. During the current financial year of
20.22, Mandla Traders had credit sales of R405 000. The company applies a 35% mark-up
on cost price.
The correct recording of the transaction in the general ledger of Mandla Traders will be:
Instructions:
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Round off to the nearest Rand (eg: 50.56 is 51)
3. Only show the amount, do not show the R (eg: 12141.72)
Dr Cost of sales Cr
20.22 20.22
Dec Inventory SJ Dec Trading account GJ
300000 300000
31 31
300000 300000
Dr Sales Cr
20.22 20.22
Dec Trading account GJ 405000 Dec Trade receivables control SJ 405000
31 31
405000 405000
.
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=23522660&cmid=846360#question-23768835-10 1/12
, 11/6/24, 12:55 PM Assessment 7 (page 1 of 2)
Question 2
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An entity has the following balances: Bank: R100 000; Machinery: R20 000; Capital: R50
000; Drawings: R2 500.
The total liabilities of the entity according to the basic accounting equation is …
NB: Instructions
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Only show the amount, do not show the R (eg: 12141.72)
Answer: 67500
Question 3
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Indicate whether the following statement is true or false:
Sales is disclosed in the statement of profit or loss and other comprehensive income.
Select one:
True
False
Question 4
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Betties Dealers obtained a loan of R700 000 from VL Bank on 1 December 2023. The loan is
secured by mortgage over land and buildings and is redeemable in four equal annual
instalments. The first instalment on loan is payable on 31 August 2024. The interest rate
payable is 12%. Betties Dealers financial year end 31 March.
The amount of the interest expense to be disclosed in the statement of profit or loss and
other comprehensive income for the year ended 31 March 2024 is …
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
Answer: 7000
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=23522660&cmid=846360#question-23768835-10 2/12
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