Exam (elaborations)
FAC1502 ASSIGNMENT 7 SEMESTER 2 2024 ALL QUESTIONS ARE COVERED
- Institution
- University Of South Africa (Unisa)
FAC1502 ASSIGNMENT 7 SEMESTER 2 2024 ALL QUESTIONS ARE COVERED
[Show more]
2 reviews
By: thobekangozo • 2 weeks ago
By: ExpertAcademy • 2 weeks ago
Content preview
Assessment 7 (page 1 of 2) https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=23UNISA 2024 FAC1502-24-S2 Welcome Message Assessment 7
QUIZ
Time left 1:25:56
Question 1
Not yet answered
Marked out of 2.00
Betties Dealers obtained a loan of R 850 000 from VL Bank on 1 October 2023. The loan is secured by mortgage over land and buildings
and is redeemable in four equal annual instalments. The �rst instalment on loan is payable on 31 August 2024. The interest rate payable is
14%. Betties Dealers �nancial year end 28 February.
The amount of the interest expense to be disclosed in the statement of pro�t or loss and other comprehensive income for the year ended
28 February 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: 49583.33
Question 2
Not yet answered
Marked out of 1.00
An entity has the following balances: Bank (Cr): R5 000; Machinery: R30 000; Trade receivables: R2 000; Drawings: R250.
The capital amount 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: 27250
1 of 12 2024/11/06, 14
,Assessment 7 (page 1 of 2) https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=23
Question 3
Not yet answered
Marked out of 1.00
Indicate by choosing the correct option whether the following statement is true or false:
Single-entry systems, that is incomplete records, are sometimes used by small businesses, because they know very little about basic
bookkeeping principles.
Select one:
True
False
Question 4
Not yet answered
Marked out of 1.00
You are given the following information for Sibas Nail Bar: R
Equipment……………………………………………………………………….................................. 31 500
Manicure tables and chairs……………………………………………………........................ 4 200
Inventory……………………………............................................................................. 10 500
Clients owing Sibas Nail Bar…………………………............................................... 5 250
Sibas Nail Bar owes Salon Suppliers……………………………............................... 15 750
Bank overdraft……………………………………………………………..................................... 3 150
The total current liabilities of Sibas Nail Bar will be …
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: 32550
2 of 12 2024/11/06, 14
,Assessment 7 (page 1 of 2) https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=23
Question 5
Not yet answered
Marked out of 5.00
Ronnie Dealers is not a registered VAT vendor and applies the principles of the perpetual inventory system.
On 31 March 2024, Ronnie’s Dealers received a statement from MM Wholesalers (a creditor). The bookkeeper noticed that Ronnie's Dealers
owe MM Wholesalers R3 250 and that interest of 12% was charged due to late payment of the account. No entry was made in the
accounting records of Ronnie Dealers for the interest amount charged.
What will the correct general journal entry for the given transaction in the books of Ronnie 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
31
Interest expense 390
Trade and other payables control (MM Wholesalers) 390
Interest charged on the overdue account of MM Wholesalers
3 of 12 2024/11/06, 14
,Assessment 7 (page 1 of 2) https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=23
Question 6
Not yet answered
Marked out of 20.00
Paarl'sTrading, a registered VAT vendor, uses the periodic inventory system. The VAT rate is 15%.
The following is an extract from the �nancial records of Paarl'sTrading for January 2024:
R
Trade receivables: opening balance (1 January) 66 525
Credit sales 90 990
Cash receipts journal: Trade receivables column total (31 55 500
January)
Sales returns journal: Trade receivables column (31 January) 6 580
At month's end, the Bookkeeper completed a debtor’s reconciliation and found the following:
1. On 10 January, a client returned goods sold to him on credit for R1 390. This transaction was incorrectly recorded in the Purchases
returns journal instead of the Sales returns journal.
2. The trade receivables column in the cash receipts journal was overcast by R1 334. The bookkeeper has not corrected the error.
3. On 18 January, goods sold on credit in the amount of R7 500 were recorded in the sales journal as R5 700. No journal entry has been
made to correct this error.
4. Paarl's Suppliers' account was charged an interest of R625 during the month. Entries were only made in the trade payables ledger.
5. On 21 January 2024, Paarl's Trading was informed that S Samuels, the debtor who owed the entity R1 340, had been declared
insolvent. The amount must be written off as irrecoverable.
Required:
Complete the trade receivables control account in Paarl Trading's general ledger for the month ending 31 January 2024.
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. If no amount should be recorded in any of the numeric spaces, please indicate it by �lling in a zero ("0")
4. Only show the amount, do not show the "R" (eg: 1000)
Dr Trade receivables control Cr
2024 R 2024 R
Jan 1 Balance b/d Jan 1 Balance b/d
66525 0
31 31
Sales and VAT SJ 92790 Bank CRJ 54166
Interest income GJ 625 Credit losses and VAT GJ 1340
Sales returns and VAT SRJ 7970
Balance c/d Balance c/d
0 96464
159940 159940
Feb 1 Balance b/d Feb 1 Balance b/d
96464 0
4 of 12 2024/11/06, 14
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller SmartTutors. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R50,00. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
73216 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy summaries for 14 years now