Exam (elaborations)
FAC1502 Assignment 7 2024 | Due 7 November 2024
- Institution
- University Of South Africa (Unisa)
FAC1502 Assignment 7 2024
[Show more]
Content preview
11/6/24, 3:59 PM Assessment 7 (page 1 of 2)UNISA 2024 FAC1502-24-S2 Welcome Message Assessment 7
QUIZ
Assessment 7
Back
Time left 0:52:04
Question 1
Mandla Traders' (not a registered VAT vendor) financial year ends annually on 31 December. The
Answer saved business uses the perpetual inventory system. During the current financial year of 20.22, Mandla
Marked out of Traders had credit sales of R490 000. The company applies a 40% mark-up on cost price.
9.00
The correct recording of the transaction in the general ledger of Mandla Traders will be:
Flag question
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 SJ Dec GJ
Inventory 350000 Sales 350000
31 31
0 0
Dr Sales Cr
20.22 20.22
Dec GJ 490000 Dec SJ 490000
Trade receivables control Inventory
31 31
0 0
.
Question 2 The following information for August 20.19 relates to NP Glassworks:
Answer saved
Marked out of 1. Pencil totals of the bank columns in the cash journals at 31 August 20.19:
5.00
Flag question Cash receipts journal, R65 650
Cash payments journal, R15 800
2. The bank statement for August 20.19 reflected the following items which did not appear
in the cash journals for August 20.19:
Credit balance per bank statement at 31 August 20.19, R44 109.
Direct deposit: Ms A Ngcobo, R2 000. NP Glassworks sublets part of its building to Ms A
Ngcobo, who pay the monthly rental via electronic funds transfer.
Interest on the favourable bank account, R459.
A deposit meant for another client, R5 400.
Service fees, R300.
Debit order, WM Insurers, R6 300
3. Items appearing in the cash journals for August 20.19 but not on the bank statement for
August 20.19:
A deposit on 30 August 20.19, R14 000.
4. On 1 August 20.19, the opening balance of the bank account was R7 000 (favourable).
Complete the cash receipts journal of NP Glassworks, bank column only, for August
20.19.
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=23525734&cmid=846360 1/8
, 11/6/24, 3:59 PM Assessment 7 (page 1 of 2)
Instructions:
Drag the correct answer into the correct space.
An option can be used more than once.
If an options has been provided and it is not applicable to the specific questions please put N/A in the
accounts column and a 0 in the amounts column.
Start with the subtotal and thereafter keep the transactions strictly in the order they were given.
Subtotal
A Ngcobo/trade receivables control
Interest on bank account
Subtotal N/A
A Ngcobo - Rent income A Ngcobo/trade receivables control
WM Insurers/trade receivables control Service fees
A Ngcobo/trade payables control WM Insurers/trade payables control
Sales Interest on bank account
7 000 459 2 000 5 400 44 109 67 650 6 300 73 509 73 050 0
65 650 300 15 800 68 109 14 000 49 850
Question 3
You are given the following information for Thabo's Plumbers:
Answer saved
R
Marked out of
1.00 Services rendered for cash 60000
Flag question Services rendered on credit 42000
Wages 50000
Water and electricity 6000
Credit losses 4000
Interest paid on bank overdraft 600
Credit losses recovered 600
Consumables 5000
Bank charges 460
EFT for rent paid to WR Estate Agency 9000
Interest earned on a 30 day fixed deposit 2000
Total expenses for Thabo's Plumbers is ….
NB: 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 (eg: 12141)
4. Show a total comprehensive loss with a “– sign”.
Answer: 73000
Tyamo Traders is a registered VAT vendor and applies the principles of the perpetual inventory system.
The following information was extracted from the financial records of Tyamo Traders on 30 June 2024.
TYAMO TRADERS
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=23525734&cmid=846360 2/8
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 Hometutor. 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)
60904 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy summaries for 14 years now