100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
FAC1502 November 2020 Online Assessment R50,00
Add to cart
Quickly navigate to
Preview
  2.  
  3. University Of South Africa (Unisa)
  4.  
  5. FAC1502 - Financial Accounting Principles, Concepts And Procedures (FAC1502)

Answers

FAC1502 November 2020 Online Assessment
 147 views  1 purchase

FAC1502 November 2020 Online Assessment Solutions

Preview 1 out of 11  pages

Document information

  • January 4, 2021
  • 11
  • 2020/2021
  • Answers
  • Unknown

Subjects

Written for

All documents for this subject (227)

Seller

avatar-seller
aj107

Reviews received

Content preview

FAC1502
Financial Accounting Concepts, Principles and Procedures
Online Assessment November 2020

The following information pertains to ALL STARS Tennis Club




1. Which of the following represents the correct amount for the gross profit/loss of the small
shop selling refreshments of ALL STAR Tennis Club to be disclosed in the income and
expenditure statement for the year ended 31 December 2019

a) Gross profit = R36000
b) Gross profit = R26120
c) Gross profit = R18500
d) Gross profit = R24120
e) Gross profit = 27120

Answer:

• The basic formula to calculate Gross is through taking cost of sales from sales
• Sales – Cost of sales = Gross profit
• You are given the sales amount and you need to work out the cost of sales
• Opening Inventory + Purchases – Closing Inventory= Cost of sales

𝑅1000 + 𝑅10880 − 𝑅2000 = 𝑅9880
𝑅36000 − 𝑅9880 = 𝑅26120


2. On 1 January 2019 the carrying value of equipment was R19720 (cost price R25670 and
accumulated depreciation, R5950). On 1 January 2019 equipment costing R5670 was purchased
(not included in the R25670). The depreciation policy is to provide for depreciation on all
equipment held at year-end, at 25% per annum on the diminishing balance method.

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

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

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

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 aj107. 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)

53068 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy summaries for 14 years now

Start selling
R50,00  1x  sold
  • (0)
Add to cart
Added