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Fac1502 Assignment 2 Semester 1 2024
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FAC 1502ASSIGNMENT 2 SEMESTER 1 2024
Use this document as a guide to learn, compare and reference
,EXPECTVIEW TUTORS
,4/5/24, 2:34 PM Assessment 2
Thato, the owner of Thato Traders keep incomplete records of the business transactions. The following information is available.
THATO TRADERS
Balances as at 30 June 20.21 (extract):
20.20 20.21
R R
Vehicles at cost ……………………………………………… 86 400 86 400
Furniture and equipment at cost…………………………..... 79 500 79 500
Inventory……………………………………………................ 65 310 ?
Trade receivables control……..……………………………... 26 610 37 050
Bank (favourable)…………………………………………...... 75 000 60 000
Long-term borrowings……….……………………………...... 90 000 45 000
Trade payables control………..……………………………… 28 500 38 100
Accrued expenses……………………..…………………....... 10 200 6 900
Prepaid expenses……………………………………………… 1 080 1 095
Additional information:
A physical inventory count revealed that the following was on hand on 30 June 20.21:
Inventory R85 000
Stationery R2 875
Packing materials R650
The total amount of trading inventory for Thato Traders as at 30 June 20.21 will 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)
Answer: 85000
Question 2
Answer saved
M arked out of 1.00
Indicate whether the following statement is true or false :
When the perpetual inventory system is used, carriage on purchases, is credited to the asset account, inventory, since the cost of sales must
be brought into account with each sales transaction and carriage on purchases constitutes an integral part of the cost per unit.
Select one:
True
False
1/15
, 4/5/24, 2:34 PM Assessment 2
2/15
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