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FAC1501 Assignment 9 Semester 1 2024
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FAC1501 Assignment 9 Semester 1 2024
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Guide to logging into myMod. X FA1501-24-S1: Assessment 9 Xx # □c ; mymodules.dtls.unisa.ac.za/mod/quiz/view.php?id=842833
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Time limit: 2 hours
Grade to pass 50.00 out of 100 00
Summary of your previous attempts
State Grade/ 100.00 Review Feedback
Finished 65.14 Well done. You passed this assessment
Submitted Thursday, 23 May 2024, 10.44 AM
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Question l
Mrs A Zulu, decided to open a small grocery store in her neighbourhood where she will support local people by purchasing their produce to sell. She
Answer saved
deposited R25 000 into the bank account of South Stores to start the business
Marked out of
1.00 In the accounting records of South Stores for this transaction, equity will increase on the credit side.
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Question Z Majola Traders is a registered VAT vendor and the financial year end is 28 February 2023 The bookkeeper of Majola Traders requested
your,
Time left
1.0417]
Incomplete noting the following:
answer
a) On 5 June 2022, Majola Traders received an electronic funds transfer of R135 240 (VAT inclusive) for rental of a new office building from June 2022 up to
Marked out of
31 May 2023. The total amount recorded on the trial balance on 28 February 2023 is R117 600.
8 00
Ela,g stior b) The total insurance paid for the year as per the trial balance on 28 February 2023 is R17 500. The monthly insurance premium is R1 437.50 (VAT inclusive).
Required:
Prepare the general Journal with regard to the adjustments of Majola Traders at 28 February 2023
MAJOLA TRADERS
GENERAL JOURNAL - FEBRUARY 2023
Debit Credit
R R
/ J
•
Rent income 29,400
(iccrued
Income [z«» _]
Adjustment entry for rent
(
Prepaid expense
(
Insurance
Adjustment entry for insurance
•
·)
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