Examen
Fac1502 Assignment 5 Semester 2 2024 All Question
- Grado
- Institución
Fac1502 Assignment 5 Semester 2 2024 All Question covered
[Mostrar más]Vista previa 4 fuera de 173 páginas
Vista previa 4 fuera de 173 páginas
Añadir al carrito
Añadir al carrito
1 revisar
Por: ExpertAcademy • 1 semana hace
Vendedor
Seguir
SmartTutors
Comentarios recibidos
Vista previa del contenido
11/4/24, 10:40 AM Assessment 5 (page 1 of 2)FAC1502-24-S2 Welcome Message Assessment 5
QUIZ
Time left 0:21:03
Question 1
Not yet answered
Marked out of 1.00
Sales is R125 000. Mark-up of 50% on selling price. What is the cost of sales amount?
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)
Answer: 83333.33
Question 2
Not yet answered
Marked out of 4.00
Ms B Betty owns Betties Dealers. In which book of rst entry (subsidiary journal) will the bookkeeper of Betties Dealers record the
transactions that occurred on 25 March 20.1?
Date Transaction
20.1
General journal
March 25 Send some of the IT accessories, bought from JJ Computers on credit, back because it is
not fit for the purpose Betties Dealers wanted to use it.
Date Transaction
20.1 Sales journal
March 25 Sold goods on credit to Arch Traders for R40 000.
Date Transaction
20.1 Purchases journal
March 25 Purchased a laptop and other IT accessories from JJ Computers on credit for R5 000.
Date Transaction
20.1 Purchases returns journal
March 25 Received a credit note from Ray Traders for R300 for damaged goods that was returned.
Question 3
Not yet answered
Marked out of 1.00
Indicate whether the following statement is true or false:
Fair value is the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market
participants at the measurement date.
Select one:
True
False
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=23469784&cmid=846358 1/6
,11/4/24, 10:40 AM Assessment 5 (page 1 of 2)
Question 4
Not yet answered
Marked out of 9.00
You are given the following transactions for an entity that uses the periodic inventory system:
Transaction Details
1 Sold inventory on credit to Ms F Khumalo for R19 200 (VAT exclusive).
2 Electronic funds transfer (EFT) payment of R7 000 (VAT exclusive) for merchandise
purchased from SS Wholesalers
3 Purchased inventory on credit from Lesedi Wholesalers for R34 500 (VAT inclusive)
Required:
Complete the table below for each of the three given transactions.
Indicate in which subsidiary journal the transaction will be entered.
Indicate whether the VAT Input account or the VAT Output account in the general ledger must be debited or credited.
You must then calculate the VAT amount and enter it in the amount column.
Instructions:
Only show the amount, do not show the R (eg: 12141)
Round off to the nearest Rand (eg: 50.56 is 51)
Do not type the amount with any spaces as separators for thousands (eg: 12141)
Transaction Subsidiary journal General Ledger Amount
1
Sales journal Credit VAT Output 2880
2
Cash payments journal Debit VAT Input 1050
3
Debit VAT Input 4500
Purchases journal
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=23469784&cmid=846358 2/6
,11/4/24, 10:40 AM Assessment 5 (page 1 of 2)
Question 5
Not yet answered
Marked out of 6.00
The rates and taxes account in the pre-adjustment trial balance of HS Traders on 28 February 20.2 shows an amount of R30 800. HS
Traders was unable to pay the rates and taxes for the last four months of the current financial year. The rates and taxes amount to be
paid was determined by the municipality and has been the same amount for every month for the current financial year.
The correct general ledger entries in the rates and taxes account in the books of HS Traders on 28 February 20.2 are ...
Instructions:
1. First do the adjustment general ledger entries and then do your closing transfer general ledger entries.
2. Use a full stop to indicate any decimals (eg: 1000.01)
3. Round off to the second decimal after the full stop (eg: 50.56)
4. Only show the amount, do not show the R (eg: 12141)
HS TRADERS
GENERAL LEDGER
Dr Rates and taxes Cr
20.2 R 20.2 R
Feb 28 Balance 30800 Feb 28 Pro t or loss account 46200
Accrued expense 15400
Question 6
Not yet answered
Marked out of 10.00
Kane Trading is a registered VAT vendor and makes use of the periodic inventory system. The following information relates to H Hass,
one of the debtors of KaneTrading.
H Hass' balance as per the trade receivables ledger as at 30 June 2024 was R19 200.
The following information had not been considered in correcting of the trade receivables ledger:
A debtor H Hass was charged 15% interest for June 2024 on the overdue account.
Required:
Prepare the corrected account of the debtor in the trade receivables ledger.
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. Only show the amount, do not show the "R" (eg: 1000)
4. If no amount should be recorded in any of the numeric spaces, please indicate it by lling in a zero ("0")
H Hass Debit Credit Balance
2024 R R R
June 30
Invoice total b/d 19200 Dr
Interest income CRJ 240 0 19440 Dr
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=23469784&cmid=846358 3/6
, 11/4/24, 10:40 AM Assessment 5 (page 1 of 2)
Question 7
Not yet answered
Marked out of 1.00
If the closing balance of the VAT input account and VAT output account for the month ended 28 February 20.21 amount to R8 978 and
R21 780, respectively. Is the following statement true or false about the VAT control account for the month ended 28 February 20.21.
The VAT control account will be debited with the amount of the VAT output account of R21 780 and credited with the amount of the VAT
input account of R8 978.
Select one:
True
False
Question 8
Not yet answered
Marked out of 7.00
Buseka Stores is not a registered VAT vendor and applies the principles of the perpetual inventory system. The business trades in small
kitchen appliances.
On 30 June 2024, the end of the nancial year of Buseka Stores, the following balances appeared in the trial balance:
R
Inventory 65 460
Trade receivables control account 142 000
Sales 188 000
Settlement discount granted 900
The entity’s credit policy allows a settlement discount granted of 6% if an account is settled within 30 days after the sale took place. Over
the years the entity established that 85% of its customers take up the settlement discount granted.
Required:
Using the information given, show the disclosure of the xed deposit in the nancial statements of Buseka Stores for the year ended 30
June 2024.
Instructions for numeric responses:
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. Only show the amount, do not show the "R" (eg: 1000)
4. If no amount should be recorded in any of the numeric spaces, please indicate it by lling in a zero ("0")
BUSEKA STORES
STATEMENT OF FINANCIAL POSISTION AS AT 30 JUNE 2024
R
Current assets 200218
Inventory 65460
Trade receivables control 134758
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=23469784&cmid=846358 4/6
Los beneficios de comprar resúmenes en Stuvia estan en línea:
Garantiza la calidad de los comentarios
Compradores de Stuvia evaluaron más de 700.000 resúmenes. Así estas seguro que compras los mejores documentos!
Compra fácil y rápido
Puedes pagar rápidamente y en una vez con iDeal, tarjeta de crédito o con tu crédito de Stuvia. Sin tener que hacerte miembro.
Enfócate en lo más importante
Tus compañeros escriben los resúmenes. Por eso tienes la seguridad que tienes un resumen actual y confiable. Así llegas a la conclusión rapidamente!
Preguntas frecuentes
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.
100% de satisfacción garantizada: ¿Cómo funciona?
Nuestra garantía de satisfacción le asegura que siempre encontrará un documento de estudio a tu medida. Tu rellenas un formulario y nuestro equipo de atención al cliente se encarga del resto.
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 2,69 €. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
45,681 summaries were sold in the last 30 days
Founded in 2010, the go-to place to buy summaries for 14 years now
Vistos recientemente
