FAC1502 - Financial Accounting Principles, Concepts And Procedures (FAC1502)
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University Of South Africa (Unisa)
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FAC1502 - Financial Accounting Principles, Concepts And Procedures (FAC1502)
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FAC1502
ASSIGNMENT 4
SECOND SEMSTER 2022
BY: MTHOMBENI : 0767297208
1
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VERSION 1
CK TRADERS
AN EXTRACT OF THE PRE-ADJUSTMENT TRIAL BALANCE AS AT 31 OCTOBER 20.9
R
Capital……………………………………………………………………………....................……... 450 000
...……. 5 500
Drawings………………………………………………………………………………..................…. 180 560
......…. 129 875
Trade receivables control……………………………………………………………..................…… 50 000
Trade payable 23 722
control………………………………………………………………...........…...........… 1 075 30
Land ............................................................................................................................................... 8
Building…………………………………………………………………....................................…..... ?
...….. 125 900
Machinery (at 12 590
cost)……………………………………………………………………....................…… 4 800
Accumulated depreciation: Machinery (1 November 20.8)……………………………. 15 909
Vehicle (at 254
cost)………………………………………………………………….......................…………. 2 542
Accumulated depreciation: Vehicle (1 November 20.8)………………………...……….. 264 000
Inventory: Trading (1 November 20.8)……………………………………………...........……… 120 782
Bank 1 530
(Favourable)…………………………………………………………………….......................……. 20 928
Petty 7 247
cash……………………………………………………………………………..........................…… 23 580
… 8 910
Cash 3 540
float………………………………………………………………………………..........................… 650
… 98 000
Loan from ATM 20 257
Bank…………………………………………………………………....................……. 9 456
Fixed deposit: TB 1 984
Bank…………………………………………………………....................……….....
Allowances for credit
losses………………………………………………………….................…….
Rental
income……………………………………………………………………………......................…..
Interest on fixed
deposit………………………………………………………………….................…
Advertising………………………………………………………………………………....................
.....…..
2
, Packaging
material………………………………………………………………………......................…
Stationery…………………………………………………………………………………..................
............
Credit
losses…………………………………………………………………………….........................…...
Salaries and
wages……………………………………………………………………......................……
Interest on loan from ATM Bank……………………………………………………..............……..
Water and
electricity…………………………………………………………………....................……..
Telephone
expenses……………………………………………………………………......................….
Additional information with regards to adjustments that you still need to take into account.
(a) CK Traders sublets part of its building to B Silver. B Silver paid R20 928 on the 1 November 20.8 for 15
months. The rental agreement stipulated that CK Traders will increase the rental amount to R1 688 from 1
August 20.9.
(b) CK Traders deposited R120 782 into a fixed deposit account with TB Bank on 1 February 20.9, at an
interest rate of 12% per annum. The interest is receivable twice per annum in June and December.
(c) On 1 November 20.8, CK Traders entered into an advertising contract with Kgomotso advertising
agency for a period of 2 years for a total amount of R23 580. CK Traders paid R23 580 to Kgomotso
advertising agency on 1 November 20.8 to cover the full contracted period.
(d) A physical inventory count revealed that the following was on hand on 31 October 20.9:
Inventory R7 775
Packaging material R1 990
Stationery R260
(e) On 1 December 20.8 CK Traders obtained a loan from ATM Bank. Interest is calculated at 11,5% per
annum. The loan repayment schedule indicate that the capital repayment of the loan would be made in four
equal instalments as follows:
Instalments Amount Repayment date
First instalment R66 000 30 April 20.10
Second instalment R66 000 31 October 20.10
3
, Third instalment R66 000 30 April 20.11
Fourth instalment R66 000 31 October 20.11
(f) You may assume that the total comprehensive loss for the year, after all the
above adjustments have been considered, amounted to R229 519.
The total amount for non-current liabilities to be shown in the statement of financial
position as at 31 October 20.9 will be …
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)
198000
Answer:
Question 2
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Question text
Indicate whether the following statement is true or false regarding the statement of financial position:
The statement reflects the non-current liabilities and current liabilities of the business.
Select one:
True
False
Question 3
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Question text
Extract of pre-adjustment trial balance of Kay Kay Traders as at 31 October 20.21
Debit Credit
R R
4
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