FAC1502 Assignment 4 Semester 01 2024 Verrified Quiz Answers (Due 21 May 2024) On 1
September 20.18 Mr Will Turner started a new blacksmith business called Iron Duke. Iron Duke manufactures and sells domesticcast iron furniture. The following transactions took place during the first financial year...
Assessment 4
Opened: Tuesday, 14 May 2024, 8:00 AM
Closes: Tuesday, 21 May 2024, 11:00 PM
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Attempts allowed: 1
Time limit: 2 hours
Grade to pass: 50.00 out of 100.00
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,Question 1
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On 1 September 20.18 Mr Will Turner started a new blacksmith business called Iron Duke. Iron Duke manufactures and sells domestic
cast iron furniture. The following transactions took place during the first financial year of the entity ending 31 August 20.19.
- Interest incurred on the purchase of a CNC machine on credit from Big Traders was R660 for the year; no payments or
entries regarding this interest were made yet in the books of Iron Duke.
- Interest due on the long-term loan was R12 500 for the year ending 31 August 20.19 and was paid in cash on 2 September
20.19.
- On 31 August 20.19, Mr Will Turner, decided to trade-in the old delivery van for a new delivery van. The trade-in value was
R14 500, and the cost of the new delivery van was R60 000, with the difference settled in cash. (You only need to do the entry for
the acquisition of the new delivery van.)
Show the effect of each transaction on the basic accounting equation with a plus sign (+) for an increase and a minus sign (-) for a
decrease next to each amount under each element. Also indicate the account(s) that will be affected by each transaction next to
the affected elements for the financial year ended 31 August 20.19. (The business makes use of the perpetual inventory system.)
Instructions:
Drag the correct answer into the correct space.
An option can be used more than once.
If an options has been provided and it is not applicable to the speci c questions please put N/A in the accounts column and a 0 in the
amounts column.
Keep the transactions strictly in the order they were given.
K Swa Traders which uses a perpetual inventory system and a mark-up of 35% on cost price had the following transactions during the
current nancial year:
(a) Bought inventory for R9 000 cash and also paid cash for the carriage on purchases of R1 500.
(b) Inventory with a cost price of R4 000 was sold on credit.
NOTE: Ignore any VAT implications
Record the given transactions under the appropriate columns below:
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. A decrease in an amount must be indicated by using a negative sign in front of the amount (eg: -1000.01)
4. An increase must be indicated by the amount without any sign (eg: 1000.01)
5. If an option has a increase as well as a decrease the net effect will be 0.
6. If an option has been provided that is not applicable to the question, please use N/A in the column to indicate that the option is not
applicable.
7. First do the sales entry, then the cost of sales entry.
8. Please make sure about the spelling of a term.
Subsidiary journal Account in the general ledger to be Net effect on Net effect on N
No assets = equity +
Debited Credited
(a) Cash Payments Journal Inventory Bank -9000 -9000 0
Cash Payments Journal Inventory Bank -1500 -1500 0
Indicate whether the following statement is true or false regarding the statement of nancial position:
Equity is determined by deducting total liabilities from assets.
Select one:
True
False
, Question 4
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You are given the following information for United Tennis Club for the year ended 31 December 20.6.
a) Membership fees received for the year is R74 880.
b) Membership fees was R400 in 20.5, R480 in 20.6 and will be R560 in 20.7.
c) On 1 January 20.6, the membership fees of five members for 20.5 were still due.
d) On 31 December 20.5, six members prepaid their membership fees for 20.6.
e) On 31 December 20.6 four members paid their membership fees for 20.7.
f) Membership fees received during 20.6 included the membership fees of two members who did not pay in 20.5. The other three
members membership fee must be written off as irrecoverable.
g) On 31 December 20.6, three member’s membership fees for 20.6 were still outstanding.
Instructions:
1. Drag the correct answer into the correct space (cell phone click on the answer and click on the place where you want to place the
amount - also keep your cell phone horizontal when doing the question).
2. An option can be used more than once.
3. Keep the transactions strictly according to date sequence.
4. If an options has been provided and it is not applicable to the speci c questions please put N/A in the account column and a 0 in the
amount column.
The properly balanced membership fees for United Tennis Club as at 31 December 20.6 will be …
GENERAL LEDGER
UNITED TENNIS CLUB
Dr Membership fees Cr
20.6 20.6
Accrued income 2000 Income received in advance 2880
Jan 1 Jan 1
Dec 31 Dec 31
Income and expenditure 76160 Bank 74880
Income received in advance 2240 Credit losses 1200
Accrued income 1440
80 400 80 400
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