THIS DOCUMENT IS CONTAINS COMPREHENSIVE FAC1502 ASSESSMENT 7 (ELECTIVE) SEM 1 OF 2024 EXPECTED QUESTIONS AND ANSWERS. USE IT CORRECTLY FOR PRACTICE AND AS A GUIDE TO HELP YOU SCORE ABOVE 75%
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The following balances were extracted from the subsidiary journals of General Spaza Shop as at 28 February 20.2.
R
Cash receipts journal
VAT input 3 546,24
Amounts for sales added in the Sales column 513 371,04
Cash payments journal
Amounts for purchases added in the Bank column 742 523,72
VAT output 4 892,16
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Purchases journal
0844708483
Trade payables column 387 320,00
FORFAC,ECS,MAC,DSC,TAX,FIN,INV,QMI,STA,BNU,MN
Sales journal
B,MNG tutoring
Trade receivables column 738 990,00
Purchases returns journal
Purchases returns column 50 399,44
Sales returns journal
Trade receivables column 32 714,40
On 1 February 20.2, the VAT input account had an opening balance of R123 525 and the VAT output account had an opening balance of R185 265.
Calculate the closing balance of the VAT output account as at 28 February 20.2.
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. For embedded questions spelling is very important. If you spell the answer incorrect it will be marked incorrect. Please make sure that your spelling of the words is correct.
4. Keep the ledger entries strictly according to the information given.
GENERAL SPAZA SHOP
GENERAL LEDGER
Dr VAT output Cr
20.2 R
R 20.2
Feb 28 Sales returns SRJ Balance 185265.00
32714.4 Feb 28 b/d
Feb 28 Bank 513371.04
VAT control GJ 1409803.80 CRJ
Trade payables control 4892.16
CPJ
Trade receivables control 738990.00
SJ
1442518.20 1442518.20
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0844708483
FORFAC,ECS,MAC,DSC,TAX,FIN,INV,QMI,STA,BNU,MNB,MNG
tutoring
,NM Stores will sublet part of it building to NS Technologies for R17 000 per month from 1 October 20.1. NS Technologies has an agreement with NM Stores in which a deposit of one month’s
rental must be paid on the first day of new financial year. On 1 October 20.1 the beginning of the financial year, NS Technologies made an EFT of R102 000 which included the one month’s
rental as a deposit into the bank account of NM Stores.
The correct general ledger entries in the rental income account of NM Stores on 30 September 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)
NM STORES
GENERAL LEDGER
Dr Rental income Cr
20.2 R 20.1 R
Sep 30 Oct 1
Bank overdraft 102000.00 Profit or loss account 204000.00
20.2
Sep 30 Accrued income 102000.00
, Opened: Tuesday, 14 May 2024, 8:00 AM
Closes: Tuesday, 21 May 2024, 11:00 PM
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Dear students, oscardiura@gmail.com
Please take note of the following important information regarding mandatory Assessment 4 for FAC1502: 0737560989
for FAC MAC ECS DSC TAX
Assessment 4: unique number: 218909
QMI FIN
The quiz will be available from Tuesday, 14 May 2024, 8:00 AM. INV BNU STA tutorials
This quiz will close on Tuesday, 21 May 2024, 11:00 PM.
PLEASE TAKE NOTE OF THE FOLLOWING IMPORTANT INFORMATION:
NB: Kindly note no extension or 2nd attempt will be granted for missing Assessment 4 for whatever reason (sick note, loadsheeding, network problems, etc.).
Please submit Elective Assessment 7 as a replacement for Assessment 4 you missed.
Please note the highest mark between Assessment 4 and Elective Assessment 7 will contribute towards your final mark.
1. You need to know the content of learning units 1 to 17 to be able to complete Assessment 4.
2. You will have one attempt to complete Assessment 4, and it will contribute 35% towards your final mark for FAC1502.
3. No radio buttons
Kindly note that if the radio buttons are not appearing next to the options of the questions, the problem is with the settings or the internet browser of the device (smartphone,
tablet, or computer) you are using to answer the questions. There is no problem with the setup of the quiz. Kindly request assistance from mymodule22@unisa.ac.za with
this technical issue.
Alternatively, if the radio button does not appear next to the option that you want to select, you can still click on the letter (a, b, c, or d) or the answer itself of the correct
option for the question.
4. How to use a smartphone
If you are using a smartphone to answer your assignments, you must hold your smartphone horizontally (---) when you choose the correct option for a MCQ.
We have noted that when the smartphone is held vertically (|), the options for the questions do not show the radio button next to the option.
When you use your smartphone to access myUnisa, you should make use of the Unisa myModules app and not via the internet browser of your smartphone.
5. Internet connectivity
Please ensure that you have stable internet connectivity whilst submitting your assessment, as well as take into account your load shedding/reduction schedule if applicable.
6. DO NOT open your assessment in multiple browser windows or tabs at the same time. If you do so, the system will automatically submit responses on your behalf without
your knowledge. Marks awarded for automatic submissions will be final marks. No additional opportunity for resubmissions will be given unless students utilise their second
Quiz assessment opportunity within the period that the assessment is open for submission.
7. DO NOT click your browser's back button while taking your assessment. Students are at risk of losing previous responses should they utilise browser navigation buttons.
Students are advised to always use Moodle navigation buttons to move to the next and previous (if allowed) question and to “Save” and "Submit.”.
8. Kindly note that you will be able to view your mark obtained for Assessment 4 and the overall feedback for Assessment 4 after you have submitted an attempt.
You will be able to view the questions you have received for the attempt, with the answers and feedback, after the due date of Assessment 4.
Kind regards
FAC1502 lecturers
Attempts allowed: 1
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 81.88 Congratulations, you pass the assessment with a distinction.
Submitted Tuesday, 14 May 2024, 9:53 AM
Your final grade for this quiz is 81.88/100.00.
Overall feedback
Congratulations, you pass the assessment with a distinction.
, Ms. T Tlale, a debtor of JJ Stores, owed R5 004 to JJ Stores, which has been overdue for the past 7 months. Interest at 15% per annum must be charged on
overdue accounts. The interest has not been recorded in the books of JJ Stores.
What will the correct ledger entries of JJ Stores be to record the interest on Ms T. Tlale's overdue account?
Instructions:
Drag the correct answer into the correct space.
An option can be used more than once.
Ms. T Tlale/trade receivables control 437.85 Interest income 437.85
Interest expenses Ms. T Tlale/trade receivables control Interest income
417 750.60 62.55
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