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FAC1501 ASSSIGNMENT SEMESTER 2 2023
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FAC1501 ASSSIGNMENT SEMESTER 2 2023
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10/9/23, 7:56 PM Assessment 5 (page 1 of 2)CONTACT @061 262 1185/068 053 8213/0717 513 144
FAC1501-23-S2 Welcome Message Assessment 5
QUIZ
Time left 1:16:10
Question 1
Not yet answered
Marked out of 3.00
SA Traders is a registered VAT vendor. The VAT rate is 15%. The following information was recorded in the accounting records
of SA Traders as at 28 February 2022 (the financial year-end):
R
Vehicles at cost 218 000
Computer equipment at cost 109 000
Accumulated depreciation: Vehicle (1 March 2021) 65 400
Accumulated depreciation: Computer equipment (1 March 16 350
2021)
The vehicles are depreciated at 20% per annum, using the straight-line method. Computer equipment is depreciated at 15% per
annum, using the reducing balance method.
What will be the carrying value of the computer equipment as at 28 February 2022?
NB: Instructions
1. Do not type the amount with any spaces as separators for thousands (eg: 12141.72)
2. Use a full stop to indicate any decimals (eg: 1000.01)
3. Only show the amount, do not show the R (eg: 12141.72)
Answer: 78752.5
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=14070080&cmid=582743 1/11
,10/9/23, 7:56 PM Assessment 5 (page 1 of 2)
Question 2
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Marked out of 3.00
At 30 September 2021, the financial year-end of Emalahleni Traders, the following information was obtained from the entity’s
accounting records:
R
Sales 529 959
Services rendered 123 450
Cost of sales 360 234
Packaging material 23 640
Credit losses 10 132
Bank charges 3 377
Water and electricity 20 263
Salaries and wages 67 543
Advertising 19 138
Depreciation 12 382
Dividend income 5 628
Interest income 15 759
Calculate the amount that will be transferred from the profit and loss account to the capital account of Emalahleni Traders
when the closing transfers are done on 30 September 2021?
NB: Instructions
1. Do not type the amount with any spaces as separators for thousands (eg: 12141.72)
2. Only show the amount, do not show the R (eg: 12141.72)
3. If the total amount calculated should be debited in the capital account, please enter the amount as a negative (eg:
-12141.72), if the amount should be credited to the capital account, please enter the amount as a positive (eg: 12141.72)
Answer: 158087
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=14070080&cmid=582743 2/11
, 10/9/23, 7:56 PM Assessment 5 (page 1 of 2)
Question 3
Not yet answered
Marked out of 5.00
Please match the question in column A to the correct option. Each option provided may be selected more than once. You may
assume that the entities mentioned in the transactions are not a registered VAT vendors unless explicitly mentioned
otherwise.
Mr S Africa is the owner of SA Landscapers. SA Landscapers has an unfavourable bank balance.
On 3 January 2021, an entry appears on the bank statement for interest paid. The account Non-current asset
credited for this transaction in the books of SA Landscapers will be classified as ….
Mr S Africa, started a small service business, SA Landscapers (not A VAT vendor) on 1 January
2020. On 2 January 2022, the business had an unfavourable bank balance of R25 000. On 28
February 2022, the bookkeeper of SA Landscapers saw that an EFT payment in favour of Afrihost
(a creditor) was recorded as R4 200 in the cash payment journal instead of R5 200. The account Current liability
debited for the transaction to correct the error in the books of SA Landscapers will be classified
as ….
Mr S Africa, started a small service business, SA Landscapers (not A VAT vendor) on 1 January
2020. On 2 January 2022, the business had a favourable bank balance of R25 000. On the same
Non-current asset
day Mr S Africa donated a laptop and printer to the amount of R30 000. The account credited for
this transaction in the books of SA Landscapers will be classified as ….
SA Landscapers make use of the periodic inventory system. On 10 March 2021, SA Landscapers
paid SA Ads and amount of R18 000 for advertising for 18 months, starting a March 2021. The
Expense
account credited for the closing transfer on 28 February 2022 relating to this transaction, in the
books of SA Landscapers will be classified as ….
Mr S Africa is the owner of SA Landscapers. SA Landscapers has a favourable bank balance. On
3 January 2021, SA Landscapers purchased a new office building. The purchase was financed
Non-current asset
with a mortgage loan obtained from ZAR Bank. The account debited for this transaction in the
books of SA Landscapers will be classified as ….
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=14070080&cmid=582743 3/11
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