4/13/26, 10:04 AM Assessment 4 Group 1: 07:45 - 10:15 (page 1 of 5)
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Dashboard / My courses / FAC1502-26-S1 / General / Assessment 4 Group 1: 07:45 - 10:15
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Question 1
Answer saved
Not graded
NB: If the following question is not answered, you will receive zero for your assessment!
I declare that the work submitted in this assessment is my own. I did not request assistance from any third parties to
complete the assessment questions.
I declare that I did not pay a third party to complete and submit my assessment on my behalf.
I declare that I did not provide assistance to other students while they were completing the assessment.
a. Yes
b. No
Clear my choice
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,4/13/26, 10:04 AM Assessment 4 Group 1: 07:45 - 10:15 (page 2 of 5)
Question 2
Incomplete The following information was extracted from the pre-adjustment trial balance of Grape Distributors, a grocery retail
answer
business with a financial year ending 30 June 2025. The business uses the accrual basis of accounting and maintains a
Marked out of general journal for year‑end adjustments. Inventory is maintained using the perpetual inventory system. The business is not
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registered for VAT.
Dashboard / My courses / FAC1502-26-S1 / General / Assessment 4 Group 1: 07:45 - 10:15
Account Debit Credit
R R
Trade receivables 231 300
Allowance for credit losses 7 500
Inventory (30 June 2025) 109 200
Equipment (cost) 420 000
Accumulated depreciation: Equipment 150 000
Bank 65 000
Trade payables 120 000
Sales 1 112 500
Purchases 512 500
Settlement discount granted 4 500
Settlement discount received 5 100
Insurance expense 33 600
Advertising expense 22 176
Salaries 300 000
Additional information:
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, 4/13/26, 10:04 AM Assessment 4 Group 1: 07:45 - 10:15 (page 2 of 5)
1. A physical stock count on 30 June 2025 revealed that the inventory on hand amounted to R102 200.
2. The insurance amount of R33 600 represents 12 months’ cover from 1 November 2024.
3. Advertising expenses are part of a 12-month campaign that Grape Distributors embarked on with Blue Horizon Media
a service provider. In terms of the contract, the monthly amount payable is R2 016. The contract started on 1 July 2024.
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4. On 28 June 2025, a debtor owing R18 750 settled their account early and received a 10% settlement discount. The
bookkeeper only recorded the bank receipt of R16 875 in the cash receipts journal but did not account for the discount.
Dashboard / My courses / FAC1502-26-S1 / General / Assessment 4 Group 1: 07:45 - 10:15
5. Management assessed trade receivables and decided that the allowance must be adjusted to 5% of trade receivables.
This adjustment has not yet been processed.
6. Depreciation is calculated using the units of production method. Units produced for the current year were 10 640 units.
The equipment has an estimated useful capacity of 56 000 units.
REQUIRED:
Prepare the general journal entries for all the above year‑end adjustments.
Instructions:
(i) Round off to the nearest rand (eg: 50.56 will be rounded to 51)
(ii) Do not type in “R” for Rand in the numeric block
GENERAL JOURNAL
Account/details Debit Credit
(R) (R)
Trading stock deficit 7 000
Inventory 7 000
Year-end adjustment: inventory deficit
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Dashboard Calendar
Dashboard / My courses / FAC1502-26-S1 / General / Assessment 4 Group 1: 07:45 - 10:15
Time left 0:11:00
Question 1
Answer saved
Not graded
NB: If the following question is not answered, you will receive zero for your assessment!
I declare that the work submitted in this assessment is my own. I did not request assistance from any third parties to
complete the assessment questions.
I declare that I did not pay a third party to complete and submit my assessment on my behalf.
I declare that I did not provide assistance to other students while they were completing the assessment.
a. Yes
b. No
Clear my choice
https://cas.myexams.unisa.ac.za/mod/quiz/attempt.php?attempt=429594&cmid=72786# 1/2
,4/13/26, 10:04 AM Assessment 4 Group 1: 07:45 - 10:15 (page 2 of 5)
Question 2
Incomplete The following information was extracted from the pre-adjustment trial balance of Grape Distributors, a grocery retail
answer
business with a financial year ending 30 June 2025. The business uses the accrual basis of accounting and maintains a
Marked out of general journal for year‑end adjustments. Inventory is maintained using the perpetual inventory system. The business is not
17.00 Dashboard Calendar
registered for VAT.
Dashboard / My courses / FAC1502-26-S1 / General / Assessment 4 Group 1: 07:45 - 10:15
Account Debit Credit
R R
Trade receivables 231 300
Allowance for credit losses 7 500
Inventory (30 June 2025) 109 200
Equipment (cost) 420 000
Accumulated depreciation: Equipment 150 000
Bank 65 000
Trade payables 120 000
Sales 1 112 500
Purchases 512 500
Settlement discount granted 4 500
Settlement discount received 5 100
Insurance expense 33 600
Advertising expense 22 176
Salaries 300 000
Additional information:
https://cas.myexams.unisa.ac.za/mod/quiz/attempt.php?attempt=429594&cmid=72786&page=1 2/5
, 4/13/26, 10:04 AM Assessment 4 Group 1: 07:45 - 10:15 (page 2 of 5)
1. A physical stock count on 30 June 2025 revealed that the inventory on hand amounted to R102 200.
2. The insurance amount of R33 600 represents 12 months’ cover from 1 November 2024.
3. Advertising expenses are part of a 12-month campaign that Grape Distributors embarked on with Blue Horizon Media
a service provider. In terms of the contract, the monthly amount payable is R2 016. The contract started on 1 July 2024.
DashboardCalendar
4. On 28 June 2025, a debtor owing R18 750 settled their account early and received a 10% settlement discount. The
bookkeeper only recorded the bank receipt of R16 875 in the cash receipts journal but did not account for the discount.
Dashboard / My courses / FAC1502-26-S1 / General / Assessment 4 Group 1: 07:45 - 10:15
5. Management assessed trade receivables and decided that the allowance must be adjusted to 5% of trade receivables.
This adjustment has not yet been processed.
6. Depreciation is calculated using the units of production method. Units produced for the current year were 10 640 units.
The equipment has an estimated useful capacity of 56 000 units.
REQUIRED:
Prepare the general journal entries for all the above year‑end adjustments.
Instructions:
(i) Round off to the nearest rand (eg: 50.56 will be rounded to 51)
(ii) Do not type in “R” for Rand in the numeric block
GENERAL JOURNAL
Account/details Debit Credit
(R) (R)
Trading stock deficit 7 000
Inventory 7 000
Year-end adjustment: inventory deficit
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