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/ WELCOME TO FAC1502 FINANCIAL ACCOUNTING 1: FINANCIAL ACCOUNTING CONCEPTS, PRINCIPLES AND PROCEDURES
/ Assessment
Question 4
1
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Matties Discount Store sells furniture. They bought a laptop for the receptionist for R7 475 (including VAT) on credit from
Diya Computers. The VAT rate is 15% and Matties Discount Store is a registered VAT vendor.
Which one of the following entries in the books of Matties Discount Store with regard to this transaction is correct?
Select
one: General ledger VAT VAT
A. Account to be Account to be credited Journal input output
debited R R
Equipment and VAT Trade payables control General journal 975
output
General ledger VAT VAT
B.
Account to be Account to be credited Journal input output
debited R R
Equipment and VAT Trade payables control Purchases
input journal 975
C. General ledger VAT VAT
Account to be Account to be credited Journal input output
debited R R
Purchases returns Trade payables control Purchases
and journal 975
D. VAT output
General ledger VAT VAT
Account to be Account to be credited Journal input output
debited R R
Equipment and VAT Trade payables control General journal 975
E.
input
General ledger VAT VAT
Account to be Account to be credited Journal input output
debited R R
Purchases
Clear and VAT
my choice Trade payables control Purchases
output journal 975
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Question 2
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The following information was extracted from the accounting records of
Dashboard / My courses / FAC1502-23-S1
Kumkani Traders:
/Balances
WELCOMEatTO1FAC1502 FINANCIAL
November 20.9 ACCOUNTING 1: FINANCIAL ACCOUNTING CONCEPTS,
R PRINCIPLES AND PROCEDURES
/Equipment:
Assessment 4 Cost……………………………………………………………... 280 000
Accumulated depreciation: Equipment……………………………………. (164 800)
Additional information
(a) At the beginning of the financial year, 1 November 20.9, Kumkani Traders decided to upgrade some of its processes
by selling old printing equipment for R31 000 cash. The machine was bought on 1 November 20.4 for R180 000.
Depreciated was provided for at 15%
p.a. on the straight-line method.
(b) On 1 December 20.9 Kumkani Traders bought 3D printing equipment for R145 600 on credit from Fourth Dimension.
Depreciation on the new machine must be provided for at 25% per annum on the diminishing balance method.
Calculate the profit or loss on sale of the old printing equipment?
Select one:
A. Loss on sale of equipment will be R40 000.
B.Profit on sale on equipment will be R14 000.
C.Profit on sale on equipment will be R22 000.
D. Profit on sale of equipment will be R15 800.
E.Loss on sale of equipment will be R14
000. Clear my choice
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Question 3
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The owner of Pet Spa provided you with the following information for the year ended 28
Dashboard 20.2.
February / My courses / FAC1502-23-S1
R
/ WELCOME TO FAC1502 FINANCIAL ACCOUNTING 1: FINANCIAL ACCOUNTING CONCEPTS, PRINCIPLES AND PROCEDURES
/Equipment…………………………………………………………..
Assessment 4 200 000
Trade receivables control………………………………………… 20 000
Bank………………………………………………………………… 10 000
Trade payables control…………………………………………… 30 000
Which of the following represents the correct calculation of Pet Spa's equity on 28 February 20.2?
A. Equity = Assets - Liabilities
R200 000 = R230 000 - R30 000
B. Equity = Assets - Liabilities
R220 000 = R240 000 - R20 000
Equity = Assets - Liabilities
C. R180 000 = R210 000 - R30 000
Equity = Assets - Liabilities
D. (R220 = R20 000 - R240 000
000)
Equity = Assets - Liabilities
E. (R200 000) = R30 000 - R230 000
Clear my choice
Question 4
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A physical inventory count revealed that the following was on hand on the premises of NJM Traders at the financial year-end 30
April 2023: Inventory R7 500
Packaging material R2 500
Stationery R 500
How will these items be disclosed in the statement of financial position as at 30 June 2020?
A. Current assets: Inventory R10 500
B.Current assets: Inventory R3 000.
C.Current assets: Fixed Deposit R10 500.
D. Non-current assets: Inventory R7 500.
E.Non-current assets: Inventory R10
500. Clear my choice
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Question 5
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Extract of pre-adjustment trial balance of Rocky Traders as at 30 September
Dashboard / My courses / FAC1502-23-S1
20.22
/ WELCOME TO FAC1502 FINANCIAL ACCOUNTING 1: FINANCIAL ACCOUNTING CONCEPTS, PRINCIPLES AND PROCEDURES
Debit Credit
/ Assessment 4 R R
Capital (1 October 20.21)………………………………………………… 200
000 Drawings…………………………………………………………………… ?
Inventory: Trading (1 October 20.21)…………………………………… 61 725
Allowance for credit losses………………………………………………. 5 000
Mortgage: GL Bank ………………............................................. 195 000
Fixed deposit (at 7.5% per annum)……………………………………... 50 000
Sales………………………………………………………………………... 345 060
Carriage on purchases…………………………………………………… 9 500
Sales returns………………………………………………………………. 6 780
Rental income……………………………………………………………... 19 800
Purchases………………………………………………………………….. 197 800
Purchases returns………………………………………………………… 2 890
Depreciation……………………………………………………………….. 38 367
Salaries and wages……………………………………………………….. 88 500
Insurance expenses………………………………………………………. 27 300
Telephone expenses……………………………………………………… 14 280
Water and electricity………………………………………………………. 23 450
Credit losses……………………………………………………………….. 1 600
After a year-end inventory count, the value of trading inventory on hand was R123 450.
Additional information
(a) Upon reviewing the list of account receivables outstanding at year end, the accountant determined that the allowance
for credit losses account should amount to R4 000 on 30 September 20.22.
Use the information in the pre-adjustment trial balance and the additional information to determine what adjustment is
needed to adjust the allowance for credit losses:
A. No adjustment entry is necessary.
B.Allowance for credit losses account debited; and the credit losses account will be credited; by an amount of R4 000.
C.Credit losses account debited; and the allowance for credit losses account will be credited; by an amount of R7 000.
D. Allowance for credit losses account debited; and the credit losses account will be credited; by an amount of R3 000.
E.Allowance for credit losses account debited; and the credit losses account will be credited; by an
amount of R1 000. Clear my choice
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marketplace
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/ WELCOME TO FAC1502 FINANCIAL ACCOUNTING 1: FINANCIAL ACCOUNTING CONCEPTS, PRINCIPLES AND PROCEDURES
/ Assessment
Question 4
1
Not yet answered
Marked out of 2.00
Matties Discount Store sells furniture. They bought a laptop for the receptionist for R7 475 (including VAT) on credit from
Diya Computers. The VAT rate is 15% and Matties Discount Store is a registered VAT vendor.
Which one of the following entries in the books of Matties Discount Store with regard to this transaction is correct?
Select
one: General ledger VAT VAT
A. Account to be Account to be credited Journal input output
debited R R
Equipment and VAT Trade payables control General journal 975
output
General ledger VAT VAT
B.
Account to be Account to be credited Journal input output
debited R R
Equipment and VAT Trade payables control Purchases
input journal 975
C. General ledger VAT VAT
Account to be Account to be credited Journal input output
debited R R
Purchases returns Trade payables control Purchases
and journal 975
D. VAT output
General ledger VAT VAT
Account to be Account to be credited Journal input output
debited R R
Equipment and VAT Trade payables control General journal 975
E.
input
General ledger VAT VAT
Account to be Account to be credited Journal input output
debited R R
Purchases
Clear and VAT
my choice Trade payables control Purchases
output journal 975
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Question 2
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The following information was extracted from the accounting records of
Dashboard / My courses / FAC1502-23-S1
Kumkani Traders:
/Balances
WELCOMEatTO1FAC1502 FINANCIAL
November 20.9 ACCOUNTING 1: FINANCIAL ACCOUNTING CONCEPTS,
R PRINCIPLES AND PROCEDURES
/Equipment:
Assessment 4 Cost……………………………………………………………... 280 000
Accumulated depreciation: Equipment……………………………………. (164 800)
Additional information
(a) At the beginning of the financial year, 1 November 20.9, Kumkani Traders decided to upgrade some of its processes
by selling old printing equipment for R31 000 cash. The machine was bought on 1 November 20.4 for R180 000.
Depreciated was provided for at 15%
p.a. on the straight-line method.
(b) On 1 December 20.9 Kumkani Traders bought 3D printing equipment for R145 600 on credit from Fourth Dimension.
Depreciation on the new machine must be provided for at 25% per annum on the diminishing balance method.
Calculate the profit or loss on sale of the old printing equipment?
Select one:
A. Loss on sale of equipment will be R40 000.
B.Profit on sale on equipment will be R14 000.
C.Profit on sale on equipment will be R22 000.
D. Profit on sale of equipment will be R15 800.
E.Loss on sale of equipment will be R14
000. Clear my choice
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Question 3
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The owner of Pet Spa provided you with the following information for the year ended 28
Dashboard 20.2.
February / My courses / FAC1502-23-S1
R
/ WELCOME TO FAC1502 FINANCIAL ACCOUNTING 1: FINANCIAL ACCOUNTING CONCEPTS, PRINCIPLES AND PROCEDURES
/Equipment…………………………………………………………..
Assessment 4 200 000
Trade receivables control………………………………………… 20 000
Bank………………………………………………………………… 10 000
Trade payables control…………………………………………… 30 000
Which of the following represents the correct calculation of Pet Spa's equity on 28 February 20.2?
A. Equity = Assets - Liabilities
R200 000 = R230 000 - R30 000
B. Equity = Assets - Liabilities
R220 000 = R240 000 - R20 000
Equity = Assets - Liabilities
C. R180 000 = R210 000 - R30 000
Equity = Assets - Liabilities
D. (R220 = R20 000 - R240 000
000)
Equity = Assets - Liabilities
E. (R200 000) = R30 000 - R230 000
Clear my choice
Question 4
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A physical inventory count revealed that the following was on hand on the premises of NJM Traders at the financial year-end 30
April 2023: Inventory R7 500
Packaging material R2 500
Stationery R 500
How will these items be disclosed in the statement of financial position as at 30 June 2020?
A. Current assets: Inventory R10 500
B.Current assets: Inventory R3 000.
C.Current assets: Fixed Deposit R10 500.
D. Non-current assets: Inventory R7 500.
E.Non-current assets: Inventory R10
500. Clear my choice
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Assessment 4
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Question 5
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Extract of pre-adjustment trial balance of Rocky Traders as at 30 September
Dashboard / My courses / FAC1502-23-S1
20.22
/ WELCOME TO FAC1502 FINANCIAL ACCOUNTING 1: FINANCIAL ACCOUNTING CONCEPTS, PRINCIPLES AND PROCEDURES
Debit Credit
/ Assessment 4 R R
Capital (1 October 20.21)………………………………………………… 200
000 Drawings…………………………………………………………………… ?
Inventory: Trading (1 October 20.21)…………………………………… 61 725
Allowance for credit losses………………………………………………. 5 000
Mortgage: GL Bank ………………............................................. 195 000
Fixed deposit (at 7.5% per annum)……………………………………... 50 000
Sales………………………………………………………………………... 345 060
Carriage on purchases…………………………………………………… 9 500
Sales returns………………………………………………………………. 6 780
Rental income……………………………………………………………... 19 800
Purchases………………………………………………………………….. 197 800
Purchases returns………………………………………………………… 2 890
Depreciation……………………………………………………………….. 38 367
Salaries and wages……………………………………………………….. 88 500
Insurance expenses………………………………………………………. 27 300
Telephone expenses……………………………………………………… 14 280
Water and electricity………………………………………………………. 23 450
Credit losses……………………………………………………………….. 1 600
After a year-end inventory count, the value of trading inventory on hand was R123 450.
Additional information
(a) Upon reviewing the list of account receivables outstanding at year end, the accountant determined that the allowance
for credit losses account should amount to R4 000 on 30 September 20.22.
Use the information in the pre-adjustment trial balance and the additional information to determine what adjustment is
needed to adjust the allowance for credit losses:
A. No adjustment entry is necessary.
B.Allowance for credit losses account debited; and the credit losses account will be credited; by an amount of R4 000.
C.Credit losses account debited; and the allowance for credit losses account will be credited; by an amount of R7 000.
D. Allowance for credit losses account debited; and the credit losses account will be credited; by an amount of R3 000.
E.Allowance for credit losses account debited; and the credit losses account will be credited; by an
amount of R1 000. Clear my choice
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