8/27/23, 2:41 PM Assessment 2: Attempt review

FAC1502-23-S2  Welcome Message  Assessment 2

QUIZ

Started on Sunday, 27 August 2023, 12:41 PM

State Finished
Completed on Sunday, 27 August 2023, 2:41 PM
Time taken 2 hours
Grade 71.63 out of 100.00
Feedback Congratulations, you pass the assessment.

Question 1 NS Technologies will sublet part of it building to NM Stores for R12 500 per month from 1 October 20.1 for the current and the next financial year. The financial year of NS Technologies begins on 1 October of every year. The rental income account in the pre-adjustment trial of HS Traders has a balance of R225 000 on
Complete 30 September 20.2.
Mark 2.00 out of
The correct general ledger entries in the rental income account of NS Technologies on 30 September 20.2 are ...
6.00

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)

NS TECHNOLOGIES

GENERAL LEDGER

Dr Rental income Cr

20.2 R 20.2 R

Sep 30 Profit or loss account 15000 Sep 30 Balance 225000

Trading account 210000

Question 2 Indicate whether the following statement is true or false:

Complete
When the perpetual inventory system is used, carriage on purchases, is credited to the asset account, inventory, since the cost of sales must be brought into account with each sales transaction and carriage on purchases constitutes an integral part of the cost per unit.
Mark 0.00 out of
1.00

Select one:
True

False

Question 3 Indicate by choosing the correct option whether the following statement is true or false:
Complete
The profit or loss account are closed off to the statement of profit or loss and other comprehensive income for a financial year.
Mark 1.00 out of
1.00

Select one:
True

False

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Question 4 You are given the following information for Luna Dealers for the year ended 30 June 20.1.
Complete
Totals of the VAT output and VAT input columns in the subsidiary journals:
Mark 2.00 out of
6.00 R
VAT output
Sales journal: VAT output…………………………………………………….. 9 600
Cash receipts journal: VAT output…………………………………………… 7 020
Cash payments journal: VAT output…………………………………………. 276
Sales returns journal: VAT output……………………………………………. 180

VAT input
Purchases journal: VAT input…………………………………………………. 9 000
Purchases returns journal: VAT input…………………………………….….. 300
Cash payments journal: VAT input…………………………………………… 8 100
Cash receipts journal: VAT input……………………………………………… 320

Balances of the VAT output and VAT input accounts in the general
ledger
VAT input (Debit balance on 1 June 20.1) …………………………………… 17 348
VAT output (Credit balance on 1 June 20.1) ………………………………… 18 108

What will the correct general ledger entries be in the VAT input account for Luna Dealers for the year ended 30 June 20.1.?

Instructions:

Drag the correct answer into the correct space.

An option can be used more than once.

34 468

Purchases VAT control 300

Trade payables control

320

Bank Settlement discount received Purchases Purchases returns Trade receivables control Trade payables control VAT control Receiver of revenue

300 320 34 768 34 468

Question 5 The trial balance of Ralf Traders for the current financial period ending 28 February 20.19, reflected salaries and wages to the amount of R130 000. The bookkeeper of Ralf Traders compared the salaries and wages of the previous financial year with the salaries and wages of the current financial year and noted that the
Complete salaries and wages for the current financial year have increased by R20 000. According to the bookkeeper’s knowledge, there were no new appointment, no resignations, no salaries and wages increases, no leave days’ pay-outs and no bonuses were paid during the current financial period.
Mark 3.00 out of
Therefore, salaries and wages for current financial period should be the same as the salaries and wages of the previous financial period. After a thorough investigation by the human resources manager, it was noted on the 28 February 20.19 payroll, that one employee was paid R22 500 instead of a monthly salary of
3.00
R2 500 for the month of February 20.19. Instead of requesting the employee to pay back the extra amount of R20 000, the human resource manager and employee agreed that the extra salary is the payment for the next eight months. No adjustment journal entry has been processed by the bookkeeper in the accounting
books of Ralf Traders.

The effect that the adjustment journal entry will have on the basic accounting equation of Ralf Traders for the year ended 28 February 20.19 will be?

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. If an options has been provided and it is not applicable to the specific questions please put a 0 in the amounts column.

+20 000 +20 000 0

0 +2 500 -2 500 +20 000 -20 000 +130 000 -130 000

Question 6 Please choose the correct option for the given scenario.
Complete

Mark 4.00 out of

4.00
On comparison of the journals with the bank statement it was noted that cash sales for 30th of June 20.22 was banked but it did not reflect on the bank statement. The bookkeeper will record … a credit entry as deposits not yet credited in the bank reconciliation statement.

On comparison of the journals with the bank statement it was noted that bank charges for R350 reflected in the debit column of the bank statement only. The bookkeeper will record the R350 as … bank charges in the cash payments journal.

Cash withdrawn to restore the petty cash float will … decrease the bank account.

A favourable general ledger bank balance will be recorded on … the debit side of the bank reconciliation statement.

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Question 7
On 28 February 20.1 Abdoola Spaza purchased furniture for the shop for R250 010. The furniture was bought on credit from Dlamini Furniture Shop.
Complete
The correct effect of the transaction on the basic accounting equation in the books of Abdoola Spaza is ...
Mark 2.00 out of
2.00

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. 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 been provided and it is not applicable to the specific question, please put N/A in the column.

6. First do the increase and then the decrease. N/A must be done last.

Equity = Assets - Liabilities

R R R

N/A 250010 250010

N/A

Question 8
On 1 May 20.18 Venus Traders entered into a new two-year advertising agreement with Tino Advertising Agency. The advertising agreement was effective with immediate effect and stipulated that Venus Traders would pay R2 750 per month to Tino Advertising Agency for advertising services that would be provided by
Complete
Tino Advertising Agency on a monthly basis. Tino Advertising Agency has performed all the necessary advertising services that was required from them since the effective date of the advertising agreement for the current financial period (the current financial period ends on 28 February 20.19).
Mark 1.00 out of
1.00 The pre-adjustment trial balance for the year ended 28 February 20.19 reflected advertising expenses for an amount of R22 000 as well as accrued advertising expenses of R4 500 on 1 March 20.18 (the beginning of the current financial period). On 20 April 20.18 Venus Traders paid the advertising expenses that was
outstanding from the previous financial period. The outstanding advertising expenses for the current financial period must still be provided for.

The advertising expenses amount to be disclosed in the statement of financial position as at 28 February 20.19 will be:

Instructions:

1. Use a full stop to indicate any decimals (eg: 1000.01)

2. Round off to the nearest Rand (eg: 50.56 is 51)

3. Only show the amount, do not show the R (eg: 12141.72)

Answer: 5500

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Question 9 You are given the following information of Kiyu Traders for 30 September 20.1:
Complete
Unfavourable balance of general ledger bank account 175 000
Mark 8.00 out of
Favourable balance of bank statement 120 000
8.00
Total of the cash receipts journal 125 000
Total of the cash payments journal 300 000

Additional information:

The following information appeared on the bank statement only:

a) A direct deposit by debtor, Mr R Singh, for R30 000.

b) Bank charges of R700.
c) Interest on a favourable balance of R1 830.
d) Debit order to ARK Insurers for insurance of R6 250.
e) Debit order to PG Cell Providers for 10 cell phone contract including calls and sms’s, R42 500.
f) On 29 September the owner of Kuyi Traders, Mr K Naidoo, made an EFT into the bank account of Kuyi Traders for R50 000 as additional capital contribution.

The following information appeared in the cash journals of Kiyu Traders only:

g) A cash payment of R197 683 was entered in the cash receipts journal on the 29 September of 20.1 but was only deposited 1 October 20.1 by the bookkeeper.

h) The bookkeeper incorrectly entered the amount paid to creditor, HG Traders, as R807 instead of R870 which was correctly stated on the bank statement.

What will the correct cash receipts journal entries in the books of Kiyu Traders be for September 20.1?

Instructions:

Drag the correct answer into the correct space.

An option can be used more than once.

If an option has been provided and it is not applicable to the specific question, please put N/A in the account column and a 0 in the amounts column.

125 000

Mr R Singh/Trade receivables control 30 000

N/A 0

Interest income 1 830

N/A 0

N/A 0

Capital 50 000

N/A 0

206 830

Interest income Capital Mr R Singh/Trade receivables control Bank charges Telephone expenses : PG Cell Providers Insurance: ARK Insurers HG Traders/Trade payables control HG Traders/Trade receivables control

Mr R Singh/Trade payables control N/A

125 000 1 830 50 000 30 000 700 6 250 42 500 63 870 206 830 125 000 0

Question 10
Sales is R125 000. Mark-up of 30% on selling price. What is the cost of sales amount?
Complete
Round off your answer to the nearest Rand.
Mark 0.00 out of
1.00

Answer: 96154

Question 11 NM Stores will sublet part of its building to NS Technologies for R7 000 per month from 1 October 20.1. NS Technologies has an agreement with NM Stores in which the rental will be paid with an annual payment on the first day of each new financial year. On 1 October 20.2 the beginning of the financial year, NS
Not answered Technologies made an EFT of R133 000. An amount of R6 500 was disclosed as income received in advance in the statement of financial position on 30 September 20.1.
Marked out of
4.00 The following represent the correct entries general ledger entries in the books of NM Stores on 1 October 20.1:

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. 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. 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.
6. If an option has been provided and it is not applicable to the specific question, please put N/A in the column.

NM STORES
General ledger Assets Equity Liabilities
Account to be debited Account to be credited Debit Credit Debit Credit Debit Credit
R R R R R R

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Question 12
Complete The pre-adjustment trial balance of JAM Traders as at 28 February 20.19, reflected an allowance for credit losses that amounts to R990 and credit losses amounting to R345 (credit losses were written off using method 1 although they were not aware of these two methods as explained below). The financial manager of
Mark 1.00 out of JAM Traders determined that the allowance for credit losses for the current financial year ended 28 February 20.19 must be R1 435 and credit losses that must still be written off amounts to R780.
1.00
The financial manager, after having a discussion with the bookkeeper of JAM Traders, learned that there are two methods that can be used to write off the above credit losses of R780. Under method 1, credit losses are written off against the allowance for credit losses account; by debiting the allowance for credit losses
and crediting the trade receivables control account and the debtor's personal account. Under method 2, credit losses are written off by debiting the credit losses and crediting the trade receivables control account and the debtor's personal account (while the allowance for credit losses remain unchanged).

Is the following statement true or false regarding the balance on the allowance for credit losses and the amount for credit losses that needs to be disclosed in the statement of profit or loss and other comprehensive income for the year ended 28 February 20.19, if one of the methods is followed by JAM Traders.

The balance on the allowance for credit losses account will be R1 435 under method 1 and will remain unchanged at R990 under method 2.

Select one:
True

False

Question 13
Isolation Traders paid an insurance premium of R12 600 on 1 March 20.19 for 12 months. Upon the inspection of the pre-adjustment trial balance for the year ended 31 May 20.19, the bookkeeper noticed that insurance premiums amounting to R9 000 for the period starting 1 June 20.18 until 28 February 20.19, were paid
Complete
in the previous financial period. The bookkeeper also noticed that the insurance premium paid on 1 March 20.19 has not yet been recorded in the books, and no adjustment has been processed and no reversal has been processed relating to insurance premium paid in the previous financial period.
Mark 0.00 out of
1.00 The amount for insurance expense to be disclosed in the statement of financial position as at 31 May 20.19 will be:

Instructions:

1. Use a full stop to indicate any decimals (eg: 1000.01)

2. Round off to the nearest Rand (eg: 50.56 is 51)

3. Only show the amount, do not show the R (eg: 12141.72)

Answer: 21600

Question 14
The following balances were extracted from the subsidiary journals of General Spaza Shop as at 28 February 20.2.
Complete
R
Mark 7.00 out of
12.00 Cash receipts journal
VAT input 3 516,24
Amounts for sales added in the Bank column 513 371,04
Cash payments journal
Amounts for purchases added in the Bank column 743 098,72
VAT output 4 892,16
Purchases journal
Purchases column 387 296,00
Sales journal
Sales column 738 920,00
Purchases returns journal
Trade payables column 50 399,44
Sales returns journal
Sales column 32 714,40

On 1 February 20.2, the VAT input account had an opening balance of R123 480 and the VAT output account had an opening balance of R185 220.

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 20.2 R
SRJ b/d
Feb 28 Trade receivables control 4267.10 Feb 1 Balance 185265

GJ CRJ
VAT control 359285.72 Feb 28 Bank 77005.66

CPJ
Trade payables control 4892.16

SJ
Trade receivables control 96390

363552.82 363552.82

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Question 15 Use the information provided below to calculate the cost of sales:
Not answered
R
Marked out of Opening inventory 160 000
1.00 Purchases 240 000
Sales returns 39 000
Settlement discount granted 45 000
Import duties 52 000
Settlement discount received 63 000
Closing inventory 230 000

Answer:

Question 16 Please choose the correct option for the given scenario.
Complete

Mark 4.00 out of Extract of pre-adjustment trial balance of Kumkani Traders as at 30 September 20.2
4.00
Debit Credit

R R

Insurance expenses……………………………………………….................………........... 27 300

Asset; Prepaid expenses; R3 900.

Additional information

The insurance amount for Kumkani Traders’s factory building for the month of October and November 20.2 has already been paid by the end of the current financial year. The insurance premium amount has remained constant for the last 2 years.

What is the element grouping; description and the amount of the October and November 20.2 insurance expenses, that has already been paid for in the current financial year, in the statement of financial position?

Extract of pre-adjustment trial balance of Kay Kay Traders as at 31 October 20.21

Debit Credit

R R

Water and 21 340

electricity.......................................................................................................

Liability: Trade and other payables: R2 134

Additional information
The water and electricity invoice for October has not yet been received or recorded; the accountant made provision for the bill by taking the average of the invoices of the past 11 months and adding 10%. He has done this because the water and electricity bill
has remained constant for the past 11 months and an increase of 10% has been introduced from 1 October 20.2.

What is the element grouping; description and amount of the water and electricity expenses, not accounted for during the 20.2 financial year, in the statement of financial position?

A physical inventory count revealed that the following inventory was on hand for Mashaba Traders at the financial year end 28 February 20.21:

Inventory R21 220

Packaging material R8 100 Current assets: Inventories R29 945

Stationery R625

How will these items be disclosed in the statement of financial position as at 30 June 20.21?

Extract of pre-adjustment trial balance of Kay Kay Traders as at 31 October 20.21

Debit Credit

R R

Settlement discount granted 1 340 Debit sales; credit settlement discount granted.

Post the closing journal entry for settlement discount granted by showing which account will be debited and which account will be credited.

Question 17 Betties Smith is the owner of Betties Plumbing. You are given the following information for Betties Plumbing for the year ended 28 February 20.2?
Complete

Mark 2.00 out of R

2.00 Capital 250 000
Services rendered 450 000
Wages 70 000
Telephone expenses 10 000
Water and electricity 8 000
Insurance 1 500
Maintenance of vehicles 2 500
Interest expense 2 500
Interest income 3 000

What is the correct equity amount for Betties Smith for the year ended 28 February 20.2?

NB: Instructions

1. Use a full stop to indicate any decimals (eg: 1000.01)

2. Only show the amount, do not show the R (eg: 12141.72)

Answer: 608500

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Question 18 Debits Credits

Complete R R
Mark 2.00 out of
Vehicles 345 000 Capital 330 850
3.00
Plant and equipment 175 000 Sales 575 000
Stationery 2 610 Interest on bank account 1 450
Insurance 7 200 Loan: Nice Bank 50 000
Interest expenses 5 200 Accumulated depreciation
Trade receivables control 26 300 (plant and equipment) 17 500
Water and electricity 9 800 Rent income 15 400
Depreciation (Vehicles) 15 000 Trade payables control 36 320
Salaries 100 360 Accumulated depreciation
Drawings 20 000 (vehicles) 15 350
Inventory 31 000 Bank 15 600
Cost of sales 320 000
1 057470 1 057 470

The accounting equation (A = E + L) can be expressed as …

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. 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)

Please note: Only include the total amount for assets, equity and liabilities in the table provided.
Assets = Equity + Liabilities
R R R

544450 442450 101920

Question 19
Extract of pre-adjustment trial balance of Rocky Traders as at 30 September 20.22
Complete

Mark 2.00 out of

Debit Credit
4.00 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 500 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:

Instructions:

Drag the correct answer into the correct space.

An option can be used more than once.

Allowance for credit losses 9 500

Credit losses 5 500

Trade receivables control Credit losses Allowance for credit losses Profit or loss account

4 500 9 500 4 000 500 5 500

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Question 20
An entity has the following balances: Bank: R5 000; Machinery: R3 000: Trade payables: R2 000.
Complete
The equity of the entity according to the basic accounting equation is …
Mark 1.00 out of
1.00

NB: Instructions

1. Use a full stop to indicate any decimals (eg: 1000.01)

2. Only show the amount, do not show the R (eg: 12141.72)

Answer: 6000

Question 21 Please choose the correct option for the given scenario.
Complete

Mark 4.00 out of

Interest on a favourable balance of R366 will be entered in the ...
4.00 Cash receipts journal

The bookkeeper incorrectly entered the amount paid to creditor, HG Traders, as R965 instead of R695 which was correctly stated on the bank statement. The transaction will be entered in the ... Cash receipts journal

Debit order to PG Cell Providers for 10 cell phone contract including calls and sms’s, R42 500. The transaction will be entered in the ... Cash payments journal

An entity can claim ... from SARS for transaction fees charged by the bank on services rendered. VAT Input

Question 22 Indicate whether the following statement is true or false:

Complete
The trade and other payables amount in the statement of financial position will not include the amount of the year-end adjustment for accrued expenses.
Mark 0.00 out of
1.00

Select one:
True

False

Question 23 The following rules are applicable to liability accounts in the general ledger:
Complete

Mark 3.00 out of

3.00 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 specific questions please put N/A in the column.

- Balance

N/A +

Balance + - N/A

Question 24 Indicate by choosing the correct option whether the following statement is true or false:
Complete
Accrued income which relates to the current financial period, but which has not yet been received at the end of the current financial period will be added to the amount already received for the year to determine the amount that needs to be posted to the profit or loss account.
Mark 1.00 out of
1.00

Select one:
True

False

Question 25 Indicate whether the following statement is true or false regarding the periodic inventory system.
Complete
The cost of sales is determined via entries in the trading account of the business entity.
Mark 1.00 out of
1.00

Select one:
True

False

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Question 26 Kumkani Traders provided with the following information for the financial year ended 30 September 20.20:.
Complete
Extract of the pre-adjustment trial balance of Kumkani Traders as at 30 September 20.20
Mark 6.63 out of
7.00 Debit Credit
R R
Capital (1 October 20.19)…………………………………………………… 500 000
Drawings…………………………………………………………………….... ?
Inventory: Trading (1 October 20.19)………………………………………. 61 725
Allowance for credit losses……………………………………………......... 4 450
Mortgage: Ginsberg 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 27 300
expenses………………………………………………….............
Telephone 14 280
expenses…………………………………………………............
Water and 23 450
electricity…………………………………………………….........
Credit 1 600
losses…………………………………………………………..............

After a year-end inventory count, the value of trading inventory on hand was R123 450.

Additional information
a. Mr Biko, the owner of Kumkani Traders, made additional capital contributions of R60 000 on 7 June 20.20. On 30 September 20.20 he needed additional funds, so he withdrew R12 000 in cash from the business.

b. Mr Biko, forgot to pay his August telephone account. On 2 September he made a EFT payment of R1 200 from the bank account of the business to pay his August telephone account

c. The fixed deposit investment of R50 000 was made on 1 April 20.20. Interest on this investment is paid annually.

d. After all the adjustments were taken into account the total comprehensive income for the year was R35 690.

The correct capital account of Kumkani Traders as at 30 September 20.20 will be ...

Instructions:

Drag the correct answer into the correct space.

An option can be used more than once.

20.20 20.19

Sep 30 Drawings 13 200 Oct 1 Balance 500 000

20.20

Jun 7 Bank 60 000

Sep 30 Profit or loss account (total comprehensive income for 35

the690
year)
Balance 582 490

595 690 595 690

20.19 Oct 1 20.20 Sep 30 Jun 7 Sep 2

Telephone expenses Trading account (total comprehensive income for the year) Balance Drawings Bank

Profit or loss account (total comprehensive income for the year) Capital

60 000 12 000 72 000 48 000 500 000 13 200 35 690 595 690 582 490 583 690 571 690 582 490 560 000 512 310

Question 27 Indicate by choosing the correct option whether the following statement is true or false:
Complete
The current asset, inventories, in the statement of financial position includes trading inventory on hand at the end of a financial year as well as all consumable stores on hand at the end of a financial year.
Mark 1.00 out of
1.00

Select one:
True

False

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Question 28
The bookkeeper of GS Electricians provides you with the following information for the month ended 31 March 20.1.
Complete

Mark 3.00 out of

4.00 R

Bank…………………………………………………………………………………………………………… 27 000

Trade receivables………………………………………………………………………………………. 5 000

Equipment…………………………………………………………………………………………………. 71 000

Capital……………………………………………………………………………………………………….. 48 000

Total income……………………………………………………………………………………………… 15 000

Total expenses…………………………………………………………………………………………… 13 000

Long-term loan: GL Bank…………………………………………………………………………… 30 000

Trade payables…………………………………………………………………………………………… 23 000

The correct disclosure of equity and liabilities in the statement of financial position of GS Electricians as at 31 March 20.1 is …

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. If an options has been provided and it is not applicable to the specific question please put N/A in the applicable detail column and a 0 in the applicable amount column.

48 000
Total equity

Capital 48 000

Non-current liabilities 30 000

Long-term loan: GL Bank 30 000

23 000
Current liabilities

23 000
Trade and other payables

0
N/A

Total equity and liabilities 101 000

N/A Total equity Capital Total comprehensive income for the month Total comprehensive loss for the month Equipment Non-current liabilities

Long-term loan: GL Bank Long-term borrowings Total income Total expenses Bank overdraft Current liabilities Trade payables

Trade and other payables Trade receivables Trade and other receivables Total equity and liabilities

27 000 5 000 71 000 48 000 15 000 13 000 2 000 (2 000) 50 000 30 000 23 000 101 000 46 000 53 000 99 000 83 000 80 000 103 000 0

Question 29 Sales is R125 000. Mark-up on cost price is 35%. What is the cost of sales amount?
Complete
Round off your answer to the nearest Rand.
Mark 1.00 out of
1.00

Answer: 92593

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8/27/23, 2:41 PM Assessment 2: Attempt review

Question 30 On 1 April 20.21 Ms T. Tlale, a debtor of Lulu Traders, owed the business R4 485. Ms T. Tlale was declared insolvent on 21 April 20.21. The amount of R690 must be written off as irrecoverable. The allowance for credit losses account must remain unchanged during the year. Lulu Traders is a registered VAT vendor and the
Complete VAT rate applicable is 15%.
Mark 4.00 out of
4.00
What will the correct journal entry for the irrecoverable debt to get written off be?

Instructions:

Drag the correct answer into the correct space.

An option can be used more than once.

If an option has been provided and it is not applicable to the specific question, please put N/A in the account column and a 0 in the amounts column.

When debiting or crediting income and expense account, ensure that it that particular account that is debit or credited first, before debiting or crediting Vat account.

Credit losses 600

VAT input 90

Ms T. Tlale/trade receivables control 690

Allowance for credit losses Credit losses VAT input VAT output N/A Ms T. Tlale/trade receivables control Ms T. Tlale/Trade payables control

4 485 3 795 105 3 609 3 900 585 690 90 600 0

Question 31
ARK Traders uses the perpetual inventory system.
Complete
Please choose the correct option for the given scenario.
Mark 2.00 out of
4.00

The effect of the inventory purchased for cash on the accounting equation. Assets will increase and decrease.

The effect of the inventory purchased on credit on the accounting equation. Assets will increase and liabilities will increase.

The effect of the inventory returned that was purchased on credit on the accounting equation. Assets will decrease and liabilities will decrease

The effect of the cost of sales of sale of merchandise on credit on the accounting equation. Assets will increase and liabilities will increase.

Question 32
The owner of GS Electricians, Mr Gizmo Smith, deposited R10 000 on 1 March 20.1 as opening capital into the business bank account after obtaining a personal loan from LG Bank.
Complete

Mark 3.00 out of

3.00 The correct analysis of the effect of the given transaction on the general ledger and the accounting equation is ...

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. If an options has been provided and it is not applicable to the specific questions please put a 0 in the applicable column.

Bank Capital 0 +10 000 +10 000

Bank Loan: LG Bank Capital 0

-10 000

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