Fac1501 Exam Pack 2022

FAC1501
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FAC1501
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SOLUTION 1: MULTIPLE CHOICE QUESTIONS
1.1. 1

1.2. 1

1.3. 4

1.4. 3

R
Assets 800 000
Property, plant & Equipment 600 000
Trade and other receivables 200 000

Less Liabilities (180 000)
Bank overdraft 100 000
Long – term borrowings 80 000

Equity 620 000


1.5. 5

R
Land & Buildings 2 904 000
Vehicles at carrying amount 1 645 076
Equipment at carrying amount 363 364
Fixed deposit 562 984
Total Non – current assets 5 475 424


1.6. 1

R
Creditors Control 601 880
Accrued expenses 24 980
Income received in advance 9 140
Current assets 636 000




4




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1.7. 3

1.8. 4

1.9. 4

Assets = Equity + Liabilities
Equipment Debtors Bank Capital Income / Creditors
Expenses
R R R R R R
2017
July 1 + 60 000 +60 000
7 +11 000 +11 000
19 -7 000 -7 000
27 -50 -50
Net Effect +60 000 +11 000 -7 050 +53 000 +10 950




1.10. 2

SOLUTION 2: RECORDING OF TRANSACTIONS

General ledger Subsidiary Journal
Date Account to be debited Account to be credited
2017
August 5 Inventory Creditors` Control Purchases Journal

August 7 Debtors Control Sales Sales Journal
Cost of Sales Inventory

August 14 Packing Materials Inventory General Journal

August 23 Bank Debtors` control Cash Receipts Journal

August 26 Drawings Inventory General Journal

August 31 Insurance Bank Cash Payments Journal




5




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