FAC1501 Assignment 5 Second Semester 2022

FAC1501
ASSIGNMENT 5
SECOND SEMSTER 2022


BY: MTHOMBENI : 0767297208

1

,THE POSSIBILITY THAT QUESTIONS FROM YOUR ASSIGNMENT MIGHT BE TOTALLY DIFFERENT FROM THE
VERSIONS ON THIS DOCUMENT IS 100%, PLEASE MAKE AN APPOINTMENT WITH ME BEFORE ATTEMPTING
THE ASSIGNMENT. I’M NOT AVAILABLE ON SUNDAYS FROM 11 AM-3PM

VERSION 1

Which one of the following users of accounting information uses accounting information to assess the risk
and return on an investment in an entity?

Select one:

a.
Investors


b.
Government


c.
Clients


d.
Suppliers and other creditors

Clear my choice
Question 3
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Question text
On 1 January 2022, Mr C Bandawu opened a plumbing store, Bandawu Plumbers, which is registered as a
VAT vendor (the applicable VAT rate is 15%). The periodic inventory system and control accounts are in
use.
Mr Bandawu deposited R10 000 into the business bank account as a capital contribution to start the
business. What will be the effect of the transaction on the accounting equation?




Select one:

a.
Assets Equity Liabilities
R R R
0 + 10 000 +10 000



b.
2

, Assets Equity Liabilities
R R R
- 10 000 - 10 000 0



c.
Assets Equity Liabilities
R R R
+ 10 000
0 0
- 10 000




d.
Assets Equity Liabilities
R R R
+ 10 000 + 10 000 0


Clear my choice
Question 4
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Africa Traders is not a registered VAT vendor and buys and sells furniture. Africa Traders wants to sell a
dining room table with a cost price of R5 200. The mark-up percentage on cost is 20%.
What will be the selling price of this product?



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. You must enter cents even if it is 0 (eg .00)
4. Only show the amount, do not show the R (eg: 12141.72)
6240
Answer:
Question 5
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Question text
SA Traders is a registered VAT vendor. The following information was recorded in the accounting records
of SA Traders as at 28 February 2022 (the financial year-end):
R
Furniture at cost 114 000
Vehicles at cost 360 000
Accumulated depreciation: Furniture (1 March 2021) 17 100
Accumulated depreciation: Vehicle (1 March 2021) 90 000


Furniture is depreciated at 15% per annum, using the straight-line method. The vehicles are depreciated
at 25% per annum, using the reducing balance method.
What will be the depreciation to be recorded on the vehicles on 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)
67500
Answer:
Question 6
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Question text
At 31 March 2022, the financial year-end of Pinetown Traders, it was decided to write off the account of a
debtor as irrecoverable, since it was expected that the debtor will not pay the amount. The balance of the
account of the debtor that must be written off as irrecoverable was R3 500. Pinetown Traders determined
that the allowance for credit losses account should amount to R27 400 at 31 March 2022. The allowance
for credit losses account amounted to R19 800 at 31 March 2021.
What is the total amount with which the credit losses account will be adjusted in the accounting
records of Pinetown Traders, after taking the above information into account?


NB: Instructions
1. Do not type the amount with any spaces as separators for thousands (eg: 12141.72)

4