Fac1503 Assgnment 5 Semester 2 2024 (COMPLETE QUESTIONS AND ANSWERS) Due date 17 October 2024 Time 09:00PM

FAC 1503
ASSIGNMENT 5 SEMESTER 2 2024

Due Date: 17 OCTOBER 2024
TIME: 07:00 PM
UNIQUE CODE: 521289
CELL:0798417334
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EXPECTVIEW TUTORS EXPECTVIEW TUTORS EXPECTVIEW TUTORS




EXPECTVIEW TUTORS EXPECTVIEW TUTORS




EXPECTVIEW TUTORS EXPECTVIEW TUTORS EXPECTVIEW TUTORS




EXPECTVIEW TUTORS EXPECTVIEW TUTORS



EXPECTVIEW TUTORS EXPECTVIEW TUTORS EXPECTVIEW TUTORS




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, If a legal practice has to collect R15 000 on the instruction of another legal practice, and the collections are done in instalments of R5 000
each, what will the total collection fee be that the instructed attorney can charge the client of the instructing attorney?

Select one:
a. R500
b. R3 000

c. R1 000
d. R1 500

Clear my choice




Question 3 The keeping of inventory records, the calculating of cost of sales and the valuing of inventory is determined by using either the perpetual
Answer saved inventory system or the periodic inventory system.
Marked out of Which one of the following statements regarding the periodic inventory system is incorrect?
1.00

Flag Select one:
question
a. The periodic inventory system keeps continuous, up to date records of cost of sales.
b. The entity will only have accurate records at certain points in time
c. The records will be accurate once the journal entries are processed to account for the values of the inventory stocktake
d. Many small businesses use a periodic system of inventory

Clear my choice




Question 4 The following transactions relate to the accounting records of SA’s Legal Practice for April 2022. The legal practice is registered as a VAT
Answer saved vendor. VAT at 15% is included where applicable.
Marked out of On 5 April, one of the partners, Mr Africa, took a redundant desk and chair owned by the business and valued at R1 500 for his son to use at
2.00 home during the Covid-19 crisis. He decided that his son should indefinitely be homeschooled and therefor the furniture will not be returned
Flag to the business.
question
What will the general journal entry be for the above transaction in the records of SA's Legal Practice?

Select one:
a. Date Details Debit Credit
5
Furniture 1 304,35
Apr
VAT control 195,65

Drawings 1 500,00
b. Date Details Debit Credit
5
Furniture 1 500,00
Apr
Drawings 1 500,00
c. Date Details Debit Credit
5
Drawings 1 500,00
Apr
VAT control 195,65
Furniture 1 304,35
d. Date Details Debit Credit
5
Drawings 1 500,00
Apr
Furniture 1 500,00

Clear my choice




Question 5 The items that appear in this period’s bank statement must be ticked off first and those still outstanding from the previous period must be
Answer saved recorded in a separate memorandum to management for further follow-up.
Marked out of
1.00 Select one:
Flag True
question
False




Question 6 The following balances were obtained from the accounting records of SA Attorneys on 1 February 2022:
Answer saved

, Marked out of Trust creditors account Clients account
3.00
Client R R
Flag A South 7 000 Cr 4 000 Dr
question
S Africa 10 000 Cr 2 000 Dr
17 000 Cr 6 000 Dr

The following transactions took place and were accounted for in the accounting records on 28 February 2022:

Payments from Fees charged at the
trust bank end of the day
Client R R
A South 3 000 2 000
S Africa 4 000 3 000
7 000 5 000

What will be the total amount to be transferred from the trust bank account to the business bank account on 28 February 2022?

Select one:
a. R16 000

b. R12 000
c. R9 000
d. R10 000

Clear my choice




Question 7 The following information for the month ended 30 April 2022 relates to SA Attorneys:
Answer saved
Marked out of
3.00
EXTRACT FROM THE TRIAL BALANCE OF SA ATTORNEYS ON 31 MARCH 2022
Debit Credit
Flag
question R R
Business bank 287 400
Trust bank 266 200
Trust creditors control:
T Zulu sec 86(4) investment - Africa Bank 100 000
T Zulu 110 000
Clients control
T Zulu 23 400



On 30 April 2022, T Zulu requested SA Attorneys to withdraw his investment with Africa Bank. Africa Bank deposited R108 000 into the trust
bank account of SA Attorneys. No payments have been made to the beneficiaries yet. All the investments were made in terms of section 86
of the Legal Practice Act 28 of 2014.


Which one of the following presents the correct entry in the cash journals of SA Attorneys for the above transaction?

Select one:
a. Business cash receipts journal for May 2022
Trust
creditors
Date Details control Bank
R R
30 T Zulu sec 86(4) - Investment – Africa
Bank (trust creditor) 108 000 108 000
108 000 108 000



b. Trust cash payments journal for May 2022
Trust
creditors
Date Details control Bank
R R
30 T Zulu sec 86(4) - Investment – Africa
Bank (trust creditor) 108 000 108 000
108 000 108 000



c. Trust cash receipts journal for May 2022
Trust
creditors
Date Details control Bank
R R
30 T Zulu sec 86(4) - Investment – Africa
Bank (trust creditor) 108 000 108 000