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FAC3761 ASSIGNMENT 2 -2020

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IN DEPTH SOLUTIONS TO ASSIGNMENT 2 OF FAC3761.

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Institution
University of South Africa (Unisa)
Course
FAC3761 (FAC3761)
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Uploaded on
July 26, 2020
Number of pages
11
Written in
2019/2020
Type
Answers
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  • fac
  • fac3761
  • fac3761 assignment
  • fac3761 assignment 2
  • assignment 2

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FAC3761
ASSIGNMENT 2
SEMESTER 1
2020

, QUESTION 1

(a) SAFEWORKS LTD
General journal DR CR

31 March 2020 1 935 000
Trade receivables [(1 800 000 + 350 000) ∗
90%] (SFP)
Revenue (1 935 000 − 193 500) (P/L)
1 741 500
Allowance for settlement discount (SFP)
193 500



31 March 2020
Asset for right to recover tablets to be returned 540 000
(𝑆𝐹𝑃) (12 000 ∗ 45)
540 000
Inventory (SFP)




(b) SAFEWORKS LTD

GENERAL JOURNAL
Revenue (P / L) (24 000 ∗ 1.25) 30000

Trade receivables (SFP)
30000

Inventory (SFP) 24000

Cost of Sales (P / L) 24000
$6.07
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