FAC1601 ASSIGNMENT 1 – SEMESTER 2 OF
2022
Question 1
Question text
A credit balance on a ledger account indicates………
a.
a liability or income
b.
an asset or expense
c.
a liability or an expense
d.
an amount owing to the business
Question 2
Question text
Which one of the following expenses should be included in cost of inventories sold during the
year?
a.
Insurance on deliveries
b.
Carriage on purchases
c.
Carriage on sales
d.
Depreciation on delivery vehicle
, Question 3
Answer saved
Marked out of 3.00
On 30 June 2022, Ndabeni Traders sold R5 100 worth of inventory on credit to Ndlovu
Supermarket, subject to a trade discount of 15%. A cash discount of 15% will be given if the
account is settled within 30 days. Which one of the following amounts represents the correct
amount received by Ndabezitha Wholesalers on 29 July 2022?
a.
R3 684.75
b.
R4 335.00
c.
R3 570.00
d.
R1 012.50
Question 4
Question text
As of 1 January 2021, Kelly’s Clothing had a capital balance of R100 000. During the year
Kelly’s Clothing had revenues and expenses amounting to R80 000 and R45 000 respectively.
On 31 December 2021, the owner conducted a stock take and realised that an inventory valued at
R5 000 was damaged. The salvage value of the damaged inventory was estimated at R1 500. In
addition, the owner (Kelly), withdrew R20 100 for her personal use. Which one of the following
alternatives represents the correct capital balance in the statement of financial position of Kelly’s
Clothing as at 31 December 2021?
a.
R111 500
b.
R110 000
c.
R115 000
d.
R111 400
2022
Question 1
Question text
A credit balance on a ledger account indicates………
a.
a liability or income
b.
an asset or expense
c.
a liability or an expense
d.
an amount owing to the business
Question 2
Question text
Which one of the following expenses should be included in cost of inventories sold during the
year?
a.
Insurance on deliveries
b.
Carriage on purchases
c.
Carriage on sales
d.
Depreciation on delivery vehicle
, Question 3
Answer saved
Marked out of 3.00
On 30 June 2022, Ndabeni Traders sold R5 100 worth of inventory on credit to Ndlovu
Supermarket, subject to a trade discount of 15%. A cash discount of 15% will be given if the
account is settled within 30 days. Which one of the following amounts represents the correct
amount received by Ndabezitha Wholesalers on 29 July 2022?
a.
R3 684.75
b.
R4 335.00
c.
R3 570.00
d.
R1 012.50
Question 4
Question text
As of 1 January 2021, Kelly’s Clothing had a capital balance of R100 000. During the year
Kelly’s Clothing had revenues and expenses amounting to R80 000 and R45 000 respectively.
On 31 December 2021, the owner conducted a stock take and realised that an inventory valued at
R5 000 was damaged. The salvage value of the damaged inventory was estimated at R1 500. In
addition, the owner (Kelly), withdrew R20 100 for her personal use. Which one of the following
alternatives represents the correct capital balance in the statement of financial position of Kelly’s
Clothing as at 31 December 2021?
a.
R111 500
b.
R110 000
c.
R115 000
d.
R111 400
