FAC 1501 assignment 06 SEMESTER 01 2023.pdf

6/3/23, 4:22 PM Assessment 6 (page 1 of 2)




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Question 1

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At 31 August 2021, the financial year-end of Sibasa Traders, the following information was obtained from the entity’s accounting records:


R
Net sales 703 547
Net purchases 445 579
Inventory (1 September 2020) 56 283
Inventory (31 August 2021) 45 730
Fees earned 73 872
Carriage on purchases 14 070
Advertising 10 553


Calculate the cost of sales amount from the above information as reflected in the Trading account for the year ended 31 August 2021.


NB: Instructions

1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Only show the amount, do not show the R (eg: 12141.72)




Answer: 470202.00




Question 2

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If errors appear on the statement received from a creditor, the creditor should be notified to enable him/her to correct his/her own records. In the
entity’s records, the errors will appear on the trade payable’s reconciliation statement.



Select one:
True

False




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,6/3/23, 4:22 PM Assessment 6 (page 1 of 2)

Question 3
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Africa Services provided the following information for the financial year ended 28 February 2022:
Dashboard / My courses / FAC1501-23-S1 / Welcome Message / Assessment 6
R
Services rendered 1 032 856
Salaries 380 666
Wages 87 846
Telephone 11 713
Water and electricity 4 392
Stationery 11 933
Interest income 8 785
Insurance expenses 7 321


The profit/loss for the year ended 28 February 2022 is ...



NB: Instructions
1. Use a full stop to indicate any decimals (eg: 1000.01)

2. Only show the amount, do not show the R (eg: 12141.72)
3. If the total amount calculated is a profit, please enter the amount as a positive (eg: 12141.72), if the amount calculated is a loss, please enter the
amount as a negative (eg: -12141.72)




Answer: 625616.00




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, 6/3/23, 4:22 PM Assessment 6 (page 1 of 2)

Question 4

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Mahlanya Traders (not a registered VAT vendor) commenced business on 1 March 2021. The entity serves both cash and credit customers. On 28
February 2022 the allowance for credit losses was recorded as R2 452.
Dashboard / My courses / FAC1501-23-S1 / Welcome Message / Assessment 6
On 28 February 2023 it was determined that the allowance for credit losses should be adjusted to R3 205. Trade receivables control as at 28 February
2023 amounts to R52 750 and the credit losses account amounts to R750.



Required:

Record the necessary adjustment and the closing entry in the general journal of Mahlanya Traders for February 2023.



Instructions for numeric responses:

1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Round off to the second decimal after the full stop (eg: 50.56)




MAHLANYA TRADERS
GENERAL JOURNAL – FEBRUARY 2023
Day Details Debit Credit
R R
28
Credit losses 753.00


Allowance for credit losses 753.00

Adjustment: Allowance for credit
losses

Profit or loss account 1503.00


1503.00
Credit losses

Closing transfer: Credit losses




Question 5

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In the financial statements, trade payables will be classified as?



Select one:
a. Assets

b. Expenses

c. Income

d. Liabilities

Clear my choice 




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