FAC1503 ASSIGNMENT 3 FOR 2024

FAC1503
ASSIGNMENT 6 FOR 2024




FEND TUTORIALS

,Question 2
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Depreciation is classified as a/an ___________ in the _____________.
Select one:

a.
Expense; Statement of Profit or Loss

b.
Non-current asset; Statement of Financial Position

c.
Revenue; Statement of Profit or Loss

d.
Non-current liability; Statement of Financial Position
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Question 3
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The transfer journal is used to record transfers from the client's trust creditors account to the client's
business account. Which of the following options is incorrect regarding the transferring of trust funds?
Select one:

a.
The transfer of funds from the trust creditor's account must be done before the invoice is sent to
the client.


b.
If the client's business account exceeds the amount owing on the client's trust creditors account, the
amount transferred is limited to the amount owing on the client's trust creditors account.


c.
If the client's trust creditors account exceeds the amount owing on the client's business account, the
amount transferred is limited to the amount owing on the client's business account.



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,d.
The client should owe an amount of money to the attorney's practice on the clients' business account.

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Question 4
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SA Attorneys purchased a new printer of R5 900 from SA Computer and paid with an electronic funds
transfer. SA Attorneys maintained an unfavourable bank balance during the month.
Prepare the BAE incorporating the information form the above transaction in the table below by
indicating the net effect (amount) and the account debited and credited:



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)
3. When an element decreases, use a negative sign in front of the amount (eg: -1000.01)
4. When an element increases, the amount will be without any sign (eg: 1000.01)
5. Only show the amount, do not show the "R" (eg: 1000)
6. If no amount should be recorded in any of the numeric spaces, please indicate it by filling in a zero
("0")




Assets = Equity + Liabilities
5900.0 0 0
Answer Answer Answer
Answer Answer Answer
Computer equipment debit and bank accountNot applicable
credit Not applicable




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On 25 February 2022, SA Attorneys, withdrew R500 cash to replenish the petty cash in the office. The
cash withdrawal will be recorded into the .... as book of first entry.
Select one:

a.
Business cash payments journal


b.
Trust cash payments journal


c.
General journal


d.
Business cash receipts journal

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Question 6
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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


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