FAC1501 Assignment 2 Semester 1 Questions and Answers 2020

FAC1501
Assignment 2
Semester 1
Questions and
Answers 2020

, ASSIGNMENT 02

UNIQUE NUMBER: 834713

DUE DATE: 20 APRIL 2020

Before you answer the questions for this assignment, you must have studied
learning units 6 to 11 of your study guide.

Submit this assignment electronically via myUnisa or do it on a mark-reading sheet.


Use the information provided below to answer question 1:
eThekwini Traders provided you with the following information for the year ended 30
April 2020:
R
Inventory (1 May 2019) 400 000
.....................................
Purchases ......................................................... 600 000
Purchases returns ............................................. 40 000
Sales returns ..................................................... 100 000
Carriage on purchases 5 500
......................................
A physical inventory count on 30 April 2020 indicated that inventory on hand was
R500 000.

1. The cost of sales amount on 30 April 2020 will be …
R
(1) 500 000 (2)
460 000 (3) 534
500 (4) 405
500
(5) 465 500
Use the information provided below to answer questions 2 to 6:
Mthatha Traders provided you with a list of transactions for the month ended 31 July
2020:
(a) Sold goods on credit to Mr G Dladla for R20 000.
(b) Purchased merchandise on credit from Sun Wholesalers for R16 000.
(c) Mr G Dladla returned R5 000 worth of goods due to it being damaged.
(d) Issued cheque no. 07 for R6 000 to Sun Wholesalers a creditor of Mthatha
Traders.
(e) Mthatha Traders received a credit note from Sun Wholesalers for R2 500.