FAC1502
ASSIGNMENT 3
DUE DATE: 26 APRIL 2025
,QUIZ
Assessment 3
Opened: Tuesday, 22 April 2025, 8:00 AM
Closes: Saturday, 26 April 2025, 9:00 PM
218934
Dear students,
Please take note of the following important information regarding Assessment 3 for FAC1 502:
Assessment 3 unique number: 218934
NB: Kindly note no extension or 2nd attempt will be granted for missing Assessment 3 for whatever reason (sick note,
load shedding, network problems, etc.).
It is the student's responsibility to submit Assessment 3 before the due date.
Always read the instructions page carefully at the start of the Assessment.
NB: If you missed Assessment 3, you will still be required to complete the admin self-assessment to do any assessments
4, or 5. You must pass this admin self-assessment with 80% to unlock all your assessments.
Please note the following:
1. The assessment is timed. Once you click on start assessment, a timer will start counting down on the system. Once a
timer runs out, your assessment 3 will be automatically submitted. You must stay online for the duration of your
Assessment 3. You only have one attempt to complete and submit Assessment 3.
Assessment 3 will only be open for submission for a period of 5 days.
1. You need to know the content of study units 1 to 1 5 to complete Assessment 3.
2. You will have 1 attempt to complete Assessment 3, contributing 30% towards your year mark for FAC1502.
3. No radio buttons
Kindly note that if the radio buttons are not appearing next to the options of the questions, the problem is with the settings
or the internet browser of the device (smartphone, tablet, or computer) you are using to answer the questions. There is no
problem with the setup of the quiz. Kindly request assistance from with this technical issue.
Alternatively, if the radio button does not appear next to the option you want to select, you can still click on the letter (a, b,
c, or d) or the answer to the correct option for the question.
4. How to use a smartphone
If you are using a smartphone to answer your assignments, you must hold your smartphone horizontally (—) when you
choose the correct option for an MCQ.
We have noted that when the smartphone is held vertically (|), the options for the questions do not show the radio button
next to the option.
When you use your smartphone to access myUnisa, you should use the Unisa myModules app and not via your
smartphone's internet browser.
, 5. Internet connectivity
Please ensure you have stable internet connectivity whilst submitting your assessment and consider your load
shedding/reduction schedule if applicable.
6. DO NOT open your assessment simultaneously in multiple browser windows or tabs. If you do so, the system will
automatically submit responses on your behalf without your knowledge. Marks awarded for automatic submissions will
be final marks. No additional opportunity for resubmissions will be given unless students utilize their second Quiz
assessment opportunity within the period the assessment is open for submission.
7. DO NOT click your browser's back button while taking your assessment. Students risk losing previous responses should
they utilise browser navigation buttons. Students are advised always to use Moodle navigation buttons to move to the
next and previous (if allowed) question and to "Save" and "Submit.".
8. Kindly note that you can view your mark obtained for Assessment 3 and the overall feedback for Assessment 3 after
you submit an attempt.
9. You will be able to view the questions you have received for the attempt, with the answers and feedback, after the due
date of Assessment 3.
Kind regards
FAC1 502 lecturers
Attempts allowed: 1
To continue with this quiz attempt you must open your webcam, and it will take some of your pictures randomly during the quiz.
Time limit: 1 hour 1 5 mins
Grade to pass: 50.00 out of 100.00
Summary of your previous attempts
State Marks/ 50.00 Grade/ 100.00 Review
Finished 47.94 95.89
Submitted Tuesday, 22 April 2025, 4:57 PM
Your final grade for this quiz is 95.89/100.00.
, Question 1
Not yet answered
Marked out of 20.00
Liprog Trading, a registered VAT vendor, uses the periodic inventory system. The VAT rate is 1 5%.
The following is an extract from the financial records of Liprog Trading for January 2024:
R
Trade receivables: opening balance (1 January) 37 555
Credit sales 133 990
Cash receipts journal: Trade receivables column total (31 67 800
January)
Sales returns journal: Trade receivables column (31 January) 8 411
At month's end, the Bookkeeper completed a debtor's reconciliation and found the following:
1. On 1 0 January, a client returned goods sold to him on credit for R778. This transaction was incorrectly recorded in the Purchases
returns journal instead of the Sales returns journal.
2. The trade receivables column in the cash receipts journal was undercast by R1 334. The bookkeeper has not corrected the error.
3. Credit note no 80 for R300 was entered correctly to the sales account and the trade receivables control account in the general
ledger but was not posted to the specific debtors account in the trade receivables ledger.
4. Credit sales of R290 was posted correctly to the sales account and the trade receivables control account in the general ledger but
was not posted to the specific debtor’s account in the trade receivables ledger.
5. It was noted that there were credit balances amounting to R1 545, that appeared in the trade receivables ledger. Further
investigations disclosed that these balances were in respect of transactions that were concluded with creditors accounts during
December 2O23.The inexperienced bookkeeper opened these creditors accounts in the trade receivables ledger. The trade
payables control account was, however, not affected by these incorrect entries.
6. On 1 8 January, goods sold on credit in the amount of R8 866 were recorded in the sales journal as R6 688. No journal entry has
been made to correct this error.
7. A client, Mweli Stores' account was charged interest of R303 during the month. Entries were only made in the trade receivables
ledger.
8. On 21 January 2024, Liprog Trading was informed that T Thomas, a debtor who owed the entity R1 500, had been declared
insolvent. The amount must be written off as irrecoverable.
Required:
Complete the trade receivables control account in Liprog Trading's general ledger for the month ending 31 January 2024.
Instructions:
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. If no amount should be recorded in any of the numeric spaces, please indicate it by filling in a zero ("0")
4. Only show the amount, do not show the "R" (eg: 1000)
Dr Trade receivables control C
ASSIGNMENT 3
DUE DATE: 26 APRIL 2025
,QUIZ
Assessment 3
Opened: Tuesday, 22 April 2025, 8:00 AM
Closes: Saturday, 26 April 2025, 9:00 PM
218934
Dear students,
Please take note of the following important information regarding Assessment 3 for FAC1 502:
Assessment 3 unique number: 218934
NB: Kindly note no extension or 2nd attempt will be granted for missing Assessment 3 for whatever reason (sick note,
load shedding, network problems, etc.).
It is the student's responsibility to submit Assessment 3 before the due date.
Always read the instructions page carefully at the start of the Assessment.
NB: If you missed Assessment 3, you will still be required to complete the admin self-assessment to do any assessments
4, or 5. You must pass this admin self-assessment with 80% to unlock all your assessments.
Please note the following:
1. The assessment is timed. Once you click on start assessment, a timer will start counting down on the system. Once a
timer runs out, your assessment 3 will be automatically submitted. You must stay online for the duration of your
Assessment 3. You only have one attempt to complete and submit Assessment 3.
Assessment 3 will only be open for submission for a period of 5 days.
1. You need to know the content of study units 1 to 1 5 to complete Assessment 3.
2. You will have 1 attempt to complete Assessment 3, contributing 30% towards your year mark for FAC1502.
3. No radio buttons
Kindly note that if the radio buttons are not appearing next to the options of the questions, the problem is with the settings
or the internet browser of the device (smartphone, tablet, or computer) you are using to answer the questions. There is no
problem with the setup of the quiz. Kindly request assistance from with this technical issue.
Alternatively, if the radio button does not appear next to the option you want to select, you can still click on the letter (a, b,
c, or d) or the answer to the correct option for the question.
4. How to use a smartphone
If you are using a smartphone to answer your assignments, you must hold your smartphone horizontally (—) when you
choose the correct option for an MCQ.
We have noted that when the smartphone is held vertically (|), the options for the questions do not show the radio button
next to the option.
When you use your smartphone to access myUnisa, you should use the Unisa myModules app and not via your
smartphone's internet browser.
, 5. Internet connectivity
Please ensure you have stable internet connectivity whilst submitting your assessment and consider your load
shedding/reduction schedule if applicable.
6. DO NOT open your assessment simultaneously in multiple browser windows or tabs. If you do so, the system will
automatically submit responses on your behalf without your knowledge. Marks awarded for automatic submissions will
be final marks. No additional opportunity for resubmissions will be given unless students utilize their second Quiz
assessment opportunity within the period the assessment is open for submission.
7. DO NOT click your browser's back button while taking your assessment. Students risk losing previous responses should
they utilise browser navigation buttons. Students are advised always to use Moodle navigation buttons to move to the
next and previous (if allowed) question and to "Save" and "Submit.".
8. Kindly note that you can view your mark obtained for Assessment 3 and the overall feedback for Assessment 3 after
you submit an attempt.
9. You will be able to view the questions you have received for the attempt, with the answers and feedback, after the due
date of Assessment 3.
Kind regards
FAC1 502 lecturers
Attempts allowed: 1
To continue with this quiz attempt you must open your webcam, and it will take some of your pictures randomly during the quiz.
Time limit: 1 hour 1 5 mins
Grade to pass: 50.00 out of 100.00
Summary of your previous attempts
State Marks/ 50.00 Grade/ 100.00 Review
Finished 47.94 95.89
Submitted Tuesday, 22 April 2025, 4:57 PM
Your final grade for this quiz is 95.89/100.00.
, Question 1
Not yet answered
Marked out of 20.00
Liprog Trading, a registered VAT vendor, uses the periodic inventory system. The VAT rate is 1 5%.
The following is an extract from the financial records of Liprog Trading for January 2024:
R
Trade receivables: opening balance (1 January) 37 555
Credit sales 133 990
Cash receipts journal: Trade receivables column total (31 67 800
January)
Sales returns journal: Trade receivables column (31 January) 8 411
At month's end, the Bookkeeper completed a debtor's reconciliation and found the following:
1. On 1 0 January, a client returned goods sold to him on credit for R778. This transaction was incorrectly recorded in the Purchases
returns journal instead of the Sales returns journal.
2. The trade receivables column in the cash receipts journal was undercast by R1 334. The bookkeeper has not corrected the error.
3. Credit note no 80 for R300 was entered correctly to the sales account and the trade receivables control account in the general
ledger but was not posted to the specific debtors account in the trade receivables ledger.
4. Credit sales of R290 was posted correctly to the sales account and the trade receivables control account in the general ledger but
was not posted to the specific debtor’s account in the trade receivables ledger.
5. It was noted that there were credit balances amounting to R1 545, that appeared in the trade receivables ledger. Further
investigations disclosed that these balances were in respect of transactions that were concluded with creditors accounts during
December 2O23.The inexperienced bookkeeper opened these creditors accounts in the trade receivables ledger. The trade
payables control account was, however, not affected by these incorrect entries.
6. On 1 8 January, goods sold on credit in the amount of R8 866 were recorded in the sales journal as R6 688. No journal entry has
been made to correct this error.
7. A client, Mweli Stores' account was charged interest of R303 during the month. Entries were only made in the trade receivables
ledger.
8. On 21 January 2024, Liprog Trading was informed that T Thomas, a debtor who owed the entity R1 500, had been declared
insolvent. The amount must be written off as irrecoverable.
Required:
Complete the trade receivables control account in Liprog Trading's general ledger for the month ending 31 January 2024.
Instructions:
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. If no amount should be recorded in any of the numeric spaces, please indicate it by filling in a zero ("0")
4. Only show the amount, do not show the "R" (eg: 1000)
Dr Trade receivables control C
