FAC1502
Assignment 4
Semester 2 - 2023
Due date: 16 October 2023
Unique No.: 717806
Disclaimer
These study notes are meant to aid your academic journey. They are not a substitute for
individual research or professional guidance, and their accuracy, while strived for, is not
guaranteed. You are responsible for verifying the information and maintaining academic
integrity by avoiding plagiarism and adhering to citation rules. The notes may not cover all
variations of a subject, so tailor your assignments to your specific academic environment. The
seller is not liable for any outcomes resulting from the use or misuse of these notes. By using
these notes, you agree to this disclaimer, which may be updated without notice.
UNISA 2023 FAC1502-23-S2 Welcome Message Assessment 4
2 Finished 98.75 100.00
, No more attempts are allowed
Your final grade for this quiz is 98.75/100.00
Started on Saturday, 14 October 2023, 09:04 AM
State Finished
Completed on Saturday, 14 October 2023, 10:19 AM
Time taken 1 hour 15 mins
Marks 98.75/100.00
Grade 98.75 out of 100.00
Back to the course
• All 2 attempts to this quiz are provided to each question to ensure you have everything
necessary to attain an 90%+ in this assignment.
• Use CTRL+F to search questions on this document.
• Reach out to us if you have any issues +27 64 074 1961, email:
• BONUS!!!
On the last page of this document you will find a Google drive link with the following :
→
,VERSION 1
The financial year-end for Nice Dealers is 28 February. The rental expenses of Nice Dealers are R9 600 per
month. The financial records of Nice Dealers showed that rent was paid for ten months during the financial
year ended 28 February 20.2.
Use the information to do the journal entry that correctly accounts for the closing adjustment of the
rentals at year-end:
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. For embedded questions spelling is very important. If you spell the answer incorrect it will be marked
incorrect. Please make sure that your spelling of the words is correct.
4. Don’t use any special characters (&) and don’t use bold in your answer. It will be marked incorrect.
5. Do not use any abbreviations.
6. Your answer is case sensitive; therefore, you need to put the very first letter of the answer in uppercase,
but the rest of your answer must be in lowercase (eg: Interest on loan)
NICE DEALERS
Question 2
Answer saved
Marked out of 1.00
3
, Flag question
Question text
Indicate whether the following statement is true or false:
The historical cost of asset and liabilities are increased if they become impaired or onerous.
Select one:
True
False
Question 3
Answer saved
Marked out of 1.00
Flag question
Question text
Indicate whether the following statement is true or false:
Assets decrease on the debit side of a T-account.
Select one:
True
False
Question 4
Answer saved
Marked out of 9.00
Flag question
Question text
Waterhouse is a small township retail business that trades in soft drinks and has a 30 June 20.19 financial
year-end. The business records the amount of inventory it purchases only on a cash basis. The owner,
Daniel Makoe, has requested you to assist him in preparing the accounting records on an accrual basis.
He has provided you with the following information:
Purchases: Inventory
Date Amount
R
4
, 15 July 20.19 10 385
19 August 20.19 7 236
28 September 20.19 17 311
12 October 20.19 14 422
30 November 20.19 20 005
31 December 20.19 17 987
03 February 20.19 6 500
25 March 20.19 7 340
17 May 20.19 3 670
104 856
Based on your review of the business’s bank statement and a discussion with Daniel, you established the
following:
1. On 30 June 20.19, only R2 540 worth of inventory was still on hand. There was no opening inventory
and no inventory shortages.
2. The business sells products at a 20% mark up on cost.
3. The owner and his assistant earn a total monthly salary of R2 000 a month, their salaries was not paid
on 30 June 20.19 due to a lack of funds.
4. The rates and taxes account are in arrears. No payments have been made for an entire financial year
due to a dispute with the municipality. The amount owing is R4 550.
5. According to Daniel, the business uses a prepaid electricity meter. Prepaid electricity bought for the
year amounted to R3 200 of which R150 has not yet been used by year end.
6. The business rents a pool table from a gaming agent. The conditions for the rental of the pool table
is that 50% of the takings are business income and the balance goes to the agent as a commission. By 31
May 2019, R2 834 was deposited into the business’s account for the businesses’ share. At year end, the
pool table had R1 840 worth of R2 coins in its safe.
7. Daniel paid R870 for maintenance to the local handy man out of his own pocket and has not yet
been refunded by the business.
8. A monthly rental of R500 is made to the garage owner of from where the business operates. June’s
rent is still due.
5
Assignment 4
Semester 2 - 2023
Due date: 16 October 2023
Unique No.: 717806
Disclaimer
These study notes are meant to aid your academic journey. They are not a substitute for
individual research or professional guidance, and their accuracy, while strived for, is not
guaranteed. You are responsible for verifying the information and maintaining academic
integrity by avoiding plagiarism and adhering to citation rules. The notes may not cover all
variations of a subject, so tailor your assignments to your specific academic environment. The
seller is not liable for any outcomes resulting from the use or misuse of these notes. By using
these notes, you agree to this disclaimer, which may be updated without notice.
UNISA 2023 FAC1502-23-S2 Welcome Message Assessment 4
2 Finished 98.75 100.00
, No more attempts are allowed
Your final grade for this quiz is 98.75/100.00
Started on Saturday, 14 October 2023, 09:04 AM
State Finished
Completed on Saturday, 14 October 2023, 10:19 AM
Time taken 1 hour 15 mins
Marks 98.75/100.00
Grade 98.75 out of 100.00
Back to the course
• All 2 attempts to this quiz are provided to each question to ensure you have everything
necessary to attain an 90%+ in this assignment.
• Use CTRL+F to search questions on this document.
• Reach out to us if you have any issues +27 64 074 1961, email:
• BONUS!!!
On the last page of this document you will find a Google drive link with the following :
→
,VERSION 1
The financial year-end for Nice Dealers is 28 February. The rental expenses of Nice Dealers are R9 600 per
month. The financial records of Nice Dealers showed that rent was paid for ten months during the financial
year ended 28 February 20.2.
Use the information to do the journal entry that correctly accounts for the closing adjustment of the
rentals at year-end:
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. For embedded questions spelling is very important. If you spell the answer incorrect it will be marked
incorrect. Please make sure that your spelling of the words is correct.
4. Don’t use any special characters (&) and don’t use bold in your answer. It will be marked incorrect.
5. Do not use any abbreviations.
6. Your answer is case sensitive; therefore, you need to put the very first letter of the answer in uppercase,
but the rest of your answer must be in lowercase (eg: Interest on loan)
NICE DEALERS
Question 2
Answer saved
Marked out of 1.00
3
, Flag question
Question text
Indicate whether the following statement is true or false:
The historical cost of asset and liabilities are increased if they become impaired or onerous.
Select one:
True
False
Question 3
Answer saved
Marked out of 1.00
Flag question
Question text
Indicate whether the following statement is true or false:
Assets decrease on the debit side of a T-account.
Select one:
True
False
Question 4
Answer saved
Marked out of 9.00
Flag question
Question text
Waterhouse is a small township retail business that trades in soft drinks and has a 30 June 20.19 financial
year-end. The business records the amount of inventory it purchases only on a cash basis. The owner,
Daniel Makoe, has requested you to assist him in preparing the accounting records on an accrual basis.
He has provided you with the following information:
Purchases: Inventory
Date Amount
R
4
, 15 July 20.19 10 385
19 August 20.19 7 236
28 September 20.19 17 311
12 October 20.19 14 422
30 November 20.19 20 005
31 December 20.19 17 987
03 February 20.19 6 500
25 March 20.19 7 340
17 May 20.19 3 670
104 856
Based on your review of the business’s bank statement and a discussion with Daniel, you established the
following:
1. On 30 June 20.19, only R2 540 worth of inventory was still on hand. There was no opening inventory
and no inventory shortages.
2. The business sells products at a 20% mark up on cost.
3. The owner and his assistant earn a total monthly salary of R2 000 a month, their salaries was not paid
on 30 June 20.19 due to a lack of funds.
4. The rates and taxes account are in arrears. No payments have been made for an entire financial year
due to a dispute with the municipality. The amount owing is R4 550.
5. According to Daniel, the business uses a prepaid electricity meter. Prepaid electricity bought for the
year amounted to R3 200 of which R150 has not yet been used by year end.
6. The business rents a pool table from a gaming agent. The conditions for the rental of the pool table
is that 50% of the takings are business income and the balance goes to the agent as a commission. By 31
May 2019, R2 834 was deposited into the business’s account for the businesses’ share. At year end, the
pool table had R1 840 worth of R2 coins in its safe.
7. Daniel paid R870 for maintenance to the local handy man out of his own pocket and has not yet
been refunded by the business.
8. A monthly rental of R500 is made to the garage owner of from where the business operates. June’s
rent is still due.
5
