SYDNEY TUTORING ACADEMY
SEMESTER II 2023
FAC 1502 ASSESSMENT 2
SEMESTER 2
DISTINCTION GUARANTEED
083 533 6960
WANDA DER TUTOR
, FAC1502-23-S2 Welcome Message Assessment 2
QUIZ
Time left 0:22:28
Question 1
Not yet answered
Marked out of 2.00
Use the following information to calculate the missing figure by using the basic
accounting equation:
R
Bank (favourable balance) 10 000
Trade receivables control 30 000
Land 150 000
Buildings 50 000
Furniture 80 000
Trade payables control ?
Capital 200 000
Drawings 10 000
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: 1100000.00
Question 2
Not yet answered
Marked out of 1.00
Indicate whether the following statement is true or false.
Drawings and the donation of trading inventory is not recorded at cost price in the general
journal.
Select one:
True
False
,Question 3
Not yet answered
Marked out of 1.00
Indicate by choosing the correct option whether the following statement is true or false:
Carriage on purchases will increase the cost price of trading inventory, thereby increasing
gross profit.
Select one:
True
False
, Question 4
Not yet answered
Marked out of 8.00
You are given the following information of Kiyu Traders for 30 September 20.1:
Unfavourable balance of general ledger bank account 175 000
Favourable balance of bank statement 120 000
Total of the cash receipts journal 125 000
Total of the cash payments journal 300 000
Additional information:
The following information appeared on the bank statement only:
a) A direct deposit by debtor, Mr R Singh, for R30 000.
b) Bank charges of R700.
c) Interest on a favourable balance of R1 830.
d) Debit order to ARK Insurers for insurance of R6 250.
e) Debit order to PG Cell Providers for 10 cell phone contract including calls and
sms’s, R42 500.
f) On 29 September the owner of Kuyi Traders, Mr K Naidoo, made an EFT into the
bank account of Kuyi Traders for R50 000 as additional capital contribution.
The following information appeared in the cash journals of Kiyu Traders only:
g) A cash payment of R197 683 was entered in the cash receipts journal on the 29
September of 20.1 but was only deposited 1 October 20.1 by the bookkeeper.
h) The bookkeeper incorrectly entered the amount paid to creditor, HG Traders, as
R807 instead of R870 which was correctly stated on the bank statement.
What will the correct cash receipts journal entries in the books of Kiyu Traders be for
September 20.1?
Instructions:
Drag the correct answer into the correct space.
An option can be used more than once.
If an option has been provided and it is not applicable to the specific question, please put
N/A in the account column and a 0 in the amounts column.
125 000
Interest income 1 830
Capital 50 000
Mr R Singh/Trade receivables control 30 000
N/A 0
N/A 0
N/A 0
Interest income Capital
N/A 0
Mr R Singh/Trade receivables control Bank charges
206 830
Telephone expenses : PG Cell Providers Insurance: ARK Insurers
HG Traders/Trade payables control HG Traders/Trade receivables control
Mr R Singh/Trade payables control N/A
125 000 1 830 50 000 30 000 700 6 250 42 500 63
870 206 830 125 000 0
SEMESTER II 2023
FAC 1502 ASSESSMENT 2
SEMESTER 2
DISTINCTION GUARANTEED
083 533 6960
WANDA DER TUTOR
, FAC1502-23-S2 Welcome Message Assessment 2
QUIZ
Time left 0:22:28
Question 1
Not yet answered
Marked out of 2.00
Use the following information to calculate the missing figure by using the basic
accounting equation:
R
Bank (favourable balance) 10 000
Trade receivables control 30 000
Land 150 000
Buildings 50 000
Furniture 80 000
Trade payables control ?
Capital 200 000
Drawings 10 000
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: 1100000.00
Question 2
Not yet answered
Marked out of 1.00
Indicate whether the following statement is true or false.
Drawings and the donation of trading inventory is not recorded at cost price in the general
journal.
Select one:
True
False
,Question 3
Not yet answered
Marked out of 1.00
Indicate by choosing the correct option whether the following statement is true or false:
Carriage on purchases will increase the cost price of trading inventory, thereby increasing
gross profit.
Select one:
True
False
, Question 4
Not yet answered
Marked out of 8.00
You are given the following information of Kiyu Traders for 30 September 20.1:
Unfavourable balance of general ledger bank account 175 000
Favourable balance of bank statement 120 000
Total of the cash receipts journal 125 000
Total of the cash payments journal 300 000
Additional information:
The following information appeared on the bank statement only:
a) A direct deposit by debtor, Mr R Singh, for R30 000.
b) Bank charges of R700.
c) Interest on a favourable balance of R1 830.
d) Debit order to ARK Insurers for insurance of R6 250.
e) Debit order to PG Cell Providers for 10 cell phone contract including calls and
sms’s, R42 500.
f) On 29 September the owner of Kuyi Traders, Mr K Naidoo, made an EFT into the
bank account of Kuyi Traders for R50 000 as additional capital contribution.
The following information appeared in the cash journals of Kiyu Traders only:
g) A cash payment of R197 683 was entered in the cash receipts journal on the 29
September of 20.1 but was only deposited 1 October 20.1 by the bookkeeper.
h) The bookkeeper incorrectly entered the amount paid to creditor, HG Traders, as
R807 instead of R870 which was correctly stated on the bank statement.
What will the correct cash receipts journal entries in the books of Kiyu Traders be for
September 20.1?
Instructions:
Drag the correct answer into the correct space.
An option can be used more than once.
If an option has been provided and it is not applicable to the specific question, please put
N/A in the account column and a 0 in the amounts column.
125 000
Interest income 1 830
Capital 50 000
Mr R Singh/Trade receivables control 30 000
N/A 0
N/A 0
N/A 0
Interest income Capital
N/A 0
Mr R Singh/Trade receivables control Bank charges
206 830
Telephone expenses : PG Cell Providers Insurance: ARK Insurers
HG Traders/Trade payables control HG Traders/Trade receivables control
Mr R Singh/Trade payables control N/A
125 000 1 830 50 000 30 000 700 6 250 42 500 63
870 206 830 125 000 0
