10/1/24, 11:06 AM Assessment 3 (page 1 of 2)
UNISA 2024 FAC1502-24-S2 Welcome Message Assessment 3
QUIZ
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Question 1
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Indicate by choosing the correct option whether the following statement is true or false:
The gross profit calculated in the trading statement of a non-profit entity is transferred to receipts and payments statement.
Select one:
True
False
Question 2
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Indicate whether the following statement is true or false regarding debentures:
Debentures that will be redeemed within the next 12 months will be considered as current liability in the statement of financial position.
Select one:
True
False
Question 3
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Membership fees of Gizmo Soccer Club was R1 200 per year for 20.1 and R1 300 per year for 20.2. On 31 December 20.1, it was noted
that 4 members did not pay their membership fees for 20.1 and 9 members paid their membership fees for the 20.2 on 31 December.
The financial year end of Gizmo Soccer Club is 31 December.
The amount to be disclosed as part of trade and other receivables in statement of financial position as at 31 December is 20.1 …
Instructions:
1. Round off to the nearest Rand (eg: 50.56 is 51)
2. Only show the amount, do not show the R (eg: 12141)
Answer: 11700
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, 10/1/24, 11:06 AM Assessment 3 (page 1 of 2)
Question 4
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The following balances appeared in the accounting records of Vice Traders on 31 August 2024:
R
Inventory (1 September 2023) 65 500
Sales 290 400
Purchases 205 880
Sales returns 2 920
Freight on purchases 5 360
Carriage on sales 3 274
Settlement discount received 6 260
Additional information:
a) Inventory on hand on 31 August 2024 is R48 620.
b) Stationery on hand on 31 August 2024 is R1 280
c) Interest of R780 were charged on a long outstanding account with Situma Suppliers.
Required:
Compile the statement of profit or loss and other comprehensive income for the year ended 31 August 2024 using the above
information.
Instructions:
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Round off to the nearest rand (eg: 50.56 will be rounded to 51)
3. Do not type in “R” for Rand in the numeric block
4. Indicate any amount that should be deducted within a calculation with a minus sign (-) (eg: -1000)
5. If a line item is not applicable indicate the account name by choosing N/A from the list and complete the amount as zero "0"
6. Please keep the sequence of transactions strictly according to the information given but also in the correct format.
VICE TRADERS
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE
INCOME FOR THE YEAR ENDED 31 August 2024
R
Revenue 287480
Cost of sales -221860
Inventory (1 September 2023) 65500
Purchases 199620
Freight on purchases 5360
Inventory (31 August 2024) -48620
Gross profit 65620
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UNISA 2024 FAC1502-24-S2 Welcome Message Assessment 3
QUIZ
Time left 0:08:06
Question 1
Answer saved
Marked out of 1.00
Indicate by choosing the correct option whether the following statement is true or false:
The gross profit calculated in the trading statement of a non-profit entity is transferred to receipts and payments statement.
Select one:
True
False
Question 2
Answer saved
Marked out of 1.00
Indicate whether the following statement is true or false regarding debentures:
Debentures that will be redeemed within the next 12 months will be considered as current liability in the statement of financial position.
Select one:
True
False
Question 3
Answer saved
Marked out of 1.00
Membership fees of Gizmo Soccer Club was R1 200 per year for 20.1 and R1 300 per year for 20.2. On 31 December 20.1, it was noted
that 4 members did not pay their membership fees for 20.1 and 9 members paid their membership fees for the 20.2 on 31 December.
The financial year end of Gizmo Soccer Club is 31 December.
The amount to be disclosed as part of trade and other receivables in statement of financial position as at 31 December is 20.1 …
Instructions:
1. Round off to the nearest Rand (eg: 50.56 is 51)
2. Only show the amount, do not show the R (eg: 12141)
Answer: 11700
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, 10/1/24, 11:06 AM Assessment 3 (page 1 of 2)
Question 4
Answer saved
Marked out of 16.00
The following balances appeared in the accounting records of Vice Traders on 31 August 2024:
R
Inventory (1 September 2023) 65 500
Sales 290 400
Purchases 205 880
Sales returns 2 920
Freight on purchases 5 360
Carriage on sales 3 274
Settlement discount received 6 260
Additional information:
a) Inventory on hand on 31 August 2024 is R48 620.
b) Stationery on hand on 31 August 2024 is R1 280
c) Interest of R780 were charged on a long outstanding account with Situma Suppliers.
Required:
Compile the statement of profit or loss and other comprehensive income for the year ended 31 August 2024 using the above
information.
Instructions:
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Round off to the nearest rand (eg: 50.56 will be rounded to 51)
3. Do not type in “R” for Rand in the numeric block
4. Indicate any amount that should be deducted within a calculation with a minus sign (-) (eg: -1000)
5. If a line item is not applicable indicate the account name by choosing N/A from the list and complete the amount as zero "0"
6. Please keep the sequence of transactions strictly according to the information given but also in the correct format.
VICE TRADERS
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE
INCOME FOR THE YEAR ENDED 31 August 2024
R
Revenue 287480
Cost of sales -221860
Inventory (1 September 2023) 65500
Purchases 199620
Freight on purchases 5360
Inventory (31 August 2024) -48620
Gross profit 65620
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