FAC1503 ASSIGNMENT 6 FOR 2ND SEMESTER 2024

FAC1503
ASSIGNMENT 6 FOR 2ND SEMESTER 2024




FEND TUTORIALS

,Question 2
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An amount of R2 850 includes VAT of 15%. What is the amount exclusive of VAT?




Select one:

a.
R2 478,26

b.
R2 422,50

c.
R2 451,00

d.
R3 249,00

e.
R2 500,00
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Question 3
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Interest on an overdraft of the business that only appears on the bank statement must be entered in
the cash payments journal.
Select one:
True
False

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Please match the accounting term with the most suitable definition, example or description provided.
Classifying, characterising and
presenting information clearly
and concisely is important to Answer 1
adhere to the qualitative Understandability
characteristic of
………………………
Reflects the actual cash
Answer 2
movements in and out of the
Statement of cash flow s
entity for a specific period.
Reflects all the income earned
Answer 3
and expenses paid by a business
Statement of profit or loss and other comprehensive income
entity for a specific period.
Reflects all assets, liabilities and
equity of an entity at a particular Answer 4
Statement of financial position
date.
Reflects the movement in the net
worth attributable to the owners Answer 5
Statement of changes in equity
of the business.
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The transfer journal is used to record transfers from the client's trust creditors account to the client's
business account. Which of the following options is incorrect regarding the transferring of trust
funds?
Select one:

a.
The transfer of funds from the trust creditor's account must be done before the invoice is sent
to the client.


b.
If the client's business account exceeds the amount owing on the client's trust creditors account, the
amount transferred is limited to the amount owing on the client's trust creditors account.




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, c.
If the client's trust creditors account exceeds the amount owing on the client's business account, the
amount transferred is limited to the amount owing on the client's business account.


d.
The client should owe an amount of money to the attorney's practice on the clients' business account.

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SA Attorneys received R3 000 cash for services rendered for a client. SA Attorneys maintained a
favourable bank balance.
Prepare the BAE incorporating the information form the above transaction in the table below by
indicating the net effect (amount) and the account debited and credited:

Instructions for numeric responses:
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. When an element decreases, use a negative sign in front of the amount (eg: -1000.01)
4. When an element increases, the amount will be without any sign (eg: 1000.01)
5. Only show the amount, do not show the "R" (eg: 1000)
6. If no amount should be recorded in any of the numeric spaces, please indicate it by filling in a zero
("0")




Assets = Equity + Liabilities
3000 3000 0
Answer Answer Answer
Answer Answer Answer
Bank account debit Services rendered account credit Not applicable




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