FAC1501-25-S1: Assessment 4 https://cas.myexams.unisa.ac.za/mod/quiz/view.php?id=71
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Assessment 4
607211
You must have completed the activities for Learning Units 1 to 11, before the assessment will be available to you.
You will be able to view the questions you have received for the attempt, with its answers and general feedback, after the due date/time of
Mandatory Assessment 4.
NB: Please complete this assessment using a computer. If not possible use the web browser of your phone. Some tables will not be visible
through the myModules app on a phone.
Attempts allowed: 1
This quiz opened at Tuesday, 29 April 2025, 12:00 PM
This quiz will close on Tuesday, 29 April 2025, 6:00 PM.
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: 2 hours
Summary of your previous attempts
Grade /
State 100.00 Review Feedback
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Submitted Tuesday, 29 April 2025, the good work.
1:37 PM
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Your final grade for this quiz is 6.08/100.00.
Overall feedback
Congratulations, you passed this assessment with a distinction. Keep up the good work.
No more attempts are allowed
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Question 1
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John Miles started a business named Miles of Furniture during 2023. The business is not a registered VAT vendor and applies the principles of the
perpetual inventory system. During January 2024, Miles of Furniture maintained a favourable bank balance.
On 19 January 2024, the owner of Miles of Furniture paid R7 765 from his personal account for the placement of an advertisement in a local
newspaper.
REQUIRED:
Analyse the transaction of Miles of Furniture that took place on 19 January 2024, in tabular format as follows:
Account to be
Date Account to be debited Amount Element debited Amount Element credited
credited
Example: May 2 The owner of Miles of Furniture withdrew R5 000 cash for own use.
R R
May 2 Drawings -5 000 Equity Bank -5 000 Asset
Complete the table below by selecting the account to be debited, the account to be credited and the element affected on the statement of
Financial position (assets, equity and liabilities) from the dropdown menu and filling in the applicable amounts in the correct spaces.
Please indicate whether the transaction increases or decreases the affected element (assets, equity and liabilities) in the amount column (see
instruction 3 and 4 for examples)
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)
Element Element
Date Account to be debited Amount Account to be credited Amount
debited credited
R R
Jan 19 Advertising 7765 Asset 7765 Equity
Capital
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, 4/29/25, 12:48 PM Assessment 4 (page 1 of 2)
Question 2
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Mahlanya Traders (not a registered VAT vendor) commenced business on 1 March 2021. The entity serves both cash and credit customers. On 28
February 2022 the allowance for credit losses was recorded as R2 575.
Dashboard / My courses / FAC1501-25-S1 / General / Assessment 4
On 28 February 2023 it was determined that the allowance for credit losses should be adjusted to R3 365. Trade receivables control as at 28
February 2023 amounts to R52 750 and the credit losses account amounts to R820.
Required:
Record the necessary adjustment and the closing entry in the general journal of Mahlanya Traders for February 2023.
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. Only show the amount, do not show the R (eg: 1000)
MAHLANYA TRADERS
GENERAL JOURNAL – FEBRUARY 2023
Day Details Debit Credit
R R
28
Allowance for credit losses 790
Credit losses 790
Adjustment: Allowance for credit
losses
Profit or loss account 1610
1610
Credit losses
Closing transfer: Credit losses
Question 3
Answer saved
Marked out of 1.00
When merchandise previously sold for cash to a customer is returned to an entity, a transaction to reinstate the merchandise as part of inventory
will be recorded in the general journal as book of first entry.
Select one:
True
False
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Dashboard Calendar
Dashboard / My courses / FAC1501-25-S1 / General / Assessment 4
Assessment 4
607211
You must have completed the activities for Learning Units 1 to 11, before the assessment will be available to you.
You will be able to view the questions you have received for the attempt, with its answers and general feedback, after the due date/time of
Mandatory Assessment 4.
NB: Please complete this assessment using a computer. If not possible use the web browser of your phone. Some tables will not be visible
through the myModules app on a phone.
Attempts allowed: 1
This quiz opened at Tuesday, 29 April 2025, 12:00 PM
This quiz will close on Tuesday, 29 April 2025, 6:00 PM.
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: 2 hours
Summary of your previous attempts
Grade /
State 100.00 Review Feedback
Finished 96.08 Congratulations, you passed this assessment with a distinction. Keep up
Submitted Tuesday, 29 April 2025, the good work.
1:37 PM
2 1 0
2 1 0
2 1 0
2 1 0
Your final grade for this quiz is 6.08/100.00.
Overall feedback
Congratulations, you passed this assessment with a distinction. Keep up the good work.
No more attempts are allowed
Back to the course
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,FAC1501-25-S1: Assessment 4 https://cas.myexams.unisa.ac.za/mod/quiz/view.php?id=71
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2 of 2 2025/04/29, 13
,4/29/25, 12:48 PM Assessment 4 (page 1 of 2)
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Dashboard / My courses / FAC1501-25-S1 / General / Assessment 4
Time left 1:15:59
Question 1
Answer saved
Marked out of 6.00
John Miles started a business named Miles of Furniture during 2023. The business is not a registered VAT vendor and applies the principles of the
perpetual inventory system. During January 2024, Miles of Furniture maintained a favourable bank balance.
On 19 January 2024, the owner of Miles of Furniture paid R7 765 from his personal account for the placement of an advertisement in a local
newspaper.
REQUIRED:
Analyse the transaction of Miles of Furniture that took place on 19 January 2024, in tabular format as follows:
Account to be
Date Account to be debited Amount Element debited Amount Element credited
credited
Example: May 2 The owner of Miles of Furniture withdrew R5 000 cash for own use.
R R
May 2 Drawings -5 000 Equity Bank -5 000 Asset
Complete the table below by selecting the account to be debited, the account to be credited and the element affected on the statement of
Financial position (assets, equity and liabilities) from the dropdown menu and filling in the applicable amounts in the correct spaces.
Please indicate whether the transaction increases or decreases the affected element (assets, equity and liabilities) in the amount column (see
instruction 3 and 4 for examples)
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)
Element Element
Date Account to be debited Amount Account to be credited Amount
debited credited
R R
Jan 19 Advertising 7765 Asset 7765 Equity
Capital
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, 4/29/25, 12:48 PM Assessment 4 (page 1 of 2)
Question 2
Answer saved
Marked out of 8.00
Dashboard Calendar
Mahlanya Traders (not a registered VAT vendor) commenced business on 1 March 2021. The entity serves both cash and credit customers. On 28
February 2022 the allowance for credit losses was recorded as R2 575.
Dashboard / My courses / FAC1501-25-S1 / General / Assessment 4
On 28 February 2023 it was determined that the allowance for credit losses should be adjusted to R3 365. Trade receivables control as at 28
February 2023 amounts to R52 750 and the credit losses account amounts to R820.
Required:
Record the necessary adjustment and the closing entry in the general journal of Mahlanya Traders for February 2023.
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. Only show the amount, do not show the R (eg: 1000)
MAHLANYA TRADERS
GENERAL JOURNAL – FEBRUARY 2023
Day Details Debit Credit
R R
28
Allowance for credit losses 790
Credit losses 790
Adjustment: Allowance for credit
losses
Profit or loss account 1610
1610
Credit losses
Closing transfer: Credit losses
Question 3
Answer saved
Marked out of 1.00
When merchandise previously sold for cash to a customer is returned to an entity, a transaction to reinstate the merchandise as part of inventory
will be recorded in the general journal as book of first entry.
Select one:
True
False
https://cas.myexams.unisa.ac.za/mod/quiz/attempt.php?attempt=265727&cmid=71767# 2/13
