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/ WELCOME TO FAC1502 FINANCIAL ACCOUNTING 1: FINANCIAL ACCOUNTING CONCEPTS,
... [Show More] PRINCIPLES AND PROCEDURES
/ Assessment 4
Not yet answered Marked out of 2.00
Matties Discount Store sells furniture. They bought a laptop for the receptionist for R7 475 (including VAT) on credit from Diya Computers. The VAT rate is 15% and Matties Discount Store is a registered VAT vendor.
Which one of the following entries in the books of Matties Discount Store with regard to this transaction is correct?
Select one: A.
B.
C.
D.
E.
Clear my choice
https://mymodules.dtls.unisa.ac.za/mod/qui 1/17
Question 2
Not yet answered
Marked out of 3.00
Additional information
(a) At the beginning of the financial year, 1 November 20.9, Kumkani Traders decided to upgrade some of its processes by selling old printing equipment for R31 000 cash. The machine was bought on 1 November 20.4 for R180 000. Depreciated was provided for at 15%
p.a. on the straight-line method.
(b) On 1 December 20.9 Kumkani Traders bought 3D printing equipment for R145 600 on credit from Fourth Dimension. Depreciation on the new machine must be provided for at 25% per annum on the diminishing balance method.
Calculate the profit or loss on sale of the old printing equipment?
Select one:
A. Loss on sale of equipment will be R40 000.
B. Profit on sale on equipment will be R14 000.
C. Profit on sale on equipment will be R22 000.
D. Profit on sale of equipment will be R15 800.
E. Loss on sale of equipment will be R14 000. Clear my choice
https://mymodules.dtls.unisa.ac.za/mod/qui 2/17
Question 3
Not yet answered
Marked out of 1.00
Trade payables control…………………………………………… 30 000
Which of the following represents the correct calculation of Pet Spa's equity on 28 February 20.2?
A.
B.
C.
D.
E.
Clear my choice
Question 4
Not yet answered
Marked out of 1.00
A physical inventory count revealed that the following was on hand on the premises of NJM Traders at the financial year-end 30 April 2023: Inventory R7 500
Packaging material R2 500 Stationery R 500
How will these items be disclosed in the statement of financial position as at 30 June 2020?
A. Current assets: Inventory R10 500
B. Current assets: Inventory R3 000.
C. Current assets: Fixed Deposit R10 500.
D. Non-current assets: Inventory R7 500.
E. Non-current assets: Inventory R10 500. Clear my choice
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