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Fac1502 Assignment 3 Semester 2 2023
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UNISA 2023 FAC1502-23-S2 Welcome Message Assessment 3QUIZ
Assessment 3
Opened: Friday, 8 September 2023, 8:00 PM
Closes: Tuesday, 19 September 2023, 11:00 PM
716707
Attempts allowed: 1
Time limit: 1 hour 30 mins
Grade to pass: 50.00 out of 100.00
Summary of your previous attempts
Marks / Grade /
State 55.00 100.00 Review Feedback
Finished Congratulations, you pass
Submitted Sunday, the assessment with a
10 September 2023, distiction.
Your nal grade for this quiz is
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Data retention summary
,9/10/23, 11:41 PM Assessment 3
Question 1
Not yet answered
Marked out of 7.00
GBV Club is a non- pro t organisation that was started by 130 members on 1 January
20.7. The objective of GBV Club is to address gender-based violence that is faced by
South African citizens.
On 1 January 20.8 GBV Club opened a small shop to raise additional funding. The shop
sells, printed T-shirts with messages addressing gender-based violence. No T-shirts
were on hand on 1 January 20.8.
In order to prepare the nancial statements for the current nancial period ended
31 December 20.8, the bookkeeper presented the following information regarding the
nances of the club to members at a meeting held on 31 December 20.8:
(1) GBV Club purchased 1 790 T-shirts during the current nancial period at a cost
price of R55.00 per T-shirt.
(2) GBV Club donated 110 T-shirts to citizens during the year to raise more awareness
about gender-based violence.
(3) 430 T-shirts were on hand on 31 December 20.8 (considered as nal inventory
count for the current nancial year).
(4) T-shirts that have not been donated or not on hand, were all sold at a mark-up of
50% on cost price.
The gross pro t/loss amount for the small shop for T-shirts of GBV Club to be shown
in the trading statement for the year ended 31 December 20.8, will be:
Instructions:
Drag the correct answer into the correct space.
An option can be used more than once.
Keep the sequence of the transactions strictly according to the information given and
the correct format.
Sales
103 125
Cost of sales
(68 750)
Purchases 98 450
Donations (6 050)
Sales (Closing)
Inventory Revenue Cost of sales Inventory (Opening) (23 650)
Inventory (Closing) Donations Purchases Gross profit
Gross profit Gross income Net profit 34 375
1 790 98 450 110 6 050 430 23 650 103 125 21 970
1 250 1 470 80 850 121 275 40 425 98 450 (68 750) 29 700
(6 050) (23 650) 34 375
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=13204450&cmid=623192 2/17
,9/10/23, 11:41 PM Assessment 3
Question 2
Not yet answered
Marked out of 1.00
Lunas Art Club provides you with the following information for the 20.2 nancial year.
Lunas Art Club had 50 members at the end of the 20.2 nancial year. Membership fees
amounts to R250 per month. During the current nancial year, ve new members joined
the club and paid an entrance fee of R100 each. The entrance fees received was
capitalised to the accumulated fund account. Membership fees received in advance on
31 December 20.1 was R6 000. The nancial year-end of Lunas Art Club is 31
December.
The amount for membership fees that will disclosed in the income and expenditure
statement on 31 December 20.2 will be …
Instructions:
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Round off to the nearest Rand (eg: 50.56 is 51)
3. Only show the amount, do not show the R (eg: 12141.72)
Answer: 156500
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=13204450&cmid=623192 3/17
, 9/10/23, 11:41 PM Assessment 3
Question 3
Not yet answered
Marked out of 4.00
Betties Dealers has a loan of R1 000 000 from VL Bank. The loan is secured by
mortgage over land and buildings and is redeemable in four equal annual instalments.
The rst instalment on loan is payable on 31 August 20.2. The interest rate payable is
15% Betties Dealers nancial year end 28 February.
How will the given transaction be disclosed in the statement of nancial position for
the year ended 28 February 20.1?
Instructions:
Drag the correct answer into the correct space.
An option can be used more than once.
Please keep the sequence of transactions strictly according the information given but
also in the correct format.
EQUITY AND LIABILITIES
Non-current liabilities 750 000
Long-term borrowings 750 000
CurrentASSETS
liabilities Non-current assets
Investments Current assets
Current portion of long-term borrowings 250 000
Current portion of investment EQUITY AND LIABILITIES
Non-current liabilities Long-term borrowings
Current liabilities Current portion of long-term borrowings
1 000 000 1 250 000 250 000 750 000
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=13204450&cmid=623192 4/17
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