2011_fac1502_test_one_week_three_docx - subject to a trade...

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FAC1502 TEST ONE WEEK THREE Page 1 of 1 2 nd Semester 2010 QUESTION ONE (14 marks) (17minutes) Piet van der Merwe is a student who runs a transport business, VCD Safe Transport. He transports VC students to and from VC. TRANSACTIONS for the month of May 2010 REQUIRED Record each of the transactions under the appropriate column headings, also showing the effect of each transaction on the accounting equation. e.g. Piet increased his capital contribution by depositing R10 000 into the firm’s banking account NO. A/C DR A/C CR AMOUNT A OE L e.g. Bank Capital R10 000 + + 0 QUESTION TWO (6marks) (7minutes) 2.1 Susie invested R40 000 in a fixed deposit on 1 February 2010 for 1 year. She will earn 12% p.a. payable quarterly. How much money will she receive after the first quarter? 2.2 On 2 February 2010, Joe purchased inventory from JJ Stores, R25 000, on credit,
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Unformatted text preview: subject to a trade discount of 5% and a further 2½% discount, if his account is paid in full by 28 February 2010. How much will he pay if he plans to pay on 2 March 2010? 2.3 Alice is declared insolvent. She owes AA Stores R1 700. Her lawyer indicates that she is able to pay 30 cents in the rand. What amount will AA Stores have to write off? 1. Purchased petrol on account, R3 000. 2. Purchased an insurance policy and paid by cheque, R250. 3. Invoiced 3 students for a total of R3 000 for daily transport. 4. Received R4 000 in cash for work done. 5. Paid the petrol station, R1 000 on account. 6. Drew a cheque for R10 000 to pay his own university fees. 7. Paid cell phone charges of R500 by cheque....
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This note was uploaded on 02/27/2012 for the course IT 101 taught by Professor Unsure during the Spring '11 term at University of South Africa.

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