2011_fac1502_test_one_week_three_solution_docx

2011_fac1502_test_one_week_three_solution_docx - Fees...

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FAC1502 SOLUTION TO TEST ONE WEEK THREE Page 1 of 1 2 nd Semester 2010 QUESTION ONE (14 marks) (17 minutes) Marking - c only for A/c DR and A/c CR (both must be correct) and c for A = OE + L (equation must be correct) NO. A/C DR A/C CR AMOUNT A OE L 1. Consumables Inventory (Petrol) Creditors c R3 000 0 - + c 2. Insurance Bank c R250 - - 0 c 3. Debtors Services Rendered/ Current Income/
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Unformatted text preview: Fees Earned c R3 000 + + 0 c 4. Bank Services Rendered/ Current Income/ Fees Earned c R4 000 + + 0 c 5. Creditors Bank c R1 000 - 0 - c 6. Drawings Bank c R10 000 - - 0 c 7. Telephone Bank c R500 - - c QUESTION TWO (6 marks) (7 minutes) 2.1 R40 000 x 12/100 x 3/12 = R1 200 cc 2.2 R25 000 – (25 000 x 5/100) = R23 750 cc 2.3 R1 700 x 70/100 = R1 190 cc...
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