2011_fac1502_test_seven_week_ten_solution

2011_fac1502_test_seven_week_ten_solution - FAC1502...

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FAC1502 SOLUTION TO TEST SEVEN WEEK TEN Page 1 of 3 1 st Semester 2011 (41 MARKS) (49 MINUTES) = 1 mark – amount and name of account must be correct ( ) = 1 method mark (^) = ½ method mark ^ = ½ mark QUESTION ONE (11 marks) (13 minutes) 1.1 CHECK BOOK STORES GENERAL LEDGER CREDITORS CONTROL Bank ^ 41 040 Balance b/d ^ 25 200 Balance c/d ^ 29 160 Inventory Purchases ( )45 000 70 200 70 200 1.2 INVENTORY Balance b/d ^ 30 000 Cost of Sales ( )39 000 Creditors Control ^ 45 000 Balance c/d ^ 36 000 75 000 75 000 1.3 Cost Price + Profit = Selling Price 100% 20% 120% ^ 39 000 x 120/100 = 46 800 Total Sales ^ 46 800 x 80/100 = R37 440 = Credit Sales ( ) QUESTION TWO (4 marks) (5 minutes) Current Assets = Debtors Control 32 500 ^ Accrued Income 2 400 ^ Prepaid Expenses 3 000 ^ Inventory 65 600 ^ R103 500 ( ) QUESTION THREE (5 marks) (5 minutes) 3.1 False 3.2 True 3.3 True 3.4 False 3.5 False
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FAC1502 SOLUTION TO TEST SEVEN WEEK TEN
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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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2011_fac1502_test_seven_week_ten_solution - FAC1502...

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