Recent Question/Assignment

DUE DATE: 27 AUG 2020 MAIN ASSIGNMENT
Subject: Code:
Accounting for Marketers RKB10AB
Accounting for HR Practitioners AHP115E
Accounting for Marketers ACM115C
Business accounting BAC115C
Accounting for Personnel Practitioners ACC10AB
Maximum marks: 100 marks
Examiners:
Mr. L Masimong
Ms. E Lerata
Ms. M Thithi
Ms. T Magubane
Ms. N Pule
Mrs. V Koma
Mrs. V Guvuriro
Mrs. D Semppe
Mr. E de Freitas
Moderator: Mrs. C Malan
Instructions:
1. Answer all the questions on the provided template (answers will not be marked in any other format).
2. This assignment is an open book assessment.
3. Only typed assignments that are submitted on the provided template as a word document (no PDF documents) through eThuto via the Safeassign tool will be considered for marking. (see next page)
4. You are required to complete the declaration regarding own work on the first page of the answering template.
5. This assignment consists of 5 question and 12 pages.
6. All the students must answer all questions.
7. Late and/or emailed assignment will not be accepted.
8. A rubric will be used as a tool to measure competency.
9. Provide the references of the consulted sources while writing the assignment.
Dear students
Please read the following before writing and submitting your assignment:
ACADEMIC DISHONESTY
The Please refer to the official CUT Calendar for information regarding the CUT Rules on academic dishonesty and plagiarism. Students should take the responsibility to ensure that they understand what is meant by plagiarism (in all its various forms) as well as academic dishonesty. Should a student be suspected of committing plagiarism and be summoned for a disciplinary hearing, stating that he/she was unaware/ignorant of what plagiarism entails, is neither an acceptable excuse nor an adequate defence. See extract in your learning guide.
SafeAssign
You will be required to upload your assignment project onto eThuto via the SafeAssign tool. This is a Blackboard/eThuto-based program that finds parts of an assignment that match other student papers, websites, and various published sources. SafeAssign provides students and instructors/lecturers with a report indicating areas where possible plagiarised matches were found and allocates a percentage to the match.
SafeAssign is not a fool-proof program. Thus, if SafeAssign did not indicate plagiarism in a submission it does not mean that there is no plagiarism in the submission and simply because SafeAssign did indicate a high percentage of possible plagiarism, it does not necessarily mean that plagiarism is present in a piece of writing. SafeAssign is a computer programme and access to it is provided to students as a curtesy. It is useful for alerting instructors to possible plagiarism. SafeAssign however has to be used in combination with human professional judgment substantiated with supporting evidence to come to proper, thorough conclusions regarding the presence/absence of plagiarism.
PENALTY GUIDELINES
The following is an excerpt from the CUT Calendar 2019. Take specific note of the proposed ratings and penalty range for plagiarism.
Question 1 (10 Marks)
Refer to the statement of financial position of Business A below and answer the questions that follow:
Assets Equity
R R
Vehicles 120 000 Capital 100 000
Inventory 30 000 Drawings (15 000)
Bank 18 000 Profit 40 000
Liabilities
Loan 43 000
Total assets 168 000 Total equity & Liabilities 168 000
Note: Assume that Business A has only been operating for one financial year.
Required:
1.1. Which elements of financial statements are represented in the statement of financial position? (3)
1.2. Briefly explain what the statement of financial position communicates to the users of financial information. (4)
1.3. Will it be correct to record drawings as an expense in the statement of comprehensive income? You need to give a reason for the answer you provide.
(3) RUBRIC: to be completed by the examiner
Adequate achievement Moderate achievement Unsatisfactory achievement
Knowledge of elements in the statement of financial position. Adequate knowledge Moderate knowledge Unsatisfactory knowledge
Total of 10 points 7-10 points 4-6 points 1-3 points
Question 2 (10 Marks)
Consider the following transactions below and explain using the definition of ‘income’ or ‘expense’ whether each transaction results in income earned or an expense incurred. Should a transaction not be either income or an expense correctly classification the transaction give a reason why it is the case.
2.1. Company A buys a motor vehicle and pays R160 000 cash. (2)
2.2. Company A sells inventory for R30 000 cash to customers. (2)
2.3. Company A paid R900 for garden services. (2)
2.4. Company A received R550 interest on a fixed deposit. (2)
2.5. Company A buys inventory for R45 000 on credit. (2)
RUBRIC: to be completed by the examiner
Adequate achievement Moderate achievement Unsatisfactory achievement
Recognition income expenditure of and Adequate ability to recognize items Moderate ability to recognize items Unsatisfactory ability to recognize items
Total of 10 points 7-10 points 4-6 points 1-3 points
Question 3 (19 Marks)
Dr Andile is a physician who decided to open his own practise operating under the name Dr Andile Inc. The following tractions took place during June 2020, his first month of business:
Date Transaction
2 Dr Andile invested R80 000 into a bank account he opened in the name of the business.
4 He bought medical and office equipment worth R120 000 on credit. A deposit of R15 000 was paid and the balance will be paid in equal instalments.
7 Acquired a loan of R40 000 from ABC Bank. Interest is charged at 20% annually.
11 Dr Andile contributed a vehicle valued at R25 000 to the business.
14 Cash service fees of R15 500 was received from patients for the week.
18 Paid R3 000 by cheque for the monthly rent.
20 Dr Andile made claims to the value of R18 300 from patients’ medical aids for services rendered. The money will be paid in the following month.
25 Paid Telkom R1 290 for the telephone account and internet connection.
28. An amount of R20 000 was paid to reduce the balance on equipment. (See the transaction on the 4th).
Required:
3. Complete the table, provided in the answering sheet, to record the transactions of Dr Andile Inc for June 2020 in the accounting equation and clearly indicate which account will be Debited and Credited. (19)
RUBRIC: to be completed by the examiner
Adequate achievement Moderate achievement Unsatisfactory achievement
Show the effect of transactions on the accounting equation with Debit and Credit accounts. Adequately record transactions on the equation with the appropriate Debit and Credit accounts. Moderately record transactions on equation with the appropriate Debit and Credit accounts Unsatisfactorily record transactions on equation with the appropriate Debit and Credit accounts
Total of 19 points 13-19 points 7-12 points 1-6 points
Question 4 (35 Marks)
The following balances were extracted from records of Boroto Traders on 1 January 2020. Boroto Traders uses the perpetual inventory system (ignore all VAT implications).
Rand
Dr / (Cr)
Land & Buildings 60 000
Plant & Machinery 50 000
Inventory 75 000
Bank 18 000
Accounts receivable: A Aramis 41 500
R Ronald 7 600
P Puma 17 900
Capital: B Boroto (186 800)
Long-term loan @15% p.a (42 100)
Accounts payables: B Bennie (14 200)
R Nickelson (5 800)
R Gould (35 000)
The following transactions took place during the month of January 2020:
Date Transactions
1 Cash sales, R14 500. Mark-up 25% on selling price.
2 Received a cheque from A Aramis to settle his debt to date.
Bought stationery on credit from B Bennie, R700.
3 Cash purchases of merchandise form R Rundle, R7 500.
Paid for petrol for the private vehicle of Mr Boroto, R600.
6 Paid cash for carriage for the office printers, R720.
Received a cheque from P Puma in full settlement of his account.
Received rent in cash from R Roberts, R1 500.
9 Issued an invoice for goods sold on credit to R Ronald, R480. Cost price, R370.
11 Received a cheque from R Ronald in full settlement of his account.
18 Cash sales, R17 600. Mark-up 25% on cost price.
22 Issued a cheque for R800 to pay Telkom for the telephone account.
25 Cashed a cheque of R15 000 to pay for wages.
27 Issued an invoice for goods sold to T Thomas on credit for R18 200. Cost price amounted to R13 900
29 The bank statement reflected a deduction of the monthly interest payment on the loan.
30 Issued a cheque to settle our account with R Gould in full.
Required:
4.1 Record the above transactions in the relevant subsidiary journals. (23)
4.2 Post to the following general ledger accounts:
4.2.1 Trading inventory (4)
4.2.2 Bank (3)
4.2.3 Accounts receivable control (3)
4.2.4 Accounts payable control (2)
Round off to the nearest number.
RUBRIC: to be completed by the examiner
Adequate achievement Moderate achievement Unsatisfactory achievement
Recording transactions in the Demonstrates the ability to record Moderate ability to record transactions Unsatisfactory ability to record
subsidiary journals and positing to selected general ledger accounts. transactions in the journals and post to selected general ledger accounts in the journals and posting to selected general ledger accounts with moderate errors transactions in the journals and posting to selected general ledger accounts with significant amount of errors
Total of 35 points 22-35 points 15-21 points 1-14 points
Question 5 (20 Marks)
Manufactures Ltd has provided you with the following information for the month of December 2018. The following information is available regarding one item of its products for December 2018:
Date Transaction details
1 Dec Opening balance 100 units @R10,20 each
6 Dec Purchased 400 units @R10,45 each 7 Dec Sales 200 units @R35,00 each
13 Dec Purchased 300 units @R10,50 each
14 Dec Sales 250 units @R40 each
19 Dec Purchased 200 units @R10,55
24 Dec Purchased 400 units@R10,80
27 Dec Sales 700 units@R42 each
28 Dec Sales 100 units@R42 each
31 Dec Purchased 300 units @R10,90 each
Note:
Unit cost must be rounded to two decimal places.
Total cost must be rounded to the nearest number.
Required:
5. Calculate the value of closing inventory for the December 2018 using the weightedaverage method. . (20)
RUBRIC: to be completed by the examiner
Adequate achievement Moderate achievement Unsatisfactory achievement
Recording transactions in the stock ledger card, calculation of closing inventory using and weighted
average method Demonstrates the ability to record transactions in the stock ledger card and calculation of closing inventory using weighted average method Moderate ability to record transactions in the stock ledger card and calculation of closing inventory using weighted average method with moderate errors Unsatisfactory ability to record transactions in the stock ledger card and calculation of closing inventory using weighted
average method with significate amount of errors
Total of 20 points 15-20 points 7-14 points 1-6 points
Question 6 (6 Marks)
Meikie has recently registered as a VAT vendor. She is struggling to understand VAT calculations. She bakes and sells cakes for different occasions. She is about to sell two cakes. The first cake is for a 21st birthday and the second a 50th wedding anniversary. VAT is levied at the current South African standard rate.
6.1 Meikie wants to charge the customer R200 (exclusive of VAT) for the 21st birthday cake.
Required:
6.1.1 Calculate the VAT that will be levied on the cake. (2)
6.1.2 How much is the customer going to pay for the cake inclusive of VAT? (1)
6.2 The customer will pay R400 for the 50th wedding anniversary cake inclusive of VAT.
Required:
6.2.1 How much will the VAT amounts to? (2)
6.2.2 Calculate the selling price of the 50th wedding anniversary cake. (1)
RUBRIC to be completed by the examiner
Adequate achievement Moderate achievement Unsatisfactory achievement
Value Added Tax - knowledge of VAT principles, VAT calculations and mark-up
calculations Adequate knowledge of VAT principles and able to adequately
perform VAT calculations Moderate knowledge of VAT principles and able to moderately perform VAT calculations Unsatisfactory
knowledge of VAT
principles and ability to perform VAT calculations is unsatisfactory
Total of 6 points 5-6 points 3-4 points 1-2 points
END OF QUESTIONS

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