THIS DOCUMENT CONTAINS FAC1501 ASSESSMENT 4 SEM 2 OF 2024 EXPECTED QUESTIONS AND ANSWERS. YOUR QUESTIONS WILL BE SIMILAR OR THE SAME TO THOSE CONTAINED. USING THIS DOCUMENT WILL HELP YOU TO PREPARE.
Opened: Thursday, 25 April 2024, 8:00 AM
Closes: Monday, 29 April 2024, 9:00 PM
832358
You must have completed the activities of learning units 1 to 9 before assessment 4 will be available to you.
Kindly note that you will only be able to view your mark obtained for assessment 4 and the overall feedback for assessment 4 after you have submitted your attempt.
You will be able to view the questions you have received for the attempt, with their answers and general feedback, after the due date of assessment 4.
Please note that if you do not submit mandatory assessment 4 (e.g. you are sick or you did not complete all the required activities to open the assessment) or if you sub
answering any of the questions, you will not be given a second attempt to submit mandatory assessment 4, you will then have to submit elective assessment 8 as a repla
assessment 4.
NB: Please complete this assessment using a computer. If not possible use the web browser of your phone. Some tables will not be visible through the myModules app
Attempts allowed: 1
Time limit: 1 hour 30 mins
Grade to pass: 50.00 out of 100.00
Summary of your previous attempts
State Marks / 50.00 Grade / 100.00 Review Feedback
Finished 40.29 80.57 You passed this assessment with a dis
Submitted Thursday, 25 April 2024, 9:06 AM
Your final grade for this quiz is 80.57/100.00.
Overall feedback
You passed this assessment with a distinction. Keep up the good work.
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Assessment 3
, Africa Traders is a registered VAT vendor and uses the periodic inventory system. Africa Traders buys and sells furniture and equipment for cash or on
credit. On 1 March 2021, Africa Traders purchased furniture on credit from SA Suppliers to the amount of R32 800. On 27 April 2021, Africa Traders
settled their account and received R2 875 discount for early settlement.
Required:
What amount will be recorded in the settlement discount received column of the cash payments journal of Africa Traders on 27 April 2021?
NB: Instructions
1. Do not type the amount with any spaces as separators for thousands (eg: 12141.72)
2. Use a full stop to indicate any decimals (eg: 1000.01)
3. You must enter cents even if it is 0 (eg .00)
4. Only show the amount, do not show the R (eg: 12141.72)
Answer: 2500.00
Question 2
Africa Traders is a registered VAT vendor and uses the periodic inventory system. Africa Traders buys and sells furniture and equipment for cash or on
Answer saved credit. On 1 March 2021, Africa Traders purchased furniture on credit from SA Suppliers (registered VAT vendor) to the amount of R13 375. On 27
Marked out of April 2021, Africa Traders paid R12 754,00 in full settlement of their account. On the same day Africa Traders purchased furniture on the clearance sale.
1.00 The selling price of the furniture was R10 500 (including VAT). Africa Traders paid cash and received a further 10% cash discount on the selling price.
Flag question
Required:
What amount will be recorded in the bank column of the cash payments journal of Africa Traders on 27 April 2021?
NB: Instructions
1. Do not type the amount with any spaces as separators for thousands (eg: 12141.72)
2. Use a full stop to indicate any decimals (eg: 1000.01)
3. You must enter cents even if it is 0 (eg .00)
4. Only show the amount, do not show the R (eg: 12141.72)
Answer: 22204.00
Question 3
The inexperienced bookkeeper of Africa Traders needs your assistance compiling the trial balance of Africa Traders. Please indicate whether the amounts
Answer saved of the below accounts should be entered in the debit or credit column:
Marked out of
3.00
1. Trade payables
2. Inventory
, Flag question 3. Advertising expenses
Credit column
Debit column
Debit column
Debit column Credit column
Question 4
The bank account in the general ledger will not have individual transactions but only the total amounts from the subsidiary journals.
Answer saved
Marked out of
1.00 True
Flag question False
Question 5
Africa Traders is not a registered VAT vendor and buys and sells furniture. Africa Traders sold a dining room table for R3 700. The mark-up percentage
Answer saved
on cost is 30%.
Marked out of
2.00 What is the cost price of the product?
Flag question
NB: Instructions
1. Do not type the amount with any spaces as separators for thousands (eg: 12141.72)
2. Use a full stop to indicate any decimals (eg: 1000.01)
3. You must enter cents even if it is 0 (eg .00)
4. Only show the amount, do not show the R (eg: 12141.72)
Answer: 2846.15
Question 6 To determine whether the matching principle has been applied correctly when recording transactions, an entity needs to prepare a trial balance on a
Answer saved frequent basis.
Marked out of
1.00 True
, Flag question
False
Question 7
Answer saved Mapungubwe Traders primary business is to buy and sell battery back-up systems and other items to be used during load shedding. Mapungubwe
Traders is a registered VAT vendor and applies the principles of the periodic inventory system. On 1 April 2022, Mapungubwe Traders purchased small
Marked out of
5.00
solar lighting systems from a supplier (not a registered VAT vendor) to the amount of R13 900 on account.
Flag question
Required
a. Record the correct general ledger entries for the above transaction in the accounting records of Mapungubwe Traders.
b. Indicate whether the VAT input or VAT output account was affected by the transaction or neither (N/A) as well as the amount the
applicable account was affected with.
NB: Instructions
Drag the correct answer into the correct space.
An option can be used more than once.
Purchases Trade receivables control 13 900
Input N/A
Trade payables control Bank and VAT Inventory Bank
Purchases and VAT Inventory and VAT Trade receivables control and VAT Trade payables control and VAT
Trade receivables control Purchases
N/A 2 085 1 813.04 Output Input
12 086.96 15 985
Question 8 The bookkeeper of Damon Electric provided the following information for the month ended 31 March 2023, before the additional information listed in 2.1 to
Answer saved 2.7 were taken into account:
Marked out of 1.1 Balances: R
30.00 Bank account in the general ledger (favourable) 01/03/2023 1 752
Flag question Bank statement (unfavourable) 31/03/2023 10 831
1.2 Subtotals on 31/03/2023:
Cash receipts journal - Bank column 24 540
Cash payments journal - Bank column 28 290
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