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FAC1501 Assignment 3 Semester 2 2023
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9/9/23, 11:08 AM FAC1501-23-S2: Assessment 3UNISA 2023 FAC1501-23-S2 Welcome Message Assessment 3
QUIZ
Assessment 3
Opened: Thursday, 7 September 2023, 10:00 AM
Closes: Monday, 18 September 2023, 9:00 PM
786204
Kindly note that you will only be able to view your mark obtained for assessment
3 and the overall feedback for assessment 3 after you have submitted your
attempt.
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their answers and general feedback, after the due date of assessment 3.
Attempts allowed: 1
Time limit: 1 hour 30 mins
Grade to pass: 50.00 out of 100.00
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,9/9/23, 11:07 AM Assessment 3 (page 1 of 2)
UNISA 2023 FAC1501-23-S2 Welcome Message Assessment 3
QUIZ
Time left 0:30:16
Question 1
Not yet answered
Marked out of 5.00
Please match the transaction provided (in column A) with the journal of rst entry where the
transaction should be recorded (in column B). You may use each journal name multiple times if
needed.
Mr S Africa, started a small service business, SA Landscapers
on 1 January 2021. On 2 January 2021, the business had a
favourable bank balance of R25 000. SA Landscapers (not a Sales journal
VAT vendor) rendered a service on 5 January, on credit, to a
client to the amount of R6 000.
On 10 January, one of SA Landscapers’ clients returned
insecticides previously purchased for cash since it was the
incorrect product to use for her vegetable garden. A full refund Cash receipts journal
was provided.
Mr S Africa, started a small service business, SA Landscapers
on 1 January 2021. On 2 January 2021, the business had a
favourable bank balance of R25 000. On the same day Mr S Cash receipts journal
Africa decided to deposit R20 000 in the entity’s bank account
as additional capital.
Mr S Africa, started a small service business, SA Landscapers
on 1 January 2021. On 2 January 2021, the business had a
favourable bank balance of R175 000. On 3 January 2021 SA Cash payments journal
Landscapers opened a long-term xed deposit account and
deposited R150 000.
Mr S Africa, started a small service business, SA Landscapers
on 1 January 2021. SA Business makes use of the periodic
inventory system. On 3 January 2021 SA Landscapers Cash payments journal
purchased insecticides to be sold to clients from SA Gardens to
the amount of R10 000 and paid cash.
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,9/9/23, 11:07 AM Assessment 3 (page 1 of 2)
Question 2
Not yet answered
Marked out of 10.00
Zack’s Hardware, NOT a registered VAT vendor, makes use of the perpetual inventory system.
The following is an extract from the nancial records of Zack’s Hardware for January 2023:
R
Trade payables: opening balance (1 January) 12 600
Total purchases for January 2023 146 990
Cash payments journal: Trade payables column total (31 34 810
January)
Purchases returns journal: Trade payables column (31 3 450
January)
On month end, the auditors completed a creditors reconciliation and found the following:
1. 65% of total purchases were done on credit.
2. The trade payables column in the cash payments journal were undercast by R1 230.
3. On 10 January, Zack's Hardware returned goods purchased on credit to the amount of R2
499. This transaction was incorrectly recorded in the Sales returns journal.
Required:
Complete the trade payables account in the general ledger of Zack’s Hardware for the month
ending 31 January 2023.
Instructions:
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Round off to the second decimal after the full stop (eg: 50.56)
3. If no amount should be recorded in any of the numeric spaces, please indicate it by lling
in a zero ("0")
Dr Trade Payables B1
2023 R 2023 R
Jan 1 Balance b/d Jan 1 Balance b/d
0 12600
31 31
Bank CPJ1 36040 Purchases PJ1 95543.5
PRJ1
Purchases returns 5949
Balance c/d Balance c/d
66154.5 0
108143.5 108143.5
Feb 1 Balance b/d Feb 1 Balance b/d
0 66154.5
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, 9/9/23, 11:07 AM Assessment 3 (page 1 of 2)
Question 3
Not yet answered
Marked out of 6.00
Africa Traders, a registered VAT vendor, buys and sells hand sanitisers. The VAT rate is 15%. All
goods are sold at a constant mark-up of 10% and the entity uses the periodic inventory system.
On 3 March 2023, Africa Traders sold goods for R2 575 (VAT inclusive) on credit to Mr Chiloane.
Required:
Record the above transaction in the applicable subsidiary journal of Africa Traders.
Instructions for numeric responses:
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Round off to the second decimal after the full stop (eg: 50.56)
3. If no amount should be recorded in any of the numeric spaces, please indicate it by filling in
a zero ("0")
Africa Traders
Sales journal – March 2023
Doc
no Day Details Fol VAT Output Sales Trade receivables
R R R
Mr Chiloane 335.87 2239.13 2575
3
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=13159214&cmid=582741 3/9
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