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Fac1501 Assignment 3 Semester 1 2023
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Fac1501 Assignment 3 Semester 12023
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4/21/23, 3:26 PM Assessment 3 (page 1 of 2)
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Dashboard / My courses / FAC1501-23-S1 / Welcome Message / Assessment 3
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Question 1
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Pashy Beauticians, a registered VAT vendor, provides hair and nail care services. The VAT rate is 15%.
The following is an extract from the financial records of Pashy Beauticians for January 2023:
R
Unfavourable bank balance (1 January) 2 790
Cash receipts journal: Bank column total (31 January) 38 923
Cash payments journal: Bank column total (31 January) 30 210
Required:
Complete the bank account in the general ledger of Pashy Beauticians 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 filling in a zero ("0")
Dr Bank B1 Cr
2023 R 2023 R
Jan 1 Balance b/d Jan 1 Balance b/d
0 2790
31 31
Total receipts CRJ1 38923 Total payments CPJ1 30210
Balance c/d Balance c/d
0 5923
38923 38923
Feb 1 Balance b/d Feb 1 Balance b/d
5923 0
Question 2
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The cost of sales and the cost price of inventory on hand can only be determined according to the periodic inventory method.
Select one:
True
False
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4/21/23, 3:26 PM Assessment 3 (page 1 of 2)
Question 3
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Africa Traders is a registered VAT vendor that buys and sells furniture. The business makes use of the periodic inventory system. Use the following
Dashboard /from
information My courses / FAC1501-23-S1
the accounting records of /Africa
Welcome Message
Traders / Assessment
to calculate the cost 3of sales on 28 February 2021:
R
Inventory (1 March 2020) 336 210
Sales 1 924 300
Purchases 793 380
Carriage on purchases 13 720
A physical inventory count on 28 February 2021 indicated that the inventory on hand amounted to R243 220.
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: 900090
Question 4
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Africa Traders is not a registered VAT vendor and buys and sells furniture. Africa Traders sold a dining room table for R14 500. The mark-up
percentage on cost is 9%.
What is the gross profit the entity will make from this product?
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: 1197.25
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