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fac1503 Assignment 6 Semester 2 2023
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Fac1503 Assignment 6 Semester 1 2023 ( Distinction )
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30/10/2023, 13:00 Assessment 6 (page 2 of 2)On 25 March 2022, SA Attorneys (registered as a VAT vendor and VAT is charged at 15%) paid the business
telephone bill to the amount of R2 500 (VAT inclusive) via an EFT. The above transaction will be entered in the
… as a book of first entry.
Select one:
a. business cash payments journal
b. trust cash receipts journal
c. general journal
d. business cash receipts journal
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Question 3
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The VAT Act prescribes that a tax invoice must contain certain details about the taxable supply. As from 8
January 2016, the certain information must be reflected on a tax invoice where the consideration (price)
exceeds R5 000 for it to be considered valid. Which one of the following options do not need to reflect on a tax
invoice if the consideration is R5 000 or less?
Select one:
a. Quantity or volume of goods or services supplied
b. The serial number of invoice and the date of issue
c. Value of the supply, the amount of tax charged and the consideration of the supply
d. It must contain the words “Tax Invoice”, “VAT Invoice” or “Invoice”
Clear my choice
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,30/10/2023, 13:00 Assessment 6 (page 2 of 2)
Question 4
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On 1 January 2022, Mr M Bembe opened a hardware store, Bembe Hardware and is
registered as a VAT vendor (the applicable VAT rate is 15%). Bembe Hardware grants a cash
discount of 5% on all cash transactions with a value higher than R2 500.
On 8 January 2022, Bembe Hardware sold a tool box to Mr S Kerby to the amount of R1 200
(excluding VAT) and was paid with a debit card.
What is the amount of VAT to be recorded?
Select one:
a. R171,42
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,30/10/2023, 13:00 Assessment 6 (page 2 of 2)
b. R168,00
c. R180,00
d. R171,00
e. R156,52
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, 30/10/2023, 13:00 Assessment 6 (page 2 of 2)
Question 5
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On 21 July 2021, Africa Traders bought desktop scanners of R130 000 from SA Dealers on credit to replace the
old scanners. Africa Traders is not registered as a VAT vendor.
Which account will be debited, and which account will be credited in the general ledger of Africa Traders?
Select one:
a.
Dr Computer equipment
Cr
2021 R 2021 R
Jul 21 Bank 130 000 Jul
Dr Bank
Cr
2021 R 2021 R
Jul Jul 21 Computer equipment 130 000
b.
Dr Computer equipment
Cr
2021 R 2021 R
Jul 21 Creditors control 130 000 Jul
Dr Creditors control
Cr
2021 R 2021 R
Jul Jul 21 Computer equipment 130 000
c.
Dr Computer equipment
Cr
2021 R 2021 R
Jul Jul 21 Bank 130 000
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