fac1501 assessment 3 fac1501 semester 1 2024 early
Written for
University of South Africa (Unisa)
FAC1501 (FAC1501)
All documents for this subject (82)
Seller
Follow
BMZAcademy
Reviews received
Content preview
4/11/24, 9:44 PM Assessment 3 (page 1 of 2)
FAC1501-24-S1 Welcome Message Assessment 3
QUIZ
Time left 0:23:35
Question 1
Incomplete answer
Marked out of 7.00
Africa Traders, a registered VAT vendor, manufactures and sells renewable energy equipment. The VAT rate is 15% and Africa Traders
makes use of the periodic inventory system.
Extract from the financial records of Africa Traders for the month of January 2023:
R
VAT Input account opening balance (1 January 2023) 37 504
VAT Output account opening balance (1 January 29 980
2023)
VAT column in Purchases journal 51 400
VAT column in Sales journal 64 600
VAT column in Purchases returns journal 5 000
VAT column in Sales returns journal 3 300
Required:
Complete the VAT Input account in the general ledger of Africa Traders 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 VAT Input B1 Cr
2023 R 2023 R
Jan 1 Balance b/d Jan 1 Balance b/d
37504 0
Africa Traders, a registered VAT vendor, manufactures and sells gardening equipment. On 18 March 2023, Africa Traders sold gardening
equipment for R14 432 (VAT inclusive) to SA Traders for cash. The VAT rate is 15%.
SA Traders, a registered VAT vendor, buys and sells gardening equipment and makes use of the periodic inventory system.
Required:
Record the above transaction in the applicable subsidiary journal of SA 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")
SA Traders
Cash receipts journal – March 2023
Doc Sundry accoun
no Day Details Fol Analysis of receipts Bank Sales VAT Output Amount Fol Det
SA Traders 14432 14432 12549.57 1882.43
18
Question 3
Answer saved
Marked out of 1.00
The VAT included in the purchase price by the entity is credited against the VAT input account when the purchases journal is closed off at
the end of the month.
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller BMZAcademy. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $2.95. You're not tied to anything after your purchase.
