Exam (elaborations)
FAC1501 Assignment 4 Semester 2 October 2024
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FAC1501 Assignment 4 2024
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1. UNISA2. 2024
3. FAC1501-24-S1
4. Welcome Message
5. Assessment 4
QUIZ Your �nal grade for this quiz is 96.00 out of 100.00
Assessment 4 Overall feedback
You passed this assessment with a distinction. Keep up the
Opened: Thursday, 25 April 2024, 8:00 AM
Closes: Monday, 29 April 2024, 9:00 PM
Question 1
Complete
Not graded
NB: If the below question is not answered, you will receive zero for your assignment!
I declare that the work submitted in this assignment is my own. I did not request assistance to complete the assignment questions from any
third parties.
I declare that I did not provide assistance to other students completing the assignment.
a. Yes
b. No
Africa Traders is not a registered VAT vendor and buys and sells furniture. Africa Traders sold a dining room table for R3 800. The mark-
up percentage on cost is 25%.
What is the pro t the entity will make on 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: 760
, Question 2
Not yet answered
Marked out of 1.00
One of the errors that will not be revealed by a trial balance is when a ledger account has been totaled correctly but the balance has been
calculated incorrectly.
True
False
Question 3
Not yet answered
Marked out of 2.00
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 sold furniture on credit to Mrs A South to the amount of R13 600. On 27 April 2021,
Mrs South settled her account and received R780 discount for early settlement.
Required:
What amount will be recorded in the settlement discount granted column of the cash receipts 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: 678.26
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