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FAC1501 ASSIGNMENT 4- DUE 14 OCTOBER 2024
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10/13/24, 1:33 PM Assessment 4 (page 1 of 2)FAC1501-24-S2 ANNOUNCEMENTS AND ASSESSMENTS Assessment 4
QUIZ
Time left 1:19:16
Question 1
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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 R15 130. On 27 April 2021,
Mrs South settled her account and received R790 discount for early settlement. On the same day Mrs South purchased a new coffee
table and paid R1 429 cash after receiving a cash discount of R269.
Required:
What amount will be recorded in the bank 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: 15500
Question 2
Not yet answered
Marked out of 2.00
Africa Traders is not a registered VAT vendor and buys and sells furniture. Africa Traders wants to sell a dining room table with a cost
price of R5 100. The mark-up percentage on cost is 25%.
What will be the selling price of 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: 6375
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=23143583&cmid=846348 1/7
, 10/13/24, 1:33 PM Assessment 4 (page 1 of 2)
Question 3
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One of the errors that will be revealed by a trial balance is when a ledger account has been totaled incorrectly, since this will cause the
balance to be calculated incorrectly.
True
False
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=23143583&cmid=846348 2/7
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