FAC1501 ELECTIVE ASSESSMENT 7 SEM 2 OF 2024 EXPECTED QUESTIONS AND ANSWERS
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Course
Introductory Financial Accounting (FAC1501)
Institution
University Of South Africa (Unisa)
THIS DOCUMENT CONTAINS FAC1501 ELECTIVE ASSESSMENT 7 SEM 2 OF 2024 EXPECTED QUESTIONS AND ANSWERS , USE IT AS A GUIDE TO HELP YOU SCORE ABOVE 75% IN THIS KEY ASSESSMENT
Question 1 Please match the transaction provided (in column A) with the journal of first entry where the transaction should be recorded (in column B).
Answer saved You may use each journal name multiple times if needed.
Marked out of
5.00 Mr S Africa, started a small service business, SA Landscapers on 1 January 2021. On 2 January 2021, the
business had a favourable bank balance of R25 000. On the same day Mr S Africa transferred one of his General journal
properties to the business to use as an office building.
Mr S Africa, started a small service business, SA Landscapers on 1 January 2021. On 2 January 2021, the
business had a favourable bank balance of R25 000. SA Landscapers (not a VAT vendor) rendered a service Sales journal
on 5 January, on credit, to a client to the amount of R6 000.
Mr S Africa, started a small service business, SA Landscapers on 1 January 2021. On 2 January 2021, the
business had a favourable bank balance of R25 000. On 28 January the business paid R3 000 cash to a local Cash payments journal
newspaper for the placement of an advertisement.
Mr S Africa, started a small service business, SA Landscapers on 1 January 2021. On 2 January 2021, Mr S
Petty cash journal
Africa used R200 from petty cash to purchase paper for the printer for the office.
On 10 January, SA Landscapers returned insecticides previously purchased on credit to the supplier since the
incorrect product were delivered. Purchases returns journal
,Question 2
Africa Traders, a registered VAT vendor, manufactures and sells gardening equipment. On 18 March 2023, Africa Traders sold gardening
Answer saved
equipment for R6 899 (VAT inclusive) to SA Traders for cash. The VAT rate is 15%. SA Traders, a registered VAT vendor, buys and sells
Marked out of
gardening equipment and makes use of the periodic inventory system.
6.00
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
Purchases journal – March 2023
Doc Sundry accounts
no Day Details Fol Not applicable Bank Purchases VAT Input Amount Fol Details
Africa Traders 0 6899.00 5999.13 899.87
18
,Question 3 Pashy Beauticians, a registered VAT vendor, provides hair and nail care services. The VAT rate is 15%.
Answer saved
The following is an extract from the financial records of Pashy Beauticians for January 2023:
Marked out of
7.00 R
Unfavourable bank balance (1 January) 4 972
Cash receipts journal: Bank column total (31 January) 18 333
Cash payments journal: Bank column total (31 January) 22 079
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 4972.00
31 31
Total receipts CRJ1 18333.00 Total payments CPJ1 22079.00
Balance c/d Balance c/d
8718.00 0
27051.00 27051.00
Feb 1 Balance b/d Feb 1 Balance b/d
0 8718.00
, Question 4 Tsarfati Traders, a registered VAT vendor, buys and sells furniture. The VAT rate is 15%. All goods are sold at a constant mark-up of 20% and the
Answer saved entity uses the perpetual inventory system.
Marked out of
4.00 CAPE CAMPERS
102 Samson Drive P O Box 8345
Cape Tow n VAT registration number CAPE TOWN 6665
Tel (021) 466–1615 6230773556 Fax 021) 466–1616
Date: 8 November 2022 TAX INVOICE No: 2333
To: Tsarfati Traders Payment method
600 Sea Road Cape Cheque/debit card
Town Cash
VAT registration number 6220226118 Credit card
Account
Code Description Qty Total price
SB01 Sleeping bags 50 105 000,00
105 000,00
VAT @ 15%
15 750,00
Invoice total 120 750,00
Amount tendered 0,00
Amount due 120 750,00
VAT included @ 15% 15 750,00
E & OE
Required:
Record the source document provided in the applicable subsidiary journal of Tsarfati 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")
Tsarfati Traders
Purchases journal – November 2022
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