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FAC1501 Assignment 8 Semester 2 2024
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FAC1501 Assignment 8 Semester 2 2024
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11/6/24, 10:55 PM Assessment 8 (page 1 of 2)FAC1501-24-S2 ANNOUNCEMENTS AND ASSESSMENTS Assessment 8
QUIZ
Assessment 8
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Time left 1:08:30
Question 1
Africa Traders is a registered VAT vendor and uses the periodic inventory system. Africa Traders
Answer saved buys and sells furniture and equipment for cash or on credit. On 1 March 2021, Africa Traders sold
Marked out of furniture on credit to Mrs A South to the amount of R9 300. On 27 April 2021, Mrs South paid
1.00 R8 765,25 in full settlement of her account. On the same day Mrs South purchased a new coffee
table on the clearance sale. The selling price of the coffee table was R2 700 (including VAT). Mrs
Flag question
South paid cash after receiving a further 10% cash discount on the selling price.
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: 11195.25
Question 2
Africa Traders is not a registered VAT vendor and buys and sells furniture. Africa Traders wants to
Incomplete
sell a dining room table with a cost price of R5 200. The mark-up percentage on cost is 25%.
answer
Marked out of
What will be the selling price of this product?
2.00
Flag question 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: Africa Traders is not a registered VAT vendor
You must enter a valid number.
Question 3
Africa Traders is a registered VAT vendor and uses the periodic inventory system. Africa Traders
Answer saved buys and sells furniture and equipment for cash or on credit. On 1 March 2021, Africa Traders
Marked out of purchased furniture on credit from SA Suppliers (registered VAT vendor) to the amount of
2.00 R18 380. On 27 April 2021, Africa Traders paid R16 900,00 in full settlement of their account. On
the same day Africa Traders purchased furniture on the clearance sale. The selling price of the
Flag question
furniture was R8 750 (including VAT). Africa Traders paid cash and received a further 10% cash
discount on the selling price.
Required:
What amount will be recorded in the settlement discount received column of the cash payments
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: 1480.00
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=23534907&cmid=846352#question-23781090-6 1/5
, 11/6/24, 10:55 PM Assessment 8 (page 1 of 2)
Question 4
Answer saved Mapungubwe Traders primary business is to buy and sell battery back-up systems and other items
to be used during load shedding. Mapungubwe Traders is a registered VAT vendor and applies the
Marked out of principles of the periodic inventory system. On 1 April 2022, Mapungubwe Traders paid an
5.00
amount of R13 635 (VAT inclusive) with an electronic transfer to SA Couriers (registered VAT
Flag question vendor) for the monthly delivery costs of online orders.
Required
a. Record the correct general ledger entries for the above transaction in the accounting
records of Mapungubwe Traders.
b. Indicate whether the VAT input or VAT output account was affected by the transaction or
neither (N/A) as well as the amount the applicable account was affected with.
NB: Instructions
Drag the correct answer into the correct space.
An option can be used more than once.
Delivery costs and VAT Bank
Delivery costs and VAT Bank
Trade payables control Input Delivery costs
Bank and VAT Trade receivables control and VAT
Trade payables control and VAT Trade receivables control
N/A 1 778.48 Input Output 2 045.25
11 856.52 15 680.25
Question 5 The bookkeeper of Agripa Superstore totalled the cash receipts and cash payments journals for
Answer saved September 2022 before she received the bank statement for September 2022. The totals of the
cash journals were as follows:
Marked out of
30.00
Cash receipts journal R81 455
Cash payments journal R72 481
Flag question
On comparing the bank statement with the cash receipts and cash payments journals for September
2022 and the bank reconciliation statement for the month of August 2022, the following were noted:
1. On 1 September 2022, the bank account in the general ledger showed an unfavourable balance
of R13 867.
2. On 30 September 2022, the bank statement showed an unfavourable balance of R26 180.
3. The following appeared on the bank statement, but not in the cash journals:
annual service fee – R425
cash withdrawal fee – R90
cash deposit fees – R520
a deposit on 25 September 2022 of R8 722 from Fleetrisk Insurance, a client, paid directly
into the bank account of Agripa Superstore for goods previously sold on credit.
a debit order of R830 in favour of SA Adds for an advertisement placed in the local news
paper.
4. The following appeared in the cash journals, but not on the bank statement:
debit card payment 70 made to the municipality on 30 September 2022, for water and
electricity, while the system was offline – R2 340
deposit of R9 575, dated 30 September 2022.
5. Mrs South, a client, made an electronic transfer of R3 520 as payment on her account. The
bookkeeper incorrectly entered the amount as R2 230 in the cash receipts journal.
6. An electronic funds transfer for R6 200, made by another client of the bank, P Eddy, was
erroneously entered on the bank statement of Agripa Superstore.
7. Goods sold on credit for R15 999 on 28 September 2022, was erroneously recorded in the cash
receipts journal of Agripa Superstore, instead of the sales journal.
REQUIRED:
Complete the following in the accounting records of Agripa Superstore for the month ended on
30 September 2022:
The cash receipts and cash payments journals (bank columns only), properly totalled, as at 30
September 2022
The bank account in the general ledger, properly balanced, as at 30 September 2022
The bank reconciliation statement as at 30 September 2022
Instructions for numeric responses:
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=23534907&cmid=846352#question-23781090-6 2/5
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