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FAC1501 ASSESSMENT 7 SEM 1 OF 2024 EXPECTED QUESTIONS AND ANSWERS AND UNIT 4&5 QUIZ ANSWERS CA$8.03   Add to cart
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FAC1501 ASSESSMENT 7 SEM 1 OF 2024 EXPECTED QUESTIONS AND ANSWERS AND UNIT 4&5 QUIZ ANSWERS

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  • Course
  • Fac1501 (FAC1501)
  • Institution
  • University Of South Africa (Unisa)

THIS DOCUMENT CONTAINS FAC1501 ASSESSMENT 7 SEM 1 OF 2024 EXPECTED QUESTIONS AND ANSWERS AND UNIT 4&5 QUIZ ANSWERS. USING IT CORRECTLY FOR PREP AND AS AGUIDE WILL HELP YOU SCORE ABOVE 75%

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Document information

  • April 5, 2024
  • 60
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

Subjects

  • fac1501

Written for

  • University of South Africa (Unisa)
  • Fac1501 (FAC1501)
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3  reviews

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By: youngbeat489 • 5 months ago

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By: ongeziwenota21 • 5 months ago

I got the answers for assessment 6 instead off assessment 7a

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By: nothandogumede08 • 6 months ago

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John Miles started a business named Miles of Furniture during 2023. The business is a registered VAT vendor and applies the principles of the perpetual inventory system. The VAT
rate is 15%.
The following transactions must be recorded in the subsidiary journals of Miles of Furniture:


Transaction 1:
On 2 February 2024, Mrs Diale withdrew R900 from Miles of Furniture’s bank account as the impress amount to start the petty cash float of Miles of Furniture. The money was kept by
Mrs Diale who acted as petty cashier.


Transaction 2:
PETTY CASH VOUCHER No. 1
Date: 12 February 2024 Amount
Required for: R c
Wages 460 00




Signature: Mrs Diale OSCAR DIURA
oscardiura@gmail.com
Authorised by: Mr Miles
0737560989
For FAC,ECS,MAC,DSC,
Transaction 3: TAX,STA,FIN,INV,
PETTY CASH VOUCHER No. 2 QMI,BNU,
Date: 23 February 2024 Amount
tutoring
Required for: R c
Pen & Pencil stationers - Stationery 260 00




Signature: Mrs Diale
Authorised by: Mr Miles


PEN AND PENCILS
23/02/2024
Till
02
Pens
10 @ R13,00
R130,00
BPI1001
Invoice book

PP1003 R130,00

, TOTAL R260,00
Cash R300,00
Change R40,00 OSCAR DIURA
15% VAT R33,91 oscardiura@gmail.com
Slip no 0012 0737560989
VAT no 5690233875 For FAC,ECS,MAC,DSC,
Thank you TAX,STA,FIN,INV,
QMI,BNU,
Transaction 4:
tutoring
On 29 February 2024, Mrs Diale completed a withdrawal slip and withdrew the cash needed from Miles of Furniture’s bank account to restore the petty cash impress amount to R900.


Required:
Record the above transactions in the correct subsidiary journal of Miles of Furniture.


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 0 (zero)
4. If a column name is not applicable, choose N/A from the dropdown menu.
5. For numeric responses only show the amount, do not show the "R" (eg: 1000)


Miles of Furniture
Petty cash journal – February 2024 PCJ1
Receipts Payments
Sundry accounts
Day Fol Amount Day Details No Fol Total Wages VAT Postage Amount Details
Input

R R R R R R
2 12 1
CPJ1 900.00 Cash 460.00 460.00 0

29 23 2
CPJ1 900.00 Cash 260.00 33.91 0 226.09 Stationery




On 1 March 2024, Edutech (not a registered VAT vendor) borrowed R320 000 from Futures Bank at an interest rate of 12% per annum repayable over 4 years. The R320 000 was
deposited into the bank account of Edutech. Edutech plans to use the funding to purchase furniture for the office collaboration spaces. The VAT rate is 15%.
On 31 March 2024, Edutech made a down payment on the loan with an electronic funds transfer for R8 427.


Required:
Post the above transactions as recorded in the subsidiary journals for 1 March 2024 and 30 March 2024 to the general ledger of Edutech.

,Question 2
Answer saved
Instructions: OSCAR DIURA
Marked out of 1. Use a full stop to indicate any decimals (eg: 1000.01) oscardiura@gmail.com
10.00 2. Round off to the second decimal after the full stop (eg: 50.56) 0737560989
Flag
3. If no amount should be recorded in any of the numeric spaces, please indicate it by filling in a 0 (zero)
4. For numeric responses only show the amount, do not show the "R" (eg: 1000)
For FAC,ECS,MAC,DSC,
question
TAX,STA,FIN,INV,
QMI,BNU,
Dr tutoring Cr
Loan: Futures Bank
2024 R 2024 R
Mar 1 Mar 31
Bank GJ 8427.00 Bank GJ 320000.00


Dr Cr
Bank
2024 R 2024 R
Mar 31 Loan: Futures Bank CRJ 320000.00
Mar 1
Loan: Futures Bank CPJ 8427.00




Question 3 Raphulu Spaza is situated in the Limpopo province. The Spaza shop is a registered VAT vendor and applies the principles of the perpetual inventory system. After a recent robbery, the
Answer saved owner of Raphulu Spaza decided to run his business cashless and opened a bank account with Savers Bank. During the month of March 2024, Raphulu Spaza maintained a favourable
Marked out of bank balance. The VAT rate is 15%.
5.00
On 5 March 2024 Raphulu Spaza received an invoice for R4 700 (VAT exclusive) from Mupila Stores (registered VAT vendor) for the purchase of inventory and paid the full amount
Flag owing with an electronic funds transfer.
question

Required:
Record the transaction on 5 March 2024 in the correct subsidiary journal of Raphulu Spaza.


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 0 (zero)
4. If a column name is not applicable, choose N/A from the dropdown menu.
5. Only show the amount, do not show the "R" (eg: 1000)


Raphulu Spaza
Cash payments journal – March 2024 CPJ1

Sundry accounts
Doc Day Details Fol N/A
Bank Inventory VAT Amount Fol Details
No Input
010 5
Mupila Stores 0 5405.00 4700.00 705.00 0 N/A

, Question 4 Mr S Africa is the owner of SA Traders. On 31 March 2021, the following list of balances was extracted from the accounting records of SA Traders:
Answer saved Debentures - R152 700
Marked out of Trade receivables - R24 720
3.00 Inventory - R312 900
Flag Income received in advance - R10 889
question Favourable bank balance - R31 956


Determine the equity of SA Traders as at 31 March 2021 by making use of the basic accounting equation.


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)
5. If the net effect on the accounting equation is a decrease, please enter the amount as a negative (eg: -12141.72)




Answer: 511387.00




Question 5
Swift Construction, located in Gauteng, specialises in constructing tiny homes. The business is a registered VAT vendor. In March 2024, Swift Construction had a favourable bank
Answer saved balance. The VAT rate is 15%.
Marked out of
5.00 On 31 March 2024 the owner of Swift Construction, Mr Swallow deposited R65 000 into the business bank account of Swift Construction as capital contribution. Receipt number 001
was issued.
Flag
question

Required:
Record the transaction on 31 March 2024 in the correct subsidiary journal of Swift Construction.


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 0 (zero)
4. If a column name is not applicable, choose N/A from the dropdown menu.
5. Only show the amount, do not show the "R" (eg: 1000)


Swift Construction

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