Exam (elaborations)

FAC1501 ASSESSMENT 6 SEMESTER 1 2024 SEARCHABLE Mekgoe Florist is situated in the Western Cape. The business is a registered VAT vendor and makes use of the perpetual inventory system. During the month of March 2024, Mekgoe Florist maintained a favourabl

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Module
Introductory Financial Accounting - FAC1501 (FAC1501)

Institution
University Of South Africa (Unisa)

Book
FAC1502

FAC1501 ASSESSMENT 6 SEMESTER 1 2024 SEARCHABLE Mekgoe Florist is situated in the Western Cape. The business is a registered VAT vendor and makes use of the perpetual inventory system. During the month of March 2024, Mekgoe Florist maintained a favourable bank balance. The VAT rate is 15%. On 2...

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Uploaded on May 21, 2024
Number of pages 607
Written in 2023/2024
Type Exam (elaborations)
Contains Questions & answers

fac1501 assessment 6 semester 1 2024 searchable

Book Title:FAC1502

Author(s):Unknown

Edition:2013
ISBN:9780620573238
Edition:Unknown

Institution
University of South Africa (Unisa)
Module
Introductory Financial Accounting - FAC1501 (FAC1501)

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,5/21/24, 5:00 AM Assessment 6 (page 1 of 7)

UNISA  2024  FAC1501-24-S1  Welcome to FAC1501  Assessment 6

QUIZ

Time left 0:20:31

https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=19440279&cmid=842830 1/3

,5/21/24, 5:00 AM Assessment 6 (page 1 of 7)

Question 1

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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 R650 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

Gumede Florist (not a registered VAT vendor) - Flowers 190 00
for owners' birthday

Signature: Mrs Diale

Authorised by: Mr Miles

Transaction 3:

ABC Electrical

420 Workers Drive P O Box 2188
PRETORIA VAT registration number PRETORIA 0001
Tel (012) 329–1615 5590223986 Fax (012) 329–1616

Date: 23 February 2024 TAX INVOICE No: 032

To: Miles of Furniture Payment method
499 Tshwane Drive Cheque/debit card
Pretoria Cash
VAT registration number 4960225750 Credit card
Account

Code Description Qty Total price

EW01 Repairs: electrical 3 360,00
wiring (R120 per
hour)

360,00
54,00
VAT @ 15%
Invoice total 414,00
Amount tendered 420,00
Change 6,00
VAT included @ 15% 54,00
E & OE

PETTY CASH VOUCHER No. 2

Date: 23 February 2024 Amount

Required for: R c

ABC Electrical - Repairs to electrical wiring 414 00

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, 5/21/24, 5:00 AM Assessment 6 (page 1 of 7)
Signature: Mrs Diale

Authorised by: Mr Miles

Transaction 4:

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 R650.

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

Receipts Payments

Day Fol Amount Day Details No Fol Total Wages VAT Entertainment Amou
Input

R R R R R R

2 CPJ1 650 12 Cash 1 190 0 0 190

29 CPJ1 604 23 ABC Electrical 2 414 54 360

https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=19440279&cmid=842830 3/3

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Exam (elaborations)

FAC1501 ASSESSMENT 6 SEMESTER 1 2024 SEARCHABLE Mekgoe Florist is situated in the Western Cape. The business is a registered VAT vendor and makes use of the perpetual inventory system. During the month of March 2024, Mekgoe Florist maintained a favourabl

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