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fac1502 Assignment 2 semester 2 2024 due date 11 september 2024 Time 11:00 pm unique code 617096 ( copmplete questions and answers 2024)£2.26
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,Use the information provided below to calculate the cost of sales:
R
Opening inventory 30 000
Purchases 250 000
Settlement discount granted 1 000
Import duties 3 000
Settlement discount received 7 000
Closing inventory 150 000
Instructions:
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Round off to the nearest Rand (eg: 50.56 is 51)
3. Only show the amount, do not show the R (eg: 12141.72)
Answer: 126000
, The following balances were extracted from the subsidiary journals of General Spaza Shop as at 28 February 20.2.
R
Cash receipts journal
VAT input 3 516,24
Amounts for sales added in the Bank column 513 371,04
Cash payments journal
Amounts for purchases added in the Bank column 743 098,72
VAT output 4 892,16
On 1 February 20.2, the VAT input account had an opening balance of R123 480 and the VAT output account had an opening balance
of R185 220.
Using the above information, compile the VAT input account in the general ledger as at 28 February 20.2, including the
final closing transfer.
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. Only show the amount, do not show the R (eg: 12141.72)
4. Keep the ledger entries strictly according to the information given.
GENERAL SPAZA SHOP
GENERAL LEDGER
Dr VAT input Cr
20.2 R 20.2 R
Feb 1 Balance b/d 123480 Feb 28 Trade payables control PRJ 6573.84
Feb 28 Trade receivables control CRJ 3516.24 VAT control GJ 289981.61
Bank CPJ 111464.81
Trade payables control PJ 58094.40
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