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ASSESSMENT 4
- Course
- FAC 1501 (FAC1501)
- Institution
- University Of South Africa (Unisa)
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Question textAfrica Traders is a registered VAT vendor and uses the periodic inventory system.
Africa Traders buys and sells furniture and equipment for cash or on credit. On 1
March 2021, Africa Traders sold furniture on credit to Mrs A South to the amount of
R9 300. On 27 April 2021, Mrs South paid R8 765,25 in full settlement of her
account.
Required:
What amount will be recorded in the settlement discount granted 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)
465.00
Answer:
Top of Form
Question text
3
The inexperienced bookkeeper of Africa Traders needs your assistance compiling the bank reconciliation
of Africa Traders for the month ending 28 February 2022. Please match the transaction provided with
where it should be recorded whilst compiling the bank reconciliation.
An outstanding
payment on the
previous month’s bank
reconciliation Answer 1
statement has not been Debit column of the bank reconciliation statement
recorded on this
months’ bank
statement.
The owner of Africa Answer 2
Traders paid his Cash payments journal
,personal telephone
account with the
business debit card. The
transaction only reflects
on the bank statement.
The bank inadvertently
recorded an electronic
funds transfer made by
Africa Suppliers on the Answer 3
bank statement of Credit column of the bank reconciliation statement
Africa Traders. This
banking error must still
be corrected.
Purchased flowers with
petty cash for Mrs C Answer 4
Zulu, an employee of Cash payments journal
Africa Traders, for her
birthday.
Furniture purchased on
credit only appears in Answer 5
the accounting records Will not be recorded as part of the current month’s bank reconciliation
of Africa Traders.
Feedback
Refer to learning unit 8
The correct answer is:
An outstanding payment on the previous month’s bank reconciliation statement has not been recorded
on this months’ bank statement. → Debit column of the bank reconciliation statement,
The owner of Africa Traders paid his personal telephone account with the business debit card. The
transaction only reflects on the bank statement. → Cash payments journal,
The bank inadvertently recorded an electronic funds transfer made by Africa Suppliers on the bank
statement of Africa Traders. This banking error must still be corrected. → Credit column of the bank
reconciliation statement,
Purchased flowers with petty cash for Mrs C Zulu, an employee of Africa Traders, for her birthday. →
Will not be recorded as part of the current month’s bank reconciliation,
Furniture purchased on credit only appears in the accounting records of Africa Traders. → Will not be
recorded as part of the current month’s bank reconciliation
Question 4
, Correct
Mark 2.00 out of 2.00
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Question text
3
Africa Traders is not a registered VAT vendor and buys and sells furniture. Africa Traders wants to sell a
dining room table with a cost price of R13 700. The mark-up percentage on cost is 9%.
What will be the selling price of this product?
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)
14933.00
Answer:
Feedback
Refer to learning unit 7, paragraph 7.9 of the study guide.
The correct answer is: 14933
Question 5
Incorrect
Mark 0.00 out of 2.00
0 qaid=68640970&q 0
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Question text
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