Exam (elaborations)
FAC1502-Assignment 1-Solutions
- Institution
- University Of South Africa (Unisa)
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4/1/23, 3:45 PM Assessment 1MENU
Dashboard / Courses / UNISA / 2023 / Semester 1 / FAC1502-23-S1 / Welcome Message / Assessment 1
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Question 1
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The following information relates to Sammy Technologies who buys and sells computers and computer accessories. Sammy Dealers is a
registered as a VAT vendor and uses the periodic inventory system. VAT at 15% is applicable. The VAT period of the business ends on
unequal months.
Transactions:
20.22
July 6 Purchased 10 laptops from IT Wholesalers on credit for R172 500. (credit invoice no: IT657)
Purchased a point-of-sale scanner from Mega Wholesalers on credit for R2 875 to be used by the cashiers. (credit invoice no:
MW 456)
The correct entry in the general journal of Sammy Technologies will be:
Instructions:
Drag the correct answer into the correct space.
An option can be used more than once.
When recording the debit entries, you must start with the applicable income or expense or asset account, followed by the applicable vat
account.
Laptops 150 000
VAT input 22 500
IT Wholesalers/Trade payables control 172 500
Equipment Laptops VAT output
Purchases VAT input Mega Wholesalers/Trade payables control
IT Wholesalers/Trade payables control
375 2 443.75 2 500 22 875 25 875 150 000 152 500 2 875 175 375 172 500 146 625 22 500
431.25
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=8734037&cmid=592473# 1/13
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