Exam (elaborations)
FAC 1501 ASSESSMENT 03 SEMESTER 1 2023 85% UPWARDS
- Institution
- University Of South Africa (Unisa)
FAC 1501 ASSESSMENT 03 SEMESTER 1 2023 85% UPWARDS
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4/22/23, 1:13 PM Assessment 3 (page 1 of 2)MENU
Dashboard / Courses / UNISA / 2023 / Semester 1 / FAC1501-23-S1 / Welcome Message / Assessment 3
Question 1
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Africa Traders, a registered VAT vendor, manufactures and sells renewable energy equipment. The VAT rate is 15% and Africa Traders makes use of the
periodic inventory system.
Extract from the financial records of Africa Traders for the month of January 2023:
R
VAT Input account opening balance (1 January 2023) 8 711
VAT Output account opening balance (1 January 13 480
2023)
VAT column in Purchases journal 21 728
VAT column in Sales journal 28 155
VAT column in Purchases returns journal 1 480
VAT column in Sales returns journal 1 730
Required:
Complete the VAT Input account in the general ledger of Africa Traders for the month ending 31 January 2023.
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. If no amount should be recorded in any of the numeric spaces, please indicate it by filling in a zero ("0")
Dr VAT Input B1 Cr
2023 R 2023 R
Jan 1 Balance b/d Jan 1 Balance b/d
8711.00 0
31 31
Trade payables PJ1 21728.00 Trade payables PRJ1 1480.00
Balance c/d Balance c/d
0 28959.00
30439.00 30439.00
Feb 1 Balance b/d Feb 1 Balance b/d
28959.00 0
Please answer all parts of the question.
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, 4/22/23, 1:13 PM Assessment 3 (page 1 of 2)
Question 2
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MENU
Africa Traders is not a registered VAT vendor and buys and sells furniture. Africa Traders sold a dining room table for R11 500. The mark-up
Dashboard on
percentage / cost
Courses / UNISA / 2023 / Semester 1 / FAC1501-23-S1 / Welcome Message / Assessment 3
is 20%.
What is the gross profit the entity will make from 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)
Answer: 1916.67
Question 3
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Due to the low risk associated with the provision of credit, all business entities do allow credit, as people will have the money to pay their debts.
Select one:
True
False
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