Exam (elaborations)
FAC1501 ASSIGNMENT 3
- Institution
- University Of South Africa (Unisa)
COMBINED SETS OF QUESTIONS AND ANSWERS
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By: kgatlemaria • 1 year ago
for semester 1 2023
By: leratoinnocentiamalata • 1 year ago
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MENU Dashboard / My courses / FAC1501-23-S1 / Welcome Message / Assessment 3
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Question 1
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The net amount of purchases is the amount paid/payable for the purchases less the VAT that was added to the purchase price.
Select one:
True
False
, Question 2
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MENU
Phatudi Traders, a registered VAT vendor, buys and sells various energy solutions. The VAT rate is 15%. All goods are sold at a constant mark-up of
30% and the entity uses the periodic inventory system.
Dashboard / My courses / FAC1501-23-S1 / Welcome Message / Assessment 3
SA ENERGY
SOLUTIONS
102 Samson Drive P O Box 3476
PRETORIA VAT registration number PRETORIA 0001
Tel (012) 466–1615 6890773986 Fax (012) 466–1616
Date: 20 March 2023 TAX INVOICE No: 1001
To: Phatudi Traders Payment method
600 Tshwane Drive Cheque/debit card
Pretoria Cash
Credit card
VAT registration number 4260226650
Account
Code Description Qty Total price
HS01 Heat pumps 10 170 000,00
170 000,00
VAT @ 15%
25 500,00
Invoice total 195 500,00
Amount tendered 0,00
Amount due 195 500,00
VAT included @ 15% 25 500,00
E & OE
Required:
Record the source document provided in the applicable subsidiary journal of Phatudi Traders.
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 zero ("0")
Phatudi Traders
Purchases journal – March 2023
Doc
no Day Details Fol VAT Input Purchases Trade payables
R R R
SA Energy Solutions 25500 170000 195500
20
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