Exam (elaborations)
Fac1501 Assignment 6 Semester 2 2023
- Institution
- University Of South Africa (Unisa)
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10/26/23, 9:35 PM FAC1501-23-S2: Assessment 6UNISA 2023 FAC1501-23-S2 Welcome Message Assessment 6
QUIZ
Assessment 6
Opened: Thursday, 26 October 2023, 10:00 AM
Closes: Monday, 30 October 2023, 10:00 PM
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,10/26/23, 9:34 PM Assessment 6 (page 1 of 2)
UNISA 2023 FAC1501-23-S2 Welcome Message Assessment 6
QUIZ
Time left 0:42:45
Question 1
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Shabangu Suppliers (not a registered VAT vendor) is a retail entity situated in the Limpopo
province. The perpetual inventory system is in use and merchandise are sold at a 25% mark-up
on cost. The following transactions took place during May 2023:
Date Transaction R
6 Purchased merchandise from Matsene Traders and paid cash 15 200
15 Sold merchandise to Mr Hall for cash 4 045
29 Purchased merchandise from Zittace Traders on account 10 200
31 Returned merchandise purchased on credit to Zittace Traders 3 900
The opening balance of the inventory account on 1 May 2023 was R6 500
Required:
Post the above transactions to the general ledger account provided below.
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. When no amount needs to be entered in a column, then indicate this by entering "0" in the
column.
Dr Cr
Inventory
2023 R 2023 R
May 1 Balance b/d May 1 Balance b/d
6500 0
31 31
Bank CPJ 15200 Cost of sales CRJ 3236
Trade payables PJ 10200 Trade payables PRJ 3900
Balance c/d Balance c/d
0 24764
31900 31900
Jun 1 Balance b/d Jun 1 Balance b/d
24764 0
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,10/26/23, 9:34 PM Assessment 6 (page 1 of 2)
Question 2
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Africa Traders is a trading entity and makes use of the periodic inventory system. When writing-
up the closing transfers, the various expense accounts must be closed off to the pro t or loss
account.
Select one:
True
False
Question 3
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Mrs A Zulu, decided to open a small grocery store in her neighbourhood where she will support
local people by purchasing their produce to sell. She deposited R25 000 into the bank account of
South Stores to start the business.
In the accounting records of South Stores for this transaction, liabilities will increase on the
credit side.
Select one:
True
False
Question 4
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In a manual bookkeeping system, more than one person must always record the transactions in
the nancial accounting records because it is so bulky.
Select one:
True
False
Question 5
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Africa Traders applies the principles of the periodic inventory system. When inventory is sold on
credit, the bank account will be debited, and the sales account will be credited.
Select one:
True
False
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Question 6
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Mahlanya Traders (not a registered VAT vendor) commenced business on 1 March 2021. The
entity serves both cash and credit customers. On 28 February 2022 the allowance for credit
losses was recorded as R2 900.
On 28 February 2023 it was determined that the allowance for credit losses should be adjusted
to R3 895. Trade receivables control as at 28 February 2023 amounts to R82 750 and the credit
losses account amounts to R910.
Required:
Record the necessary adjustment and the closing entry in the general journal of Mahlanya
Traders for February 2023.
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)
MAHLANYA TRADERS
GENERAL JOURNAL – FEBRUARY 2023
Day Details Debit Credit
R R
28
Credit losses 3895
Allowance for credit losses 3895
Adjustment: Allowance for credit
losses
Pro t or loss account 680
680
Credit losses
Closing transfer: Credit losses
Question 7
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Which one of the following is not a characteristic of a sole trader?
Select one:
a. All decisions regarding the entity are taken by the owner.
b. Pro ts and losses accrue to the owner.
c. It is not a legal entity distinct from its owner.
d. The entity will not cease to exist if the owner dies.
Clear my choice
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, 10/26/23, 9:34 PM Assessment 6 (page 1 of 2)
Question 8
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Africa Traders, which is not a registered VAT vendor, manufactures and sells plastic toys. The
VAT rate is 15%. The entity uses the periodic inventory system.
AFRICA TRADERS
700 Narrow Drive P O Box 217
PRETORIA PRETORIA 0001
Tel (012) 433–1615 Fax (012) 433–1616
Date: 8 July 2021 INVOICE No: 032
To: SA Traders Payment method
Cheque/debit card Cash
169 Tshwane Drive
Credit card
Pretoria
Account
VAT registration number 4960225750
Code Description Qty Total price
PD01 Plastic dolls 1 000 57 500,00
57 500,00
Invoice total 57 500,00
Amount tendered 57 500,00
Change 0,00
E & OE
How will the above source document be recorded in the applicable subsidiary journal of SA
Traders which is a registered VAT vendor and buys and sells plastic toys?
a.
SA Traders
Cash Receipts Journal – July
2021
CRJ07
Analysis
Sundry accounts
Doc of VAT
no Day Details Fol receipts Bank Sales output Amount Fol Details
R50
8 Africa Traders R57 500 R57 500 000 R7 500
b.
SA Traders
Cash Payments Journal – July
2021
CPJ07
Doc VAT Sundry accounts
no Day Details Fol Bank Purchases input Amount Fol Details
8 Africa Traders R57 500 R50 000 R7 500
c.
SA Traders
Cash Payments Journal – July
2021
CPJ07
Doc VAT Sundry accounts
no Day Details Fol Bank Purchases input Amount Fol Details
8 Africa Traders R57 500 R57 500
d.
SA Traders
Cash Receipts Journal – July
2021
CRJ07
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