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Fac1501 Assignment 3 Semester 2 2023 Distinction
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- University Of South Africa (Unisa)
Fac1501 Assignment 3 Semester 2 2023 Distinction
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FAC 1501ASSIGNMENT 3 SEMESTER 2 2023
Use this document as a guide to learn, compare and reference
,
,9/10/23, 12:02 PM Assessment 3 (page 1 of 2)
Question 1
Africa Traders, a registered VAT vendor, manufactures and sells gardening equipment. On 18 March 2023, Africa Traders sold gardening
Timeequipment
left 0:09:16
Answer saved for R9 050 (VAT exclusive) to SA Traders for cash. The VAT rate is 15%. SA Traders, a registered VAT vendor, buys and sells gardening equipment
Marked out of and makes use of the periodic inventory system.
6.00
Required:
Record the above transaction in the applicable subsidiary journal of Africa 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")
Africa Traders
Cash receipts journal – March 2023
Sundry ac
Doc Analysis of receipts Bank Sales VAT Output
no Day Details Fol Amount Fo
SA Traders 10407.50 10405.50 9050.00 1357.50
18
Question 2 Please match the transaction provided (in column A) with the journal of first entry where the transaction should be recorded (in column B). You may
Answer saved use each journal name multiple times if needed.
Marked out of
5.00 Mr S Africa, started a small service business, SA Landscapers on 1 January 2021. On 2 January 2021, the
business had an unfavourable bank balance of R25 000. SA Landscapers (not a VAT vendor) rendered a Cash receipts journal
service on 5 January, for cash, to a client to the amount of R6 000.
On 31 December 2021, SA Landscapers repaid the R100 000 loan it received from Mr S Africa through an
electronic funds transfer. The loan was received on 5 January 2021. Cash payments journal
Mr S Africa, started a small service business, SA Landscapers on 1 January 2021. On 2 January 2021, the
business had an unfavourable bank balance of R25 000. On the same day Mr S Africa paid the mortgage Cash payments journal
bond on his personal home through and electronic funds transfer from the business bank account.
Mr S Africa, started a small service business, SA Landscapers on 1 January 2021. On 2 January 2021, the
business had an unfavourable bank balance of R25 000. On 3 January 2021 SA Landscapers purchased new Cash payments journal
office furniture from SA Office Suppliers for R50 000 and paid with an electronic funds transfer.
Mr S Africa, started a small service business, SA Landscapers on 1 January 2021. On 2 January 2021, the
business had a favourable bank balance of R25 000. On 31 January SA Landscapers paid the weekly cash Cash payments journal
wages to the amount of R10 000.
Question 3 Provision is made for a VAT input column in the cash payments journal to record all VAT associated with purchases.
Answer saved
Marked out of Select one:
1.00 True
False
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=13180060&cmid=582741 1/6
, 9/10/23, 12:02 PM Assessment 3 (page 1 of 2)
Question 4 Pashy Beauticians, a registered VAT vendor, provides hair and nail care services. The VAT rate is 15%.
Answer saved The following is an extract from the financial records of Pashy Beauticians for January 2023:
Marked out of R
7.00
Unfavourable bank balance (1 January) 14 852
Cash receipts journal: Bank column total (31 January) 67 155
Cash payments journal: Bank column total (31 January) 43 939
Required:
Complete the bank account in the general ledger of Pashy Beauticians 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 Bank B1 Cr
2023 R 2023 R
Jan 1 Balance b/d Jan 1 Balance b/d
0 14852.00
31 31
Total receipts CRJ1 67155.00 Total payments CPJ1 43939.00
Balance c/d Balance c/d
0 8314.00
67155.00 67155.00
Feb 1 Balance b/d Feb 1 Balance b/d
8314.00 0
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=13180060&cmid=582741 2/6
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