Exam (elaborations)
FAC1501 Assessment 2 SEMESTER 1 2024 fac1501
- Institution
- University Of South Africa (Unisa)
FAC1501 Assessment 2 SEMESTER 1 2024 fac1501
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4/1/24, 10:37 AM Assessment 2 (page 1 of 2)FAC1501-24-S1 Welcome Message Assessment 2
QUIZ
Time left 0:10:08
Question 1
Not yet answered
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Mekgoe Florist is situated in the Western Cape. The business is a registered VAT vendor and makes use of the perpetual inventory
system. During the month of March 2024, Mekgoe Florist maintained a favourable bank balance. The VAT rate is 15%.
On 28 March 2024 Mekgoe Florist made an electronic funds transfer for R74 000 in payment of the monthly salaries. Internet banking
notice of payment 010 was issued.
Required:
Record the transaction on 28 March 2024 in the correct subsidiary journal of Mekgoe Florist.
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 0 (zero)
4. If a column name is not applicable, choose N/A from the dropdown menu.
5. Only show the amount, do not show the "R" (eg: 1000)
Mekgoe Florist
Cash payments journal – March 2024 CPJ1
Sundry accounts
Doc Day Details Fol Bank Inventory VAT Amount Fol Details
N/A
No
N/A
010 28
Salaries 0 74000 0 0 74000 Salaries
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=16693590&cmid=842826 1/6
, 4/1/24, 10:37 AM Assessment 2 (page 1 of 2)
Question 2
Not yet answered
Marked out of 7.00
Mekgoe Florist is situated in the Western Cape. The business is a registered VAT vendor and makes use of the periodic inventory system. During the
month of March, Mekgoe Florist maintained an unfavourable bank balance. The VAT rate is 15%.
On 8 March 2024, Mekgoe Florist made flower arrangements for a function of parliament from flowers provided to them by the organizers. Makgoe issued
invoice number 1354 for services rendered, for R17 700 (VAT Inclusive) and received payment through a direct deposit.
REQUIRED:
Analyse the transaction of Mekgoe Florist that took place on 8 March 2024 in tabular format as follows:
Account to Account to Effect on the basic accounting equation
Date
be debited be credited Assets Equity Liabilities
Example: May 2 Mekgoe Florist purchased inventory for the amount of R5 000 (VAT exclusive) and paid cash. Mekgoe Florist makes use of the
periodic inventory system
R R R
May 2 Purchases and VAT Input Bank -5 000 -5 000 0
Complete the table below by selecting the account to be debited and the account to be credited from the dropdown menu and filling in the
applicable amounts in the correct spaces.
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 an element decreases, use a negative sign in front of the amount (eg: -1000.01)
4. When an element increases, the amount will be without any sign (eg: 1000.01)
5. Only show the amount, do not show the "R" (eg: 1000)
Account(s) to Account(s) to Effect on the basic accounting equa
Date
be debited be credited Assets Equity Liab
R R
March
Bank Services rendered and VAT Output 17700 17700 0
8
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=16693590&cmid=842826 2/6
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