Exam (elaborations)
FAC1501 ASSESSMENT 2 2024 SEMESTER 1
- Institution
- University Of South Africa (Unisa)
FAC1501 ASSESSMENT 2 2024 SEMESTER 1
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4/1/24, 2:19 PM Assessment 2 (page 1 of 2)FAC1501-24-S1 Welcome Message Assessment 2
QUIZ
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Question 1
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Marked out of 5.00
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 received a tax invoice of R3 790 (VAT exclusive) for the monthly vehicle insurance from Travelstar
(registered VAT vendor) and paid the full amount owing with an electronic funds transfer.
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
B/S4 28
Travelstar 0 3790 0 0 3790 Insurance
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=16704303&cmid=842826 1/6
, 4/1/24, 2:19 PM Assessment 2 (page 1 of 2)
Question 2
Not yet answered
Marked out of 10.00
On 1 March 2024, Edutech (not a registered VAT vendor) borrowed R295 000 from Futures Bank at an interest rate of 14% per annum
repayable over 10 years. The R295 000 was deposited into the bank account of Edutech. Edutech plans to use the funding to invest in
computer equipment that enables the development of virtual reality applications for education purposes. The VAT rate is 15%.
On 31 March 2024, Edutech made a down payment on the loan with an electronic funds transfer for R4 580.
Required:
Post the above transactions as recorded in the subsidiary journals for 1 March 2024 and 30 March 2024 to the general ledger of Edutech.
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 0 (zero)
4. For numeric responses only show the amount, do not show the "R" (eg: 1000)
Dr
Bank
2024 R 2024
Mar 1 Mar 31
Loan: Futures Bank CRJ 295000 Loan: Futures Bank CPJ
Dr
Loan: Futures Bank
2024 R 2024
Mar 31 Mar 1
Bank CPJ 4580 Bank CRJ
Question 3
Not yet answered
Marked out of 3.00
Mr S Africa is the owner of SA Traders. On 31 March 2021, SA Traders owns furniture and equipment amounting to R150 000. Clients owe
R37 000 for goods sold to them on credit and SA Traders owes R23 000 for inventory purchased on credit. SA Traders also has a
favourable bank balance of R6 000.
Determine the net worth of SA Traders as at 31 March 2021 by making use of the basic accounting equation.
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)
5. If the net effect on the accounting equation is a decrease, please enter the amount as a negative (eg: -12141.72)
Answer: 170000
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=16704303&cmid=842826 2/6
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