Exam (elaborations)
FAC1501 Assessment 3 SEMESTER 1 2024
- Institution
- University Of South Africa (Unisa)
FAC1501 Assessment 3 SEMESTER 1 2024
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4/11/24, 9:44 PM Assessment 3 (page 1 of 2)FAC1501-24-S1 Welcome Message Assessment 3
QUIZ
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Question 1
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Africa Traders, a registered VAT vendor, manufactures and sells renewable energy equipment. The VAT rate is 15% and Africa Traders
makes use of the periodic inventory system.
Extract from the financial records of Africa Traders for the month of January 2023:
R
VAT Input account opening balance (1 January 2023) 37 504
VAT Output account opening balance (1 January 29 980
2023)
VAT column in Purchases journal 51 400
VAT column in Sales journal 64 600
VAT column in Purchases returns journal 5 000
VAT column in Sales returns journal 3 300
Required:
Complete the VAT Input account in the general ledger of Africa Traders 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 VAT Input B1 Cr
2023 R 2023 R
Jan 1 Balance b/d Jan 1 Balance b/d
37504 0
31 31
Trade payables PJ1 51400 Trade payables PRJ1 5000
Balance c/d Balance c/d
0 83904
88904 88904
Feb 1 Balance b/d Feb 1 Balance b/d
83904 0
Please answer all parts of the question.
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, 4/11/24, 9:44 PM Assessment 3 (page 1 of 2)
Question 2
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Africa Traders, a registered VAT vendor, manufactures and sells gardening equipment. On 18 March 2023, Africa Traders sold gardening
equipment for R14 432 (VAT inclusive) to SA Traders for cash. The VAT rate is 15%.
SA Traders, a registered VAT vendor, buys and sells gardening equipment and makes use of the periodic inventory system.
Required:
Record the above transaction in the applicable subsidiary journal of SA 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")
SA Traders
Cash receipts journal – March 2023
Doc Sundry accoun
no Day Details Fol Analysis of receipts Bank Sales VAT Output Amount Fol Det
SA Traders 14432 14432 12549.57 1882.43
18
Question 3
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The VAT included in the purchase price by the entity is credited against the VAT input account when the purchases journal is closed off at
the end of the month.
True
False
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