Exam (elaborations)
FAC1501 Assignment 3 2024
- Institution
- University Of South Africa (Unisa)
FAC1501 Assignment 3 2024
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1. UNISA2. 2024
3. FAC1501-24-S1
4. Welcome Message
5. Assessment 3
QUIZ
Assessment 3
Open course index
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Dashboard / Courses / UNISA / 2024 / Semester 1 / FAC1501-24-S1 / Welcome Message / Assessment 3
Started on Friday, 12 April 2024, 6:13 AM
State Finished
Completed on Friday, 12 April 2024, 6:57 AM
Time taken 43 mins 40 secs
Marks 42.93/50.00
Grade 94.88 out of 100.00
Feedback You passed this assessment with a distinction. Keep up the good work.
Opened: Thursday, 11 April 2024, 8:00 AM
Closes: Monday, 15 April 2024, 7:00 PM
Question 1
Correct
Mark 1.00 out of 1.00
Under the perpetual inventory system, if inventory is returned to the seller, the return of inventory cannot be recorded in the inventory
account but must be recorded in a separate account known as the purchases returns account.
Select one:
True
False
Refer to learning unit 6.3
The correct answer is 'False'.
,On 5 January, SA Landscapers settled its outstanding account with SA Gardens. The full outstanding amount Cash payments journal
was paid through an electronic funds transfer.
Mr S Africa, started a small service business, SA Landscapers on 1 January 2021. SA Business makes use of
the perpetual inventory system. On 3 January 2021 SA Landscapers purchased insecticides to be sold to Purchases journal
clients from SA Gardens to the amount of R10 000 on credit.
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 the same day Mr S Africa paid his own telephone Cash payments journal
bill 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 a favourable bank balance of R25 000. On 28 January the business made a donation to a local Petty cash journal
orphanage by way of an electronic funds transfer to the amount of R1 000
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 2 January, SA Landscapers received R5 000 from SA Cash receipts journal
Attorneys for rent. SA Attorneys makes use of a portion of SA Landscapers' office building.
Please refer to learning unit 5 for cash transactions and learning unit 6 for credit transactions.
The correct answer is:
On 5 January, SA Landscapers settled its outstanding account with SA Gardens. The full outstanding amount was paid through an electronic
funds transfer. → Cash payments journal,
Mr S Africa, started a small service business, SA Landscapers on 1 January 2021. SA Business makes use of the perpetual inventory system.
On 3 January 2021 SA Landscapers purchased insecticides to be sold to clients from SA Gardens to the amount of R10 000 on credit. →
Purchases journal,
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 the same day Mr S Africa paid his own telephone bill through and electronic funds transfer from the business bank
account. → Cash payments journal,
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 28 January the business made a donation to a local orphanage by way of an electronic funds transfer to the amount
of R1 000 → Cash payments journal,
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 2 January, SA Landscapers received R5 000 from SA Attorneys for rent. SA Attorneys makes use of a portion of SA
Landscapers' office building. → Cash receipts journal
, 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
169 Tshwane Drive Pretoria
Cash
Credit card
Account
Code Description Qty Total price
PD01 Plastic dolls 1 500 86 250,00
86 250,00
Invoice total 86 250,00
Amount tendered 86 250,00
Change 0,00
E & OE
How will the above source document be recorded in the applicable subsidiary journal of SA Traders which is not a registered VAT vendor
and buys and sells plastic toys?
Select one:
a.
SA Traders
Cash Receipts Journal – July 2021
CRJ07
Doc Analysis of Sundry accounts
no Day Details Fol receipts Bank Sales VAT output Amount Fol Details
8 Africa Traders R86 250 R86 250 R75 000 R11 250
b.
SA Traders
Cash Payments Journal – July 2021
CPJ07
Doc Sundry accounts
no Day Details Fol Bank Purchases VAT input Amount Fol Details
8 Africa Traders R86 250 R75 000 R11 250
c.
SA Traders
Cash Receipts Journal – July 2021
CRJ07
Doc Analysis of VAT Sundry accounts
no Day Details Fol receipts Bank Sales output Amount Fol Details
8 Africa Traders R86 250 R86 250 R86 250
d.
SA Traders
, Cash Payments Journal – July 2021
CPJ07
Doc Sundry accounts
no Day Details Fol Bank Purchases VAT input Amount Fol Details
8 Africa Traders R86 250 R86 250
Dashboard / Courses / UNISA / 2022 / Semester 1 / FAC1501-22-S1 / Welcome Message / Assessment 3
Refer to learning unit 5.4
The correct answer is:
SA Traders
Cash Payments Journal – July 2021 CPJ07
Doc Sundry accounts
no Day Details Fol Bank Purchases VAT input Amount Fol Details
8 Africa Traders R86 250 R86 250
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