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Fac1501 assignment 3 semester 1 2024
- Institution
- University Of South Africa (Unisa)
FAC1501 ASSIGNMENT 3 SEMESTER 1 2024 ANSWERS DUE 15 APRIL 2024 COMPLETE ANSWERS 100% PASS GUARANTE
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Assessment 3 (page 1 of 2) https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=174...Stuvia.com - The Marketplace
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UNISA 2024 FAC1501-24-S1 Welcome Message Assessment 3
QUIZ
Time left 0:46:40
Question 1
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Mthoko Hardware, a registered VAT vendor, buys and sells power tools, household hardware, home improvement materials and other related
items. The VAT rate is 15%. All goods are sold at a constant mark-up of 25% and the entity uses the periodic inventory system.
On 23 November 2022, Mthoko Hardware sold goods for R984.54 (VAT inclusive) on credit to Mr Mzimela.
Required:
Record the above transaction in the applicable subsidiary journal of Mthoko Hardware.
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")
Mthoko Hardware
Sales journal – November 2022
Doc
no Day Details Fol VAT Output Sales Trade receivables
R R R
Mr Mzimela 128.42 856.12 984.54
23
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,Assessment 3 (page 1 of 2) https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=174...
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Question 2
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Africa Traders buys and sells photocopiers. On 10 January 2021, Ms SB Africa deposited the cash sales of photocopiers for the previous day.
Africa Traders is not a registered VAT vendor and the VAT rate is 15%.
SA Bank Limited
Cheque Account Deposit Slip
Credit Acc no 9 0 0 0 - 1 2 3 4 5 6 Date 10 January 2020
Name Africa Traders
Bank notes 20 000 00
Coins
Money and postal
orders
SUBTOTAL 20 000 00
Drawer’s name Bank Branch no
1
2
3
Total 20 000 00
-
Cheques etc, as above, for collection to be available as cash when paid.
For bank
While acting in good faith and exercising responsible care, the Bank will
use
not accept responsibility for ensuring that depositors/ account holders
have lawful title to cheques, etc collected.
Deposited by: SB Africa
Which account will be debited and which account will be credited in the accounting records of Africa Traders when recording the above
source document?
Select one:
a. Debit the Bank account with R20 000, and credit the Sales account with R20 000.
b. Debit the Sales account with R17 391,30 and the VAT output account with R2 608,70, and credit the Bank account with R20 000.
c. Debit the Sales account with R20 000, and credit the Bank account with R20 000.
d. Debit the Bank account with R20 000, and credit the Sales account with R17 391,30 and the VAT output account with R2 608,70.
Clear my choice
2 of 10 2024/04/11, 19:24
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