Exam (elaborations)
FAC1503 ASSIGNMENT 3 QUIZ ANSWERS SEMESTER 1 2024
- Course
- FAC1503 (FAC1503)
- Institution
- University Of South Africa (Unisa)
FAC1503 ASSIGNMENT 3 QUIZ ANSWERS SEMESTER 1 2024
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NB: If the below question is not answered, you will receive zero for your assignment!I declare that the work submitted in this assignment is my own. I did not request assistance
to complete the assignment questions from any third parties.
I declare that I did not provide assistance to other students completing the assignment.
a.
Yes
b.
No
Feedback
Your answer is correct.
The correct answer is:
Yes
Question 2
Correct
Mark 2.00 out of 2.00
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Question text
On 1 April 2022, A South a sole proprietor opened a computer shop, SA Computing. The entity
is registered as a VAT vendor and the applicable VAT rate is 15%. The periodic inventory
system and control accounts are in use. Analyse the following transactions according to what
is required and choose the correct option from the options that are given. The transaction
amounts includes VAT where applicable.
On 24 April 2022, SA Computing made an EFT to the amount of R5 405 to the municipality.
The amount was made up of R4 715 for water and electricity and R690 for rates and taxes.
The entry in the journal with the following columns will be:
Details Bank Purchases Input VAT Output Salaries and Creditor
(dr) VAT wages
R R R R R R
Select one:
a.
In the bank column – R5 405 and in the sundry accounts column – water and electricity of
R4 715 as well as rates and taxes of R690.
b.
,In the bank column – R5 405, in the VAT output column – R615 and in the sundry accounts
column – water and electricity of R4 100 as well as rates and taxes of R690.
c.
In the bank column – R5 405, in the VAT input column – R705 and in the sundry accounts
column – water and electricity of R4 100 as well as rates and taxes of R600.
d.
In the bank column – R5 405, in the VAT input column – R615 and in the sundry accounts
column - water and electricity of R4 100 as well as rates and taxes of R690.
Feedback
Refer to learning unit 4.4 and 4.5 as well as assumed knowledge from learning unit 3.
The correct answer is: In the bank column – R5 405, in the VAT input column – R615 and in
the sundry accounts column - water and electricity of R4 100 as well as rates and taxes of
R690.
Question 3
Incorrect
Mark 0.00 out of 1.00
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Question text
Receipts are the main source documents in respect of all money received.
Select one:
True
False
Feedback
Refer learning unit 4.6.2
The correct answer is 'True'.
Question 4
Correct
Mark 2.00 out of 2.00
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Question text
Africa Services, a registered VAT vendor, provides financial and rental services. The VAT
rate is 15%.
Africa Services
Cash Receipts Journal – February
2022 C
RJ02
Sundry accounts
Analysis
Doc of Commission Rental VAT
no Day Details Fol receipts Bank income income output Amount Details
Fol
, R R R R R R
SA Interest
4 Traders 10 000 10 000 10 000 income
SA
8 Dealers 17 250 17 250 15 000 2 250
SA
10 Properties 20 700 20 700 18 000 2 700
SA Interest
18 Traders 20 000 20 000 20 000 income
SA
22 Dealers 28 750 28 750 25 000 3 750
SA
28 Properties 25 300 25 300 22 000 3 300
122
000 40 000 40 000 12 000 30 000
Which one of the following options is the most correct posting of the Sundry
accounts column (Interest income) in the cash receipts journal to the general ledger of
Africa Services at the end of the month?
Select one:
a.
Dr Int
erest
income
Cr
2022 R 2022 R
Feb Feb 4 Bank 10 000
18 Bank 20 000
b.
Dr Inte
rest
income
Cr
2022 R 2022 R
Feb Feb 28 Bank 30 000
, c.
Dr In
terest
income
Cr
2022 R 2022 R
Feb 28 Bank 30 000 Feb
d.
Dr Int
erest
income
Cr
2022 R 2022 R
Feb 4 Bank 10 000 Feb
18 Bank 20 000
Feedback
Refer to learning unit 5.5, 5.6 and 5.7
The correct answer is:
Dr Inte
rest
income
Cr
2022 R 2022 R
Feb Feb 28 Bank 30 000
Question 5
Incorrect
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