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FAC1501 ASSESSMENT 4 SEMESTER 1 2024 SEARCHABLE DOCUMENT. Mapungubwe Traders primary business is to buy and sell battery back up systems and other items to be used during load shedding. Mapungubwe Traders is NOT a registered VAT vendor and applies the prR50,00
FAC1501 ASSESSMENT 4 SEMESTER 1 2024 SEARCHABLE DOCUMENT. Mapungubwe Traders primary business is to buy and sell battery back up systems and other items to be used during load shedding. Mapungubwe Traders is NOT a registered VAT vendor and applies the pr
FAC1501 ASSESSMENT 4 SEMESTER 1 2024 SEARCHABLE DOCUMENT.
Mapungubwe Traders primary business is to buy and sell battery back up systems and other items to be used during load shedding. Mapungubwe Traders is NOT a registered VAT vendor and applies the principles of the periodic inventory system....
FAC1501-24-S1 Announcements and assessments Assessment 4
QUIZ
Time left 1:06:52
Question 1
Not yet answered
Marked out of 5.00
Mapungubwe Traders primary business is to buy and sell battery back-up systems and other items to be used during load shedding.
Mapungubwe Traders is NOT a registered VAT vendor and applies the principles of the periodic inventory system. On 1 April 2022,
Mapungubwe Traders was invoiced an amount of R17 300 (VAT exclusive) and paid the full amount owing with an electronic funds
transfer to SA Safety (registered VAT vendor) for a safety training workshop attended by all employees.
Required
a. Record the correct general ledger entries for the above transaction in the accounting records of Mapungubwe Traders.
b. Indicate whether the VAT input or VAT output account was affected by the transaction or neither (N/A) as well as the amount the
applicable account was affected with.
NB: Instructions
Drag the correct answer into the correct space.
An option can be used more than once.
Training Bank
N/A
Bank Training Trade payables control and VAT Trade receivables control
Trade payables control Trade receivables control and VAT Bank and VAT Training and VAT
Output 2 256.52 Input 2 595
15 043.48 19 895
Question 2
Not yet answered
Marked out of 1.00
A trial balance will not reveal if a balance was posted to the wrong account.
Africa Traders is a registered VAT vendor and uses the periodic inventory system. Africa Traders buys and sells furniture and equipment
for cash or on credit. On 1 March 2021, Africa Traders sold furniture on credit to Mrs A South to the amount of R22 360. On 27 April 2021,
Mrs South paid R20 850,00 in full settlement of her account. On the same day Mrs South purchased a new coffee table on the clearance
sale. The selling price of the coffee table was R3 650 (including VAT). Mrs South paid cash after receiving a further 15% cash discount on
the selling price.
Required:
What amount will be recorded in the settlement discount granted column of the cash receipts journal of Africa Traders on 27 April 2021?
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)
Answer: 2154.12
Question 4
Not yet answered
Marked out of 2.00
Africa Traders is a registered VAT vendor and uses the periodic inventory system. Africa Traders buys and sells furniture and equipment
for cash or on credit. On 1 March 2021, Africa Traders sold furniture on credit to Mrs A South to the amount of R12 575. On 27 April 2021,
Mrs South settled her account and received R805 discount for early settlement.
Required:
What amount will be recorded in the settlement discount granted column of the cash receipts journal of Africa Traders on 27 April 2021?
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)
Africa Traders is not a registered VAT vendor and buys and sells furniture. Africa Traders sold a dining room table for R3 500. The mark-
up percentage on cost is 25%.
What is the profit the entity will make on this product?
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)
Answer: 700.00
Question 6
Not yet answered
Marked out of 5.00
Mapungubwe Traders primary business is to buy and sell battery back-up systems and other items to be used during load shedding.
Mapungubwe Traders is NOT a registered VAT vendor and applies the principles of the periodic inventory system. On 1 April 2022,
Mapungubwe Traders purchased small solar lighting systems from a supplier (registered VAT vendor) to the amount of R14 620.40 (VAT
inclusive) on account.
Required
a. Record the correct general ledger entries for the above transaction in the accounting records of Mapungubwe Traders.
b. Indicate whether the VAT input or VAT output account was affected by the transaction or neither (N/A) as well as the amount the
applicable account was affected with.
NB: Instructions
Drag the correct answer into the correct space.
An option can be used more than once.
Purchases Bank
N/A
Inventory Inventory and VAT Bank Bank and VAT
Trade payables control and VAT Trade receivables control and VAT Trade receivables control Purchases
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