Opened: Thursday, 25 April 2024, 8:00 AM
Closes: Monday, 29 April 2024, 9:00 PM
832358
You must have completed the activities of learning units 1 to 9 before assessment
4 will be available to you.
Kindly note that you will only be able to view your mark obtained for assessment 4
and the overall feedback for assessment 4 after you have submitted your attempt.
You will be able to view the questions you have received for the attempt, with their
answers and general feedback, after the due date of assessment 4.
Please note that if you do not submit mandatory assessment 4 (e.g. you are sick
or you did not complete all the required activities to open the assessment) or if
you submit an assessment without answering any of the questions, you will not be
given a second attempt to submit mandatory assessment 4, you will then have to
submit elective assessment 8 as a replacement for mandatory assessment 4.
NB: Please complete this assessment using a computer. If not possible use the
web browser of your phone. Some tables will not be visible through the
myModules app.
Attempts allowed: 1
Time limit: 1 hour 30 mins
Grade to pass: 50.00 out of 100.00
Summary of your previous attempts
Marks / Grade /
State 50.00 100.00 Review Feedback
Finished You passed this assessment
Submitted with a distinction. Keep up
Thursday, 25 April the good work.
2024, 4:48 PM
Your �nal grade for this quiz is
Overall feedback
You passed this assessment with a distinction. Keep up the
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 R13 600. On 27 April 2021,
Mrs South settled her account and received R780 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)
Answer: 678.26
Question 2
Not yet answered
Marked out of 2.00
Africa Traders is not a registered VAT vendor and buys and sells furniture. Africa Traders sold a dining room table for R3 800. The mark-
up percentage on cost is 25%.
What is the pro t 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)
One of the errors that will not be revealed by a trial balance is when a ledger account has been totaled correctly but the balance has been
calculated incorrectly.
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller SmartTutors. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R50,00. You're not tied to anything after your purchase.
