Exam (elaborations)
FAC1501 Assignment 4 2024
- Institution
- University Of South Africa (Unisa)
FAC1501 Assignment 4 2024
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FAC1501ASSIGNMENT 4
DUE DATE: 29 APRIL 2024
, 1. UNISA
2. 2024
3. FAC1501-24-S1
4. Welcome Message
5. Assessment 4
QUIZ Your �nal grade for this quiz is 96.00 out of 100.00
Assessment 4 Overall feedback
You passed this assessment with a distinction. Keep up the
Opened: Thursday, 25 April 2024, 8:00 AM
Closes: Monday, 29 April 2024, 9:00 PM
Question 1
Complete
Not graded
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
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)
Answer: 760
,Question 2
Not yet answered
Marked out of 1.00
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.
True
False
Question 3
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 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 4
Not yet answered
Marked out of 30.00
The bookkeeper of Damon Electric provided the following information for the month ended 31 March 2023, before the additional
information listed in 2.1 to 2.7 were taken into account:
1.1 Balances: R
Bank account in the general ledger (favourable) 01/03/2023 1 752
Bank statement (unfavourable) 31/03/2023 10 831
1.2 Subtotals on 31/03/2023:
Cash receipts journal - Bank column 24 540
Cash payments journal - Bank column 28 290
2. Additional information
On comparing the bank statement with the cash journals for March 2023 and the bank reconciliation statement for the month of
February 2023, the bookkeeper noted the following:
2.1 An electronic funds transfer for R3 280 in favour of Sparkle Cleaners, for cleaning services was incorrectly recorded in the cash
payments journal as R3 820.
2.2 Entries on the bank statement not yet recorded in the cash journals:
service fees, R242
interest on investment at ABC Bank, R1 340
interest on overdraft, R176
2.3 Fees for services rendered of R5 410 entered in the cash receipts journal on 31 March 2023, was only deposited on 2 April 2023.
2.4 A debit order for R8 350 regarding the monthly payment on a mortgage loan at Anisu Bank, appeared on the bank statement but not in
the relevant cash journal.
2.5 Received a direct deposit of R12 210 from A Hermano, a client, for services rendered. This transaction has not yet been recorded by
Damon Electric.
2.6 The bank erroneously recorded a cash deposit of Damon Electric as R2 195 instead of R12 195.
2.7 A debit card payment for R1 255 regarding the monthly o ce stationery made on 31 March 2023, does not appear on the bank
statement yet. The system in the store was o ine.
REQUIRED:
Complete the following in the accounting records of Damon Electric for the month ended on 31 March 2023:
The cash receipts and cash payments journals (bank columns only), properly totalled, as at 31 March 2023
The bank account in the general ledger, properly balanced, as at 31 March 2023
The bank reconciliation statement as at 31 March 2023
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. An entry in the credit column of the bank reconciliation statement must be indicated by using a negative sign in front of the
amount (eg: -1000.01)
4. An entry in the debit column of the bank reconciliation statement must be indicated by the amount without any sign (eg: 1000.01)
Damon Electric
Cash receipts journal – March 2023
R
30 Subtotal
24540
A Hermano 12210
Interest on investment 1340
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