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FAC1501 ASSESSMENT 7 SEMESTER 1 2024 Africa Services, a registered VAT vendor, provides electrician services. On 18 March 2023, Africa Services provided electrician services for R7 499 (VAT inclusive) to SA Traders for cash. The VAT rate is 15%. RequiredR50,00
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FAC1501 ASSESSMENT 7 SEMESTER 1 2024 Africa Services, a registered VAT vendor, provides electrician services. On 18 March 2023, Africa Services provided electrician services for R7 499 (VAT inclusive) to SA Traders for cash. The VAT rate is 15%. Required
FAC1501 ASSESSMENT 7 SEMESTER 1 2024
Africa Services, a registered VAT vendor, provides electrician services.
On 18 March 2023, Africa Services provided electrician services for R7
499 (VAT inclusive) to SA Traders for cash. The VAT rate is 15%.
Required:
Record the above transaction in the ...
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 pay a third party to complete and submit my assignment on my behalf.
I declare that I did not provide assistance to other students completing the assignment.
,Assessment 7 (page 1 of 14) https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=19
FAC1501-24-S1 Welcome to FAC1501 Assessment 7
QUIZ
Time left 1:01:06
Question 1
Answer saved
Marked out of 7.00
Africa Traders, a registered VAT vendor, manufactures and sells renewable energy equipment. The VAT rate is 15% and Africa
Traders makes use of the periodic inventory system.
Extract from the �nancial records of Africa Traders for the month of January 2023:
R
VAT Input account opening balance (1 January 2023) 8 800
VAT Output account opening balance (1 January 13 500
2023)
VAT column in Purchases journal 21 700
VAT column in Sales journal 28 300
VAT column in Purchases returns journal 1 500
VAT column in Sales returns journal 1 800
Required:
Complete the VAT Input account in the general ledger of Africa Traders for the month ending 31 January 2023.
Instructions:
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 �lling in a zero ("0")
Dr VAT Input B1 Cr
2023 R 2023 R
Jan 1 Balance b/d Jan 1 Balance b/d
8800 0
,Assessment 7 (page 2 of 14) https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=19
FAC1501-24-S1 Welcome to FAC1501 Assessment 7
QUIZ
Time left 1:01:15
Question 2
Answer saved
Marked out of 6.00
Rapatsa Traders, a registered VAT vendor, buys and sells fresh produce. The VAT rate is 15%. All goods are sold at a constant
mark-up of 10% and the entity uses the periodic inventory system.
On 3 March 2023, Rapatsa Traders sold goods for R4 687.34 (VAT inclusive) on credit to Dr Manana.
Required:
Record the above transaction in the applicable subsidiary journal of Rapatsa Traders.
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")
Rapatsa Traders
Sales journal – March 2023
Doc
no Day Details Fol VAT Output Sales Trade receivables
R R R
Dr Manana 611.39 4075.95 4687.34
3
1 of 1 2024/05/22, 05
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