Exam (elaborations)
FAC1501 ASSIGNMENT 8 DUE 23 MAY 2024 PASS GUARANTEED COMPLETE ANSWERS
- Course
- FAC1501 (FAC1501)
- Institution
- University Of South Africa (Unisa)
FAC1501 ASSIGNMENT 8 DUE 23 MAY 2024 PASS GUARANTEED COMPLETE ANSWERS
[Show more]
Content preview
Question 1Answer saved 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 Timealeft 1:07:54
registered VAT vendor and applies the principles of the periodic inventory system. On 1 April 2022, Mapungubwe Traders paid an amount of R2 173.91 (VAT inclusive) with
Marked out of
5.00 an electronic funds transfer to SA Telecom (registered VAT vendor) for the monthly telephone expenses.
Flag
question
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.
Telephone Bank
Trade receivables control and VAT Trade receivables control Bank and VAT Telephone Telephone and VAT
Bank Input
Trade payables control Trade payables control and VAT
Output N/A Input 326.09 283.55
1 890.36 2 500
Question 2 The bookkeeper of Agripa Superstore totalled the cash receipts and cash payments journals for September 2022 before she received the bank statement for
Answer saved September 2022. The totals of the cash journals were as follows:
Marked out of Cash receipts journal R91 455
30.00 Cash payments journal R72 481
Flag
question On comparing the bank statement with the cash receipts and cash payments journals for September 2022 and the bank reconciliation statement for the month of August
2022, the following were noted:
1. On 1 September 2022, the bank account in the general ledger showed an unfavourable balance of R3 867.
2. On 30 September 2022, the bank statement showed an unfavourable balance of R17 180.
3. The following appeared on the bank statement, but not in the cash journals:
annual service fee – R425
cash withdrawal fee – R90
cash deposit fees – R520
a deposit on 25 September 2022 of R8 722 from Fleetrisk Insurance, a client, paid directly into the bank account of Agripa Superstore for goods previously sold on
credit.
, a debit order of R830 in favour of SA Adds for an advertisement placed in the local newspaper.
4. The following appeared in the cash journals, but not on the bank statement:
debit card payment 70 made to the municipality on 30 September 2022, for water and electricity, while the system was offline – R2 340
deposit of R20 575, dated 30 September 2022.
5. Mrs South, a client, made an electronic transfer of R3 520 as payment on her account. The bookkeeper incorrectly entered the amount as R2 230 in the cash receipts
journal.
6. An electronic funds transfer for R6 200, made by another client of the bank, P Eddy, was erroneously entered on the bank statement of Agripa Superstore.
7. Goods sold on credit for R15 999 on 28 September 2022, was erroneously recorded in the cash receipts journal of Agripa Superstore, instead of the sales journal.
REQUIRED:
Complete the following in the accounting records of Agripa Superstore for the month ended on 30 September 2022:
The cash receipts and cash payments journals (bank columns only), properly totalled, as at 30 September 2022
The bank account in the general ledger, properly balanced, as at 30 September 2022
The bank reconciliation statement as at 30 September 2022
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)
Agripa Superstore
Cash receipts journal – September 2022
R
30 Subtotal
91455.00
Mrs South 1290.00
Fleetrisk Insurance 8722.00
101467.00
Cash payments journal – September 2022
R
30 Subtotal
72481.00
SA Adds 830.00
, Credit sales (incorrect entry) 15999.00
Bank charges 1035.00
90345.00
Dr Bank B1 Cr
2022 R 2022 R
Sept 1 Balance b/d Sept 1 Balance b/d
0 3867.00
30 30
Total receipts CRJ 101467.00 Total payments CPJ 90345.00
Balance c/d Balance c/d
0 7255.00
101467.00 101467.00
Oct 1 Balance b/d Oct 1 Balance b/d
7255.00 0
Bank reconciliation statement as at 30 September 2022 Debit/Credit
R
Balance per bank statement
-17180.00
Outstanding deposits
20575.00
Outstanding payments
-2340.00
Correction of errors
6200.00
Balance per bank account
7255.00
, Question 3
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
Answer saved 2021, Africa Traders sold furniture on credit to Mrs A South to the amount of R16 240. On 27 April 2021, Mrs South settled her account and received R825 discount for
Marked out of early settlement. On the same day Mrs South purchased a new coffee table and paid R1 595 cash after receiving a cash discount of R295.
1.00
Required:
Flag
question What amount will be recorded in the bank 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: 973.91
Question 4
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
Answer saved
2021, Africa Traders purchased furniture on credit from SA Suppliers (registered VAT vendor) to the amount of R28 990. On 27 April 2021, Africa Traders paid R26 780,00 in
Marked out of full settlement of their account. On the same day Africa Traders purchased furniture on the clearance sale. The selling price of the furniture was R14 830 (including VAT).
2.00
Africa Traders paid cash and received a further 8% cash discount on the selling price.
Flag
Required:
question
What amount will be recorded in the settlement discount received column of the cash payments 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: 3241.65
Question 5
The inexperienced bookkeeper of Africa Traders needs your assistance compiling the trial balance of Africa Traders. Please indicate whether the amounts of the below
Answer saved
accounts should be entered in the debit or credit column:
Marked out of
3.00 1. Vehicles
Flag 2. Trade payables
question
3. Interest earned
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
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 christophr0924. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R100,00. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
50064 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy summaries for 14 years now