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FAC1501 ASSESSMENT 2 SEM 2 OF 2024 EXPECTED QUESTIONS AND ANSWERS+LEARNING 4&5 QUIZZIES TO UNLOCK ASSESSMEN R85,33   Add to cart

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FAC1501 ASSESSMENT 2 SEM 2 OF 2024 EXPECTED QUESTIONS AND ANSWERS+LEARNING 4&5 QUIZZIES TO UNLOCK ASSESSMEN

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THIS DOCUMENT CONTAINS FAC1501 ASSESSMENT 2 SEM 2 OF 2024 EXPECTED QUESTIONS AND ANSWERS+LEARNING 4&5 QUIZZIES TO UNLOCK ASSESSMENT. USE IT FOR PRACTICE AND TO HELP YOU QUICKLY UNLOCK THE ASSESSMENT.

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  • September 13, 2024
  • 82
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
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Question 1 Mr S Africa is the owner of SA Traders. On 31 March 2021, the following list of balances was extracted from the accounting records of SA Traders:
Answer saved Debentures - R152 700
Marked out of Trade receivables - R24 720
3.00 Inventory - R322 900
Flag Income received in advance - R10 889
question Bank overdraft - R31 956


Determine the equity of SA Traders as at 31 March 2021 by making use of the basic accounting equation.


NB: Instructions
1. Do not type the amount with any spaces as separators for thousands (eg: 12141.72) OSCAR THE TUTOR
2. Use a full stop to indicate any decimals (eg: 1000.01)
oscardiura@gmail.com
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)
+27737560989
5. If the net effect on the accounting equation is a decrease, please enter the amount as a negative (eg: -12141.72) for FAC MAC ECS DSC TAX QMI FIN INV BNU STA
tutorials

Answer: 152075.00




Question 2
Swift Construction, located in Gauteng, specializes in constructing tiny homes. Mr Swallow is the owner of the Swift Construction. The business is a registered VAT vendor. The VAT rate is 15%.
Answer saved
The following transactions must be recorded in the subsidiary journals of Swift Construction:
Marked out of
10.00

Flag Transaction 1:
question
On 2 February 2024, Mr Mahloa withdrew R700 from Swift Construction’s bank account as the impress amount to start the petty cash float of Swift Construction. The money was kept by
Mr Mahloa who acted as petty cashier.


Transaction 2:
PETTY CASH VOUCHER No. 1
Date: 12 February 2024 Amount
Required for: R c
Donation to local orphanage (not registered for 150 00
VAT)




Signature: Mr Mahloa
Authorised by: Mr Swallow


Transaction 3:

Sparkling Clean

420 Workers Drive P O Box 2188
PRETORIA VAT registration number PRETORIA 0001
Tel (012) 329–1615 5590223986 Fax (012) 329–1616




Date: 23 February 2024 TAX INVOICE No: 032

To: Swift Construction Payment
499 Tshwane Drive method Cheque/debit card
Pretoria Cash
VAT registration number 4960225750 Credit card
Account

Code Description Qty Total price

EW01 Deep cleaning 3 450,00
(R150 per hour)



450,00

, VAT @ 15% 67,50
Invoice total 517,50
Amount tendered 517,50
Change 0
VAT included @ 15% 67,50
E & OE




PETTY CASH VOUCHER No. 2
Date: 23 February 2024 Amount
Required for: R c
Sparkling Clean - Deep cleaning services 517 50




Signature: Mr Mahloa
Authorised by: Mr Swallow


Transaction 4:
On 29 February 2024, Mr Mahloa completed a withdrawal slip and withdrew the cash needed from Swift Construction’s bank account to restore the petty cash impress amount to R700.


Required:
Record the above transactions in the correct subsidiary journal of Swift Construction.


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 0 (zero)
4. If a column name is not applicable, choose N/A from the dropdown menu.
5. For numeric responses only show the amount, do not show the "R" (eg: 1000)


Swift Construction
Petty cash journal – February 2024 PCJ1
Receipts Payments
Sundry accounts
Day Fol Amount Day Details No Fol Total Donations VAT Wages Amount Details
Input

R R R R R R
2 CRJ1 700.00
12 Donation
1 150.00 150.00 0 0

29 CRJ1 700.00
23 Sparkling Clean
2 517.00 67.50 450.00 Cleaning services




Question 3 Raphulu Spaza is situated in the Limpopo province. The Spaza shop is a registered VAT vendor and applies the principles of the periodic inventory system. During the month of January 2024 Raphulu Spaza maintained an
Answer saved unfavourable bank balance. The VAT rate is 15%.

Marked out of
7.00
On 28 January 2024, Raphulu Spaza sold inventory for R3 350 (VAT inclusive), and the customer paid the full amount owing with a debit card.
Flag
question
REQUIRED:
Analyse the transaction of Raphulu Spaza that took place on 28 January 2024 in tabular format as follows:


Account to Account to Effect on the basic accounting equation
Date
be debited be credited Assets Equity Liabilities

Example: May 2 Raphulu Spaza purchased inventory for the amount of R5 000 (VAT exclusive) and paid cash. Raphulu Spaza makes use of the periodic inventory system
R R R

, May 2 Purchases and VAT Input Bank -5 000 -5 000 0


Complete the table below by selecting the account to be debited and the account to be credited from the dropdown menu and filling in the applicable amounts in the correct spaces.
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. When an element decreases, use a negative sign in front of the amount (eg: -1000.01)
4. When an element increases, the amount will be without any sign (eg: 1000.01)
5. Only show the amount, do not show the "R" (eg: 1000)


Account(s) to Account(s) to Effect on the basic accounting equation
Date
be debited be credited Assets Equity Liabilities

R R R
Jan 28
Bank Sales and VAT Output 3350.00 3350.00 0




Question 4
Swift Construction, located in Gauteng, specialises in constructing tiny homes. The business is a registered VAT vendor. In March 2024, Swift Construction had a favourable bank balance. The VAT rate
Answer saved is 15%.
Marked out of
5.00 On 30 March 2024 Swift Construction received a tax invoice for R31 400 (VAT inclusive) for insurance for the construction machinery from Makeba Insurers (registered VAT vendor) and paid the full
amount owing through an electronic funds transfer. Internet banking notice of payment 010 was issued.
Flag
question

Required:
Record the transaction on 30 March 2024 in the correct subsidiary journal of Swift Construction.


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 0 (zero)
4. If a column name is not applicable, choose N/A from the dropdown menu.
5. Only show the amount, do not show the "R" (eg: 1000)


Swift Construction
Cash payments journal – March 2024 CPJ1
Sundry accounts
Doc Day Details Fol N/A
Bank Inventory VAT Amount Fol Details
No Input

010 30 Makeba Insurers 0 31400.00 0 4095.65 27304.35 Insurance




Question 5 On 1 March 2024, Robocar manufacturers (not a registered VAT vendor) borrowed R113 000 from Charitonos Bank at an interest rate of 16% per annum repayable over 3 years. The R113 000 was
Answer saved deposited into the bank account of Robocar manufacturers. Robocar manufacturers plans to use the funding for the installation of additional security cameras in an attempt to identify the culprits who
Marked out of
sabotaged some of the machinery on the premises. The VAT rate is 15%.
10.00 On 31 March 2024, Robocar manufacturers made a down payment on the loan with an electronic funds transfer for R3 973.
Flag
question
Required:
Post the above transactions as recorded in the subsidiary journals for 1 March 2024 and 30 March 2024 to the general ledger of Robocar manufacturers.


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 filling in a 0 (zero)
4. For numeric responses only show the amount, do not show the "R" (eg: 1000)

, Dr Cr
Loan: Charitonos Bank
2024 R 2024 R
Mar 1
Loan: Charitonos Bank CPJ 3973.00
Mar 31 Bank CRJ 113000.00


Dr Cr
Bank
2024 R 2024 R
Mar 31 Loan: Charitonos Bank CRJ 113000.00
Mar 1
Loan: Charitonos Bank CPJ 3973.00




Question 6 Raphulu Spaza is situated in the Limpopo province. The Spaza shop is a registered VAT vendor and applies the principles of the periodic inventory system. Raphulu Spaza decided to opened a bank
Answer saved account with Savers Bank. During the month of March 2024 Raphulu Spaza maintained a favourable bank balance. On 1 March 2024, the owner of Raphulu Spaza opened a small car wash in the parking
Marked out of area of the shop as an additional service to customers. The VAT rate is 15%.
5.00 On 5 March 2024, Raphulu Spaza received R1 650 (VAT inclusive) cash from a customer for the wash, vacuum and polish of his cars. Receipt number 001 was issued.
Flag
question
Required:
Record the transaction on 5 March 2024 in the correct subsidiary journal of Raphulu Spaza.


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 0 (zero)
4. If a column name is not applicable, choose N/A from the dropdown menu.
5. Only show the amount, do not show the "R" (eg: 1000)


Raphulu Spaza
Cash receipts journal – March 2024 CRJ1
Sundry accounts
Doc Day Details Fol Analysis of Receipts
Bank Services VAT Amount Fol Details
No rendered Output

R001 5 Services rendered 1650.00 1650.00 1434.78 215.22 1434.78 Cash




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