Exam (elaborations)
FAC1501 ASSESSMENT 3 SEMESTER 2 2024
- Institution
- University Of South Africa (Unisa)
FAC1501 ASSESSMENT 3 SEMESTER 2 2024
[Show more]
Content preview
BMZ ACADEMYBMZ ACADEMY
@061 262 1185/068 053 8213
BMZ ACADEMY 061 262 1185/068 053 8213
,9/30/24, 6:10 AM Assessment 3 (page 1 of 2)
UNISA 2024 FAC1501-24-S2 ANNOUNCEMENTS AND ASSESSMENTS Assessment 3
QUIZ
Time left 0:15:35
Question 1
Answer saved
Marked out of 3.00
Africa Traders is a registered VAT vendor that buys and sells furniture. The business makes use
of the periodic inventory system. Use the following information from the accounting records of
Africa Traders to calculate the cost of sales on 28 February 2021:
R
Inventory (1 March 2020) 159 824
Sales 747 230
Purchases 588 320
Settlement discount received 6 730
Settlement discount granted 4 975
A physical inventory count on 28 February 2021 indicated that the inventory on hand amounted
to R235 770.
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: 405644.00
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=22786354&cmid=846347#question-23026588-11 1/9
,9/30/24, 6:10 AM Assessment 3 (page 1 of 2)
Question 2
Answer saved
Marked out of 10.00
Zack’s Hardware, a registered VAT vendor, makes use of the perpetual inventory system. The
VAT rate is 15%.
The following is an extract from the financial records of Zack’s Hardware for January 2023:
R
Trade payables: opening balance (1 January) 16 245
Total purchases for January 2023 180 886
Cash payments journal: Trade payables column total (31 21 300
January)
Purchases returns journal: Trade payables column (31 4 230
January)
On month end, the auditors completed a creditors reconciliation and found the following:
1. 25% of total purchases were done on credit.
2. The trade payables column in the cash payments journal were overcast by R1 160.
3. On 10 January, Mr Zack returned goods sold to him on credit to the amount of R1 028.
This transaction was incorrectly recorded in the Purchases returns journal instead of the
Sales returns journal.
Required:
Complete the trade payables account in the general ledger of Zack’s Hardware 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 filling
in a zero ("0")
Dr Trade Payables B1
2023 R 2023 R
Jan 1 Balance b/d Jan 1 Balance b/d
0 16245
31 31
Bank CPJ1 20140 Purchases and VAT PJ1 45221.50
PRJ1
Purchases returns and VAT 3202
Balance c/d Balance c/d
38124.50 0
61466.50 61466.50
Feb 1 Balance b/d Feb 1 Balance b/d
0 38124.50
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=22786354&cmid=846347#question-23026588-11 2/9
, 9/30/24, 6:10 AM Assessment 3 (page 1 of 2)
Question 3
Answer saved
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 R10 800. The mark-up percentage on cost is 30%.
What is the cost price of the 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: 8307.69
Question 4
Answer saved
Marked out of 6.00
Africa Traders, a registered VAT vendor, buys and sells hand sanitisers. The VAT rate is 15%. All
goods are sold at a constant mark-up of 25% and the entity uses the periodic inventory system.
On 3 March 2023, Africa Traders sold goods for R7 575 (VAT exclusive) on credit to Mr
Chiloane.
Required:
Record the above transaction in the applicable subsidiary journal of Africa 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")
Africa Traders
Sales journal – March 2023
Doc
no Day Details Fol VAT Output Sales Trade receivables
R R R
Mr Chiloane 1136.25 7575 8711.25
3
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=22786354&cmid=846347#question-23026588-11 3/9
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 BMZAcademy. 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.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67474 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy summaries for 14 years now