Exam (elaborations)
FAC1501 Assignment 4 Semester 2 2024 All Questions Covered
- Institution
- University Of South Africa (Unisa)
FAC1501 Assignment 4 Semester 2 2024 All Questions Covered
[Show more]
3 reviews
By: dlozelihlesizwemthethwa • 1 week ago
By: yalontombifikile0 • 1 month ago
By: SmartTutors • 1 month ago
THANKS I GOT 92%
Content preview
10/10/24, 9:21 PM Assessment 4 (page 1 of 2)FAC1501-24-S2 ANNOUNCEMENTS AND ASSESSMENTS Assessment 4
QUIZ
Time left 0:37:44
Question 1
Not yet answered
Marked out of 5.00
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 a registered VAT vendor and applies the principles of the periodic inventory system. On 1 April 2022,
Mapungubwe Traders purchased small solar lighting systems from a supplier (registered VAT vendor) to the amount of R14 120.65 (VAT
exclusive) on account.
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.
Purchases and VAT Trade payables control
Input
Trade payables control and VAT Purchases Bank Bank and VAT
Trade receivables control and VAT Trade payables control Trade receivables control Inventory and VAT
Purchases and VAT Inventory
2 118.10 Output 1 841.82 Input N/A
12 278.83 14 120.65
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=23101140&cmid=846348 1/7
,10/10/24, 9:21 PM Assessment 4 (page 1 of 2)
Question 2
Not yet answered
Marked out of 3.00
The inexperienced bookkeeper of Africa Traders needs your assistance compiling the trial balance of Africa Traders. Please indicate
whether the amounts of the below accounts should be entered in the debit or credit column:
1. Settlement discount received
2. Loss on sale of asset
3. Fixed deposit: ZAR Bank
Credit column
Credit column
Debit column
Debit column Credit column
Question 3
Not yet answered
Marked out of 1.00
Money held by the bank in the entity’s bank account is viewed as a liability in the records of the bank since it belongs to the entity and not
to the bank.
True
False
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=23101140&cmid=846348 2/7
,10/10/24, 9:21 PM Assessment 4 (page 1 of 2)
Question 4
Not yet answered
Marked out of 5.00
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 a registered VAT vendor and applies the principles of the periodic inventory system. On 1 April 2022,
Mapungubwe Traders was invoiced an amount of R13 635 and paid the full amount owing with an electronic transfer to SA Couriers (NOT
a registered VAT vendor) for the monthly delivery costs of online orders.
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.
Delivery costs Bank
N/A
Trade payables control and VAT Bank Trade payables control Trade receivables control and VAT
Delivery costs and VAT Bank and VAT Delivery costs Trade receivables control
1 778.48 Input 2 045.25 Output
15 680.25 11 856.52
Question 5
Not yet answered
Marked out of 1.00
A trial balance will reveal errors of omission.
True
False
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=23101140&cmid=846348 3/7
, 10/10/24, 9:21 PM Assessment 4 (page 1 of 2)
Question 6
Not yet answered
Marked out of 2.00
Africa Traders is not a registered VAT vendor and buys and sells furniture. Africa Traders wants to sell a dining room table with a cost
price of R3 900. The mark-up percentage on cost is 20%.
What will be the selling price of 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: 4485
Question 7
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 purchased furniture on credit from SA Suppliers to the amount of R26 330. On 27
April 2021, Africa Traders settled their account and received R1 835 discount for early settlement. On the same day Africa Traders
purchased furniture on the clearance sale. The selling price of the furniture was R10 830 (excluding VAT). Africa Traders paid cash and
received a further 15% cash discount on the selling price.
Required:
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: 3434.35
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=23101140&cmid=846348 4/7
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 ExpertAcademy. 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)
77254 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy summaries for 14 years now