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FAC1501 ASSIGNMENT 4- DUE 14 OCTOBER 2024
- Institution
- University Of South Africa (Unisa)
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10/13/24, 12:14 PM Assessment 4 (page 1 of 2)UNISA 2024 FAC1501-24-S2 ANNOUNCEMENTS AND ASSESSMENTS Assessment 4
QUIZ
Time left 1:13:03
Question 1
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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 (not a registered VAT vendor) to the amount of R13 900 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 Trade payables control
Input
Trade receivables control and VAT Purchases Inventory and VAT Purchases and VAT
Trade payables control Trade receivables control Trade payables control and VAT Bank
Inventory Bank and VAT
Output 2 085 N/A 1 813.04 Input
12 086.96 15 985
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=23142325&cmid=846348 1/6
, 10/13/24, 12:14 PM Assessment 4 (page 1 of 2)
Question 2
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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. Computer equipment
2. Unfavourable bank
3. Insurance
Debit column
Credit column
Debit column
Debit column Credit column
Question 3
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Marked out of 1.00
While doing the bank reconciliation, Africa Traders discovered that the bank recorded an amount of R1 500 paid to a supplier as R1 800
on the bank statement. In order to correct this error an amount of R300 must be recorded on the credit side of the bank reconciliation
statement.
True
False
Question 4
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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 sold furniture on credit to Mrs A South to the amount of R21 915. On 27 April 2021,
Mrs South paid R19 790,00 in full settlement of her account. On the same day Mrs South purchased a new coffee table on the clearance
sale. The selling price of the coffee table was R3 720 (including VAT). Mrs South paid cash after receiving a further 15% cash discount on
the selling price.
Required:
What amount will be recorded in the settlement discount granted 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: 485.22
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=23142325&cmid=846348 2/6
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