Exam (elaborations)
FAC1501 Assignment 5 2024 | Due 28 October 2024
- Institution
- University Of South Africa (Unisa)
FAC1501 Assignment 5 2024 | Due 28 October 2024
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10/25/24, 1:47 AM Assessment 5 (page 1 of 2)Dashboard myModules myAdmin Unisa Library
UNISA 2024 FAC1501-24-S2 ANNOUNCEMENTS AND ASSESSMENTS Assessment 5
QUIZ
Assessment 5
Opened: Thursday, 24 October 2024, 8:00 AM
Closes: Monday, 28 October 2024, 11:00 PM
Back
Time left 0:56:48
Question 1 Africa Traders is a registered VAT vendor and uses the periodic inventory system. Africa Traders buys and
Answer saved sells gym equipment for cash or on credit. Upon receipt of the debit note and the water rower on 15
February 2021 from Africa Traders, SA Dealers issued the following credit note:
Marked out of
3.00 SA Dealers
Flag question 7 Smart Street P O Box 3336
PRETORIA VAT registration number PRETORIA 0001
Tel (012) 429–3931 2277227756 Fax (012) 429–3424
Date: 15 February 20.21 CREDIT NOTE No: 1515
To: Africa Traders, 499 Tshwane Drive Pretoria
VAT registration number 4420202233
Code Description Qty Amount
credited
(R)
WR01 Water Rower 1 12 000,00
Subtotal 12 000,00
VAT @ 15% 1 800,00
Total credit due 13 800,00
E & OE
How will the above source document be recorded in the applicable subsidiary journal of SA Dealers? SA
Dealers uses the perpetual inventory system. All goods of SA Dealers are sold at a gross profit
percentage of the cost price of 35%.
a.
PURCHASES RETURNS JOURNAL – February 2021 PRJ1
Doc no Day Details Fol. Trade VAT input Purchases
payables returns
1515 15 Africa Traders CL1 R12 000,00 R1 800,00 R13 800,00
b.
PURCHASES RETURNS JOURNAL – February 2021 PRJ1
Doc no Day Details Fol. Trade VAT input Inventory
payables
1515 15 Africa Traders CL1 R13 800,00 R1 800,00 R12 000,00
c.
SALES RETURNS JOURNAL – February 2021 SRJ1
Doc no Day Details Fol. VAT output Sales returns Trade
receivables
1515 15 Africa Traders CL1 R1 800,00 R12 000,00 R13 800,00
d.
SALES RETURNS JOURNAL – February 2021 SRJ1
Doc no Day Details Fol. VAT output Sales Trade Cost of
returns receivables sales
1515 15 Africa Traders CL1 R1 800,00 R12 000,00 R13 800,00 R8 888,89
Clear my choice
Question 2
Africa Traders is a trading entity and makes use of the periodic inventory system. When writing-up the
Answer saved closing transfers, the profit and loss account must be closed off to the capital account.
Marked out of
1.00
True
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=23341263&cmid=846349#question-23585657-10 1/9
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