Exam (elaborations)
Fac1501 Assignment 5 Semester 2 2024 All questions covered 90% above
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- University Of South Africa (Unisa)
Fac1501 Assignment 5 Semester 2 2024 All questions covered 90% above
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FAC1501-24-S2: Assessment 5 https://mymodules.dtls.unisa.ac.za/mod/quiz/view.php?id=846UNISA 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
547718
You must have completed the activities of Learning units 1 to 11 before Mandatory Assessment 5 will be available to you.
Kindly note that you will only be able to view your mark obtained for Mandatory Assessment 5 and the overall feedback for
Mandatory Assessment 5 after you have submitted your attempt.
You will be able to view the questions you have received for the attempt, with its answers and general feedback, after the
due date of Mandatory Assessment 5.
Please note that if you do not submit Mandatory Assessment 5 (e.g. you are sick or you did not complete all the required
activities to open the assessment) or if you submit an assessment without answering any of the questions, you will not be
given a second attempt to submit Mandatory Assessment 5, you will then have to submit Elective Assessment 9 as a
replacement for Mandatory Assessment 5.
NB: Please complete this assessment using a computer. If not possible use the web browser of your phone. Some tables
will not be visible through the myModules app.
Attempts allowed: 1
Time limit: 2 hours
Grade to pass: 50.00 out of 100.00
Summary of your previous attempts
Grade /
State 100.00 Review Feedback
Finished 98.17 Congratulations, you passed this assessment with a distinction.
Submitted Friday, 25 October 2024, Keep up the good work.
11:57 AM
Your �nal grade for this quiz is 98.17/100.00.
Overall feedback
Congratulations, you passed this assessment with a distinction. Keep up the good work.
1 of 2 2024/10/25, 12
,10/25/24, 11:16 AM Assessment 5 (page 1 of 2)
Question 1
Not yet answered
Marked out of 3.00
Use the following information to answer the question below:
Giyani Traders is a business that sells electronic equipment. The entity is not registered as a VAT vendor. The financial year-end of Giyani Traders
is 28 February of each year. The following trial balance was extracted from the financial records of Giyani Traders.
GIYANI TRADERS
PRE-ADJUSTMENT TRIAL BALANCE AS AT 28 FEBRUARY 2022
Debit Credit
R R
Financial position section
Capital 450 000
Drawings 27 000
Land and buildings at cost price 780 000
Mortgage 700 000
Vehicles at cost price 320 000
Furniture at cost price 80 000
Accumulated depreciation: Vehicles 80 000
Accumulated depreciation: Furniture 10 400
Inventory 79 500
Trade receivables 49 700
Trade payables 31 850
Allowance for credit losses 1 200
Accrued expenses 2 500
Accrued income 3 000
Bank 45 700
Petty cash 4 500
Total comprehensive income for the year 22 050
1 343 700 1 343 700
Additional information:
The mortgage loan with interest at 9% per annum is repayable over a period of 20 years. The capital that will be repaid from 1 March 2022 to 28
February 2023 amounts to R14 600. No interest was due at the end of the financial year.
Total equity on the statement of financial position of Giyani Traders as at 28 February 2022 will amount to …
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: 445050
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=23343810&cmid=846349 2/12
,10/25/24, 11:16 AM Assessment 5 (page 1 of 2)
Question 2
Not yet answered
Marked out of 3.00
Africa Traders, which is not a registered VAT vendor, buys and sells cellphones. The VAT rate is 15%.
AFRICA TRADERS
700 Narrow Drive P O Box 217
PRETORIA PRETORIA 0001
Tel (012) 433–1615 Fax (012) 433–1616
Date: 10 May 2021 INVOICE No: 025
To: SA Traders Payment method
Cheque/debit card Cash
169 Tshwane Drive
Credit card
Pretoria
Account
Code Description Qty Total price
CP05 Cellphones 20 138 000,00
138 000,00
Invoice total 138 000,00
Amount tendered 138 000,00
Change 0,00
E & OE
How will the above source document be recorded in the applicable subsidiary journal of Africa Traders?
a.
Africa Traders
Cash Payments Journal – May 2021 CPJ05
Doc Sundry accounts
no Day Details Fol Bank Purchases VAT input Amount Fol Details
10 SA Traders R138 000 R120 000 R18 000
b.
Africa Traders
Cash Receipts Journal – May 2021 CRJ05
Doc Analysis of Sundry accounts
no Day Details Fol receipts Bank Sales VAT output Amount Fol Details
10 SA Traders R138 000 R138 000 R138 000
c.
Africa Traders
Cash Payments Journal – May 2021 CPJ05
Doc Sundry accounts
no Day Details Fol Bank Purchases VAT input Amount Fol Details
10 SA Traders R138 000 R138 000
d.
Africa Traders
Cash Receipts Journal – May 2021 CRJ05
Doc Analysis of Sundry accounts
no Day Details Fol receipts Bank Sales VAT output Amount Fol Details
10 SA Traders R138 000 R138 000 R120 000 R18 000
Clear my choice
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=23343810&cmid=846349 3/12
, 10/25/24, 11:16 AM Assessment 5 (page 1 of 2)
Question 3
Not yet answered
Marked out of 1.00
The pro t or loss account is used to determine the gross pro t and is used for both retail and service entities.
True
False
Question 4
Not yet answered
Marked out of 5.00
Please match the question in column A to the correct option. Each option provided may be selected more than once. You may assume
that the entities mentioned in the transactions are not a registered VAT vendors unless explicitly mentioned otherwise.
Mr S Africa is the owner of SA Landscapers. SA Landscapers has a favourable bank balance. On 3 January
2021, SA Landscapers purchased computer equipment for cash. The account credited for this transaction in Current assets
the books of SA Landscapers will be classi ed as ….
Mr S Africa is the owner of SA Landscapers. SA Landscapers has a favourable bank balance. On 3 January
2021, Mr S Africa purchased new o ce furniture for SA Landscapers as a capital contribution. The account Non-current assets
debited for this transaction in the books of SA Landscapers will be classi ed as ….
Mr S Africa is the owner of SA Landscapers. SA Landscapers has a favourable bank balance. On 3 January
2021, SA Landscapers opened an investment account at ZAR Bank. The investment will be withdrawn after
10 months to nance the purchase of a new Bakkie. SA Landscapers deposited an amount into the Income
investment account. The account credited for this transaction in the books of SA Landscapers will be
classi ed as ….
Mr S Africa is the owner of SA Landscapers. SA Landscapers has a favourable bank balance. On 3 January
2021, SA Landscapers paid the monthly water and electricity bill with the business debit card. The account Expenses
debited for this transaction in the books of SA Landscapers will be classi ed as ….
Mr S Africa is the owner of SA Landscapers. SA Landscapers has an unfavourable bank balance. On 3
January 2021, an entry appears on the bank statement for interest paid. The account credited for this Expenses
transaction in the books of SA Landscapers will be classi ed as ….
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=23343810&cmid=846349 4/12
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