Exam (elaborations)
FAC1501 Assignment 7 Semester 2 2024
- Institution
- University Of South Africa (Unisa)
FAC1501 Assignment 7 Semester 2 2024
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11/5/24, 7:52 PM Assessment 7 (page 1 of 2)NISA 2024 FAC1501-24-S2 ANNOUNCEMENTS AND ASSESSMENTS Assessment 7
QUIZ
Assessment 7
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Question 1 Africa Traders is a registered VAT vendor that buys and sells furniture. The business makes use of the
Answer saved periodic inventory system. Use the following information from the accounting records of Africa
Traders to calculate the cost of sales on 28 February 2021:
Marked out of
3.00 R
Flag question Inventory (1 March 2020) 87 000
Sales 340 000
Purchases 253 800
Purchases returns 2 400
A physical inventory count on 28 February 2021 indicated that the inventory on hand amounted to
R137 600.
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: 200800
Question 2 Zack’s Hardware, NOT a registered VAT vendor, makes use of the perpetual inventory system.
Incomplete The following is an extract from the financial records of Zack’s Hardware for January 2023:
answer
R
Marked out of
10.00 Trade payables: opening balance (1 January) 14 290
Total purchases for January 2023 155 800
Flag question Cash payments journal: Trade payables column total (31 42 690
January)
Purchases returns journal: Trade payables column (31 January) 5 630
On month end, the auditors completed a creditors reconciliation and found the following:
1. 45% of total purchases were done on credit.
2. The trade payables column in the cash payments journal were undercast by R600.
3. On 10 January, Mr Zack returned goods sold to him on credit to the amount of R580. 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
2023 R 2023
Jan 1 Balance b/d Jan 1 Balance b
14290
31 31
Bank CPJ1 4,690 Purchases
PRJ1
Purchases returns 5630
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=23505859&cmid=846351 1/5
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