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FAC1501 ELECTIVE ASSESSEMENT 8 SEM 2 OF 2024 EXPECTED QUESTIONS AND ANSWERS R99,33
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FAC1501 ELECTIVE ASSESSEMENT 8 SEM 2 OF 2024 EXPECTED QUESTIONS AND ANSWERS
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THIS DOCUMENT CONTAINS FAC1501 ELECTIVE ASSESSEMENT 8 SEM 2 OF 2024 EXPECTED QUESTIONS AND ANSWERS. USE IT CORRECTLY AS A GUIDE TO SCORE ABOVE 75%

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  • November 6, 2024
  • 181
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • fac1501 elective assessement 8

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OSCAR THE TUTOR
Mapungubwe Traders primary business is to buy and sell battery
back-up systems and other items to be used during load shedding.
+27737560989 Mapungubwe Traders is NOT a registered VAT vendor and applies the
for FAC MAC ECS DSC TAX QMI FIN INV BNU STA principles of the periodic inventory system. On 1 April 2022,
Mapungubwe Traders was invoiced an amount of R875 (VAT
tutorials exclusive) by SA Cleaners (registered VAT vendor) for the monthly
general purpose cleaning materials purchased 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.




Trade payables control andmaterials
Cleaning VAT Cleaning materials and VAT Trade payables control

Trade payables control Bank
Input
Cleaning materials Trade receivables control

Trade receivables control and VAT Bank and VAT

N/A 131.25 Input 114.13 Output

875 760.87




Question 2
Posting to the wrong account refers to a transaction that has been
Answer saved
entered on the correct side of a ledger account but has been posted
Marked out of to an incorrect account.
1.00

Flag
question
True
False




Question 3
Africa Traders is a registered VAT vendor and uses the periodic
Answer saved
inventory system. Africa Traders buys and sells furniture and
Marked out of equipment for cash or on credit. On 1 March 2021, Africa Traders sold
2.00
furniture on credit to Mrs A South to the amount of R14 875. On 27
Flag April 2021, Mrs South settled her account and received R685 discount
question for early settlement. On the same day Mrs South purchased a new
coffee table and paid R1 360 cash after receiving a cash discount of
R260.
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: 945.00




Question 4
Answer saved Mapungubwe Traders primary business is to buy and sell electric
blankets. Mapungubwe Traders is NOT a registered VAT vendor and
Marked out of
5.00 applies the principles of the perpetual inventory system. On 1 April
2022, Mapungubwe Traders fully settled its account of R18 842.75
Flag
question
with a supplier through a payment with the business debit card.

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.




Trade receivables control
Tradeand VAT control
payables Inventory Bank

Trade receivables control Bank and VAT
Input
Purchases and VAT Trade payables control

Purchases Inventory and VAT

Bank Trade payables control and VAT

21 669.16 16 385

2 826.41 2 457.75 Input N/A Output




Question 5
Africa Traders is a registered VAT vendor and uses the periodic
Answer saved
inventory system. Africa Traders buys and sells furniture and

,Marked out of equipment for cash or on credit. On 1 March 2021, Africa Traders sold
1.00
furniture on credit to Mrs A South to the amount of R11 575. On 27
Flag April 2021, Mrs South settled her account and received R575 discount
question for early settlement.
Required:
What amount will be recorded in the trade receivables 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: 11000.00




Question 6
Africa Traders is not a registered VAT vendor and buys and sells
Answer saved
furniture. Africa Traders sold a dining room table for R3 500. The
Marked out of mark-up percentage on cost is 20%.
2.00
What is the profit the entity will make on this product?
Flag
question

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: 583.33




Question 7
The inexperienced bookkeeper of Africa Traders needs your
Answer saved
assistance compiling the trial balance of Africa Traders. Please
Marked out of indicate whether the amounts of the below accounts should be
3.00 entered in the debit or credit column:
Flag
question
1. Drawings
2. Bank (favourable)
3. Fees earned

, Debit column




Debit column




Credit column



Debit column Credit column




Question 8 The bookkeeper of Damon Electric provided the following
Answer saved information for the month ended 31 March 2023, before the additional
Marked out of information listed in 2.1 to 2.8 were taken into account:
30.00
1.1 Balances: R
Flag
Bank account in the general ledger (favourable) - 1 March 8 752
question
Bank statement (unfavourable) - 31 March 2 256
1.2 Subtotals on 31/03/2023:
Cash receipts journal - Bank column 27 318
Cash payments journal - Bank column 30 290


2. Additional information
On comparing the bank statement with the cash journals for
March 2023 and the bank reconciliation statement for the month of
February 2023, the bookkeeper noted the following:
2.1 An electronic funds transfer for R5 338 in favour of Hermano
Cleaners, for cleaning services was incorrectly recorded in the
cash payments journal as R8 335.
2.2 Entries on the bank statement not yet recorded in the cash
journals:
service fees, R730
interest on investment at ABC Bank, R1 340
cash handling fee, R176

2.3 Fees for services rendered of R5 780 entered in the cash receipts
journal on 31 March 2023, was only deposited on 2 April 2023.

2.4 A debit order for R9 220 regarding the monthly payment on a
mortgage loan at Anisu Bank, appeared on the bank statement but not
in the relevant cash journal.
2.5 Received a direct deposit of R10 210 from M Thabede, a client,
for services rendered. This transaction has not yet been recorded by
Damon Electric.
2.6. The bank erroneously recorded a cash deposit of Damon Electric
as R5 595 instead of R8 895.
2.7 A debit card payment to the amount of R2 622 for the monthly
office stationery made on 31 March 2023, does not appear on the
bank statement yet. The system in the store was offline.
2.8 An EFT payment for R 5 999, made to SA Electric for supplies
only appears on the bank statement.


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