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Fac1501 Assignment 8 Semester 2 204 All questions are covered
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Fac1501 Assignment 8 Semester 2 204 All questions are covered
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Assessment 8 (page 1 of 2) https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=23UNISA 2024 FAC1501-24-S2 ANNOUNCEMENTS AND ASSESSMENTS Assessment 8
QUIZ
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Question 1
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Posting to the wrong account refers to a transaction that has been entered on the correct side of a ledger account but has been posted to an incorrect
account.
True
False
1 of 7 2024/11/06, 09
,Assessment 8 (page 1 of 2) https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=23
Question 2
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The bookkeeper of Agripa Superstore totalled the cash receipts and cash payments journals for September 2022 before she received the bank statement
for September 2022. The totals of the cash journals were as follows:
• Cash receipts journal R52 800
• Cash payments journal R45 467
On comparing the bank statement with the cash receipts and cash payments journals for September 2022 and the bank reconciliation statement for the
month of August 2022, the following were noted:
1. On 1 September 2022, the bank account in the general ledger showed a favourable balance of R6 118.
2. On 30 September 2022, the bank statement showed a favourable balance of R16 141.
3. The following appeared on the bank statement, but not in the cash journals:
annual service fee – R520
internet service fee – R335
cash deposit fees – R185
a deposit on 25 September 2022 of R10 500 from Mr Molibeli, was paid directly into the bank account of Agripa Superstore for rental of a portion
of the store.
a debit order of R2 650 in favour of Telecom SA for the monthly phone line rental.
4. The following appeared in the cash journals, but not on the bank statement:
▪ debit card payment 115 made to the municipality on 29 September 2022, for water and electricity, while the system was offline – R4 713
▪ deposit of R13 911, dated 30 September 2022.
5. P Eddy, a client, made an electronic transfer of R2 520 as payment on his account. The bookkeeper incorrectly entered the amount as R3 250 in the
cash receipts journal.
6. An electronic funds transfer for R5 492, made by another client of the bank, Mr Mosikili, was erroneously entered on the bank statement of
Agripa Superstore.
7. Goods purchased on credit for R11 300 on 27 September 2022, was erroneously recorded in the cash payments journal of Agripa Superstore, instead
of the purchases journal.
REQUIRED:
Complete the following in the accounting records of Agripa Superstore for the month ended on 30 September 2022:
• The cash receipts and cash payments journals (bank columns only), properly totalled, as at 30 September 2022
• The bank account in the general ledger, properly balanced, as at 30 September 2022
• The bank reconciliation statement as at 30 September 2022
Instructions for numeric responses:
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. An entry in the credit column of the bank reconciliation statement must be indicated by using a negative sign in front of the amount (eg: -1000.01)
4. An entry in the debit column of the bank reconciliation statement must be indicated by the amount without any sign (eg: 1000.01)
Agripa Superstore
Cash receipts journal – September 2022
R
30 Subtotal
52800
Mr Molibeli 10500
Credit purchases (incorrect entry) 11300
10500
Cash payments journal – September 2022
R
2 of 7 2024/11/06, 09
,Assessment 8 (page 1 of 2) https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=23
30 Subtotal
45467
Bank charges 730
Telecom SA 2650
P Eddy 1040
49887
Dr Bank B1 Cr
2022 R 2022 R
Sept 1 Balance b/d Sept 1 Balance b/d
6118 0
30 30
Total receipts CRJ 74600 Total payments CPJ 49887
Balance c/d Balance c/d
0 30831
80718 80718
Oct 1 Balance b/d Oct 1 Balance b/d
308312 0
Bank reconciliation statement as at 30 September 2022 Debit/Credit
R
Balance per bank account -30831
Outstanding deposits -13911
Outstanding payments 4713
Correction of errors -5492
Balance per bank statement -16141
3 of 7 2024/11/06, 09
,Assessment 8 (page 1 of 2) https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=23
Question 3
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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 NOT a registered VAT vendor and applies the principles of the periodic inventory system. On 1 April 2022, Mapungubwe Traders paid an
amount of R2 173.91 (VAT inclusive) with an electronic funds transfer to SA Telecom (registered VAT vendor) for the monthly telephone expenses.
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.
Telephone Bank 1 890.36
N/A N/A
Bank Bank and VAT Telephone Telephone and VAT
Trade receivables control and VAT Trade payables control Trade receivables control Trade payables control and VAT
Output Input 283.55 326.09
2 173.91 2 500
Question 4
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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 purchased furniture on credit from SA Suppliers to the amount of R21 790. On 27 April 2021, Africa Traders
settled their account and received R935 discount for early settlement. On the same day Africa Traders purchased furniture on the clearance sale. The
selling price of the furniture was R12 280 (excluding VAT). Africa Traders paid cash and received a further 15% cash discount on the selling price.
Required:
What amount will be recorded in the trade payables column of the cash payments 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: 21790
4 of 7 2024/11/06, 09
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