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FAC1501 ASSESSMENT 8 SEMESTER 1 2024 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 per €2,67
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FAC1501 ASSESSMENT 8 SEMESTER 1 2024 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 per
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  • Vak
  • FAC1501 – Introductory Financial Accounting (FAC1501)
  • Instelling
  • University Of South Africa (Unisa)

FAC1501 ASSESSMENT 8 SEMESTER 1 2024 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, M...

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  • 23 mei 2024
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  • fac1501 assessment 8 semester 1 2024 mapungubwe

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  • University of South Africa (Unisa)
  • FAC1501 – Introductory Financial Accounting (FAC1501)
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BMZ ACADEMY 0612621185/ 0717513144/ 068 053 8213

,5/23/24, 5:32 AM Assessment 4: Attempt review




FAC1501-24-S1  Welcome to FAC1501  Assessment 4

QUIZ




Started on Thursday, 25 April 2024, 8:04 AM
State Finished
Completed on Thursday, 25 April 2024, 9:14 AM
Time taken 1 hour 9 mins
Marks 47.00/50.00
Grade 94.00 out of 100.00
Feedback You passed this assessment with a distinction. Keep up the good work.




https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=18250930&cmid=842828 1/9

,5/23/24, 5:32 AM Assessment 4: Attempt review

Question 1

Correct

Mark 30.00 out of 30.00




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 R91 455
Cash payments journal R72 481

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 an unfavourable balance of R3 867.

2. On 30 September 2022, the bank statement showed an unfavourable balance of R17 180.

3. The following appeared on the bank statement, but not in the cash journals:

Ÿ annual service fee – R425
Ÿ cash withdrawal fee – R90
Ÿ cash deposit fees – R520
Ÿ a deposit on 25 September 2022 of R8 722 from Fleetrisk Insurance, a client, paid directly into the bank account of
Agripa Superstore for goods previously sold on credit.
Ÿ a debit order of R830 in favour of SA Adds for an advertisement placed in the local news paper.

4. The following appeared in the cash journals, but not on the bank statement:

debit card payment 70 made to the municipality on 30 September 2022, for water and electricity, while the system was offline – R2
340
deposit of R20 575, dated 30 September 2022.

5. Mrs South, a client, made an electronic transfer of R3 520 as payment on her account. The bookkeeper incorrectly entered the amount
as R2 230 in the cash receipts journal.

6. An electronic funds transfer for R6 200, made by another client of the bank, P Eddy, was erroneously entered on the bank statement of
Agripa Superstore.

7. Goods sold on credit for R15 999 on 28 September 2022, was erroneously recorded in the cash receipts journal of Agripa Superstore,
instead of the sales 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
91455



Fleetrisk Insurance  8722



Mrs South  1290






https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=18250930&cmid=842828 2/9

, 5/23/24, 5:32 AM Assessment 4: Attempt review

101467






Cash payments journal – September 2022
R
30 Subtotal
72481



Bank charges  1035



SA Adds  830



Credit sales (incorrect entry)  15999



90345






Dr Bank B1 Cr

2022 R 2022 R

Sept 1 Balance b/d Sept 1 Balance b/d
0  3867


30 30
Total receipts CRJ 101467 Total payments CPJ 90345

     
Balance c/d Balance c/d
0  7255



101467 101467

 
Oct 1 Balance b/d Oct 1 Balance b/d
7255 0 






Bank reconciliation statement as at 30 September 2022 Debit/Credit

R

Balance per bank account
7255


Outstanding deposits -20575


Outstanding payments
2340


Correction of errors -6200


Balance per bank statement 17180






https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=18250930&cmid=842828 3/9

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