Tentamen (uitwerkingen)
FAC1501 Assignment 4 Semester 2 2024 All Questions Covered
- Vak
- Instelling
FAC1501 Assignment 4 Semester 2 2024 All Questions Covered
[Meer zien]Voorbeeld 4 van de 574 pagina's
Voorbeeld 4 van de 574 pagina's
In winkelwagen
In winkelwagen
3 beoordelingen
Door: dlozelihlesizwemthethwa • 2 weken geleden
Door: yalontombifikile0 • 1 maand geleden
Door: SmartTutors • 1 maand geleden
THANKS I GOT 92%
Verkoper
Volgen
ExpertAcademy
Ontvangen beoordelingen
Voorbeeld van de inhoud
10/10/24, 9:21 PM Assessment 4 (page 1 of 2)FAC1501-24-S2 ANNOUNCEMENTS AND ASSESSMENTS Assessment 4
QUIZ
Time left 0:37:44
Question 1
Not yet answered
Marked out of 5.00
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 a registered VAT vendor and applies the principles of the periodic inventory system. On 1 April 2022,
Mapungubwe Traders purchased small solar lighting systems from a supplier (registered VAT vendor) to the amount of R14 120.65 (VAT
exclusive) 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.
Purchases and VAT Trade payables control
Input
Trade payables control and VAT Purchases Bank Bank and VAT
Trade receivables control and VAT Trade payables control Trade receivables control Inventory and VAT
Purchases and VAT Inventory
2 118.10 Output 1 841.82 Input N/A
12 278.83 14 120.65
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=23101140&cmid=846348 1/7
,10/10/24, 9:21 PM Assessment 4 (page 1 of 2)
Question 2
Not yet answered
Marked out of 3.00
The inexperienced bookkeeper of Africa Traders needs your assistance compiling the trial balance of Africa Traders. Please indicate
whether the amounts of the below accounts should be entered in the debit or credit column:
1. Settlement discount received
2. Loss on sale of asset
3. Fixed deposit: ZAR Bank
Credit column
Credit column
Debit column
Debit column Credit column
Question 3
Not yet answered
Marked out of 1.00
Money held by the bank in the entity’s bank account is viewed as a liability in the records of the bank since it belongs to the entity and not
to the bank.
True
False
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=23101140&cmid=846348 2/7
,10/10/24, 9:21 PM Assessment 4 (page 1 of 2)
Question 4
Not yet answered
Marked out of 5.00
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 a registered VAT vendor and applies the principles of the periodic inventory system. On 1 April 2022,
Mapungubwe Traders was invoiced an amount of R13 635 and paid the full amount owing with an electronic transfer to SA Couriers (NOT
a registered VAT vendor) for the monthly delivery costs of online orders.
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.
Delivery costs Bank
N/A
Trade payables control and VAT Bank Trade payables control Trade receivables control and VAT
Delivery costs and VAT Bank and VAT Delivery costs Trade receivables control
1 778.48 Input 2 045.25 Output
15 680.25 11 856.52
Question 5
Not yet answered
Marked out of 1.00
A trial balance will reveal errors of omission.
True
False
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=23101140&cmid=846348 3/7
, 10/10/24, 9:21 PM Assessment 4 (page 1 of 2)
Question 6
Not yet answered
Marked out of 2.00
Africa Traders is not a registered VAT vendor and buys and sells furniture. Africa Traders wants to sell a dining room table with a cost
price of R3 900. The mark-up percentage on cost is 20%.
What will be the selling price of this product?
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: 4485
Question 7
Not yet answered
Marked out of 2.00
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 R26 330. On 27
April 2021, Africa Traders settled their account and received R1 835 discount for early settlement. On the same day Africa Traders
purchased furniture on the clearance sale. The selling price of the furniture was R10 830 (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 settlement discount received 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: 3434.35
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=23101140&cmid=846348 4/7
Voordelen van het kopen van samenvattingen bij Stuvia op een rij:
√ Verzekerd van kwaliteit door reviews
Stuvia-klanten hebben meer dan 700.000 samenvattingen beoordeeld. Zo weet je zeker dat je de beste documenten koopt!
Snel en makkelijk kopen
Je betaalt supersnel en eenmalig met iDeal, Bancontact of creditcard voor de samenvatting. Zonder lidmaatschap.
Focus op de essentie
Samenvattingen worden geschreven voor en door anderen. Daarom zijn de samenvattingen altijd betrouwbaar en actueel. Zo kom je snel tot de kern!
Veelgestelde vragen
Wat krijg ik als ik dit document koop?
Je krijgt een PDF, die direct beschikbaar is na je aankoop. Het gekochte document is altijd, overal en oneindig toegankelijk via je profiel.
Tevredenheidsgarantie: hoe werkt dat?
Onze tevredenheidsgarantie zorgt ervoor dat je altijd een studiedocument vindt dat goed bij je past. Je vult een formulier in en onze klantenservice regelt de rest.
Van wie koop ik deze samenvatting?
Stuvia is een marktplaats, je koop dit document dus niet van ons, maar van verkoper ExpertAcademy. Stuvia faciliteert de betaling aan de verkoper.
Zit ik meteen vast aan een abonnement?
Nee, je koopt alleen deze samenvatting voor €2,72. Je zit daarna nergens aan vast.
Is Stuvia te vertrouwen?
4,6 sterren op Google & Trustpilot (+1000 reviews)
Afgelopen 30 dagen zijn er 67096 samenvattingen verkocht
Opgericht in 2010, al 14 jaar dé plek om samenvattingen te kopen