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Fac1501 Assignment 3 Semester 2 2024
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FAC1501-24-S1: Assessment 3 https://mymodules.dtls.unisa.ac.za/mod/quiz/view.php?id=842UNISA 2024 FAC1501-24-S1 Welcome Message Assessment 3
QUIZ
Assessment 3
Opened: Thursday, 11 April 2024, 8:00 AM
Closes: Monday, 15 April 2024, 7:00 PM
832285
You must have completed the activities of learning units 1 to 7 before assessment 3 will be available to you.
Kindly note that you will only be able to view your mark obtained for assessment 3 and the overall feedback for assessment
3 after you have submitted your attempt.
You will be able to view the questions you have received for the attempt, with their answers and general feedback, after the
due date of assessment 3.
Please note that if you do not submit mandatory assessment 3 (e.g. you are sick or you did not complete all the required
activities to open the assessment) or if you submit an assessment without answering any of the questions, you will not be
given a second attempt to submit mandatory assessment 3, you will then have to submit elective assessment 7 as a
replacement for mandatory assessment 3.
NB: Please complete this assessment using a computer. If not possible use the web browser of your phone. Some tables
will not be visible through the myModules app.
0 1
Attempts allowed: 1
Time limit: 1 hour 30 mins
Grade to pass: 50.00 out of 100.00
Summary of your previous attempts
Marks / Grade /
State 55.00 100.00 Review Feedback
Finished You passed this assessment with a distinction. Keep
Submitted Thursday, 11 April up the good work.
2024, 7:29 PM
/41 . 1 /1 04
Overall feedback
You passed this assessment with a distinction. Keep up the good work.
1 of 2 2024/04/11, 19
,FAC1501-24-S1: Assessment 3 https://mymodules.dtls.unisa.ac.za/mod/quiz/view.php?id=842
No more attempts are allowed
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2 of 2 2024/04/11, 19
,Assessment 3 (page 1 of 2) https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=17
UNISA 2024 FAC1501-24-S1 Welcome Message Assessment 3
QUIZ
Time left 0:46:40
Question 1
Not yet answered
Marked out of 6.00
Mthoko Hardware, a registered VAT vendor, buys and sells power tools, household hardware, home improvement materials and other related
items. The VAT rate is 15%. All goods are sold at a constant mark-up of 25% and the entity uses the periodic inventory system.
On 23 November 2022, Mthoko Hardware sold goods for R984.54 (VAT inclusive) on credit to Mr Mzimela.
Required:
Record the above transaction in the applicable subsidiary journal of Mthoko Hardware.
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. If no amount should be recorded in any of the numeric spaces, please indicate it by filling in a zero ("0")
Mthoko Hardware
Sales journal – November 2022
Doc
no Day Details Fol VAT Output Sales Trade receivables
R R R
Mr Mzimela 128.42 856.12 984.54
23
1 of 10 2024/04/11, 19
,Assessment 3 (page 1 of 2) https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=17
Question 2
Not yet answered
Marked out of 2.00
Africa Traders buys and sells photocopiers. On 10 January 2021, Ms SB Africa deposited the cash sales of photocopiers for the previous day.
Africa Traders is not a registered VAT vendor and the VAT rate is 15%.
SA Bank Limited
Cheque Account Deposit Slip
Credit Acc no 9 0 0 0 - 1 2 3 4 5 6 Date 10 January 2020
Name Africa Traders
Bank notes 20 000 00
Coins
Money and postal
orders
SUBTOTAL 20 000 00
Drawer’s name Bank Branch no
1
2
3
Total 20 000 00
-
Cheques etc, as above, for collection to be available as cash when paid.
For bank
While acting in good faith and exercising responsible care, the Bank will
use
not accept responsibility for ensuring that depositors/ account holders
have lawful title to cheques, etc collected.
Deposited by: SB Africa
Which account will be debited and which account will be credited in the accounting records of Africa Traders when recording the above
source document?
Select one:
a. Debit the Bank account with R20 000, and credit the Sales account with R20 000.
b. Debit the Sales account with R17 391,30 and the VAT output account with R2 608,70, and credit the Bank account with R20 000.
c. Debit the Sales account with R20 000, and credit the Bank account with R20 000.
d. Debit the Bank account with R20 000, and credit the Sales account with R17 391,30 and the VAT output account with R2 608,70.
Clear my choice
2 of 10 2024/04/11, 19
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