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FAC1501 ASSESSMENT 8 EXPECTED QUESTIONS AND ANSWERS SAME 2 2023
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THIS DOCUMENT CONTAINS FAC1501 ASSESSMENT 8 EXPECTED QUESTIONS AND ANSWERS SAME 2 2023
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By: cassiusmakhafola • 11 months ago
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Question 1 Bongwa Traders is NOT a registered VAT vendor and uses the periodic inventory system. Bongwa TAnswer saved jewellery for cash or on credit. The jewellery is made and sold to raise awareness for nature conservat
Marked out of
various indigenous animals and plants for local communities. Each piece of jewellery is accompanied by
10.00 importance of a specific plant or animal linked to the piece.
On 1 March 2023, Bongwa Traders sold a custom set of earrings and necklace on credit to L Sakhe
2023, L Sakhe settled her account and received R480 discount for early settlement.
Required:
Record the transaction that took place on 27 April 2023 in the applicable subsidiary journal.
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 amount which will affect a Dr entry in the general ledger must be indicated by using a negative sign
amount (eg: -1000.01) (This is not applicable for the Bank column)
4. When no amount needs to be entered in a column, then indicate this by entering "0" in the column.
Bongwa Traders
Cash receipts journal – April 2023
Day Details Analysis of receipt Bank Trade receivables S
d
R R R
27 L Sakhe 9640.00 9640.00 9940.00
,Question 2 Africa Traders, a registered VAT vendor, manufactures and sells renewable energy equipment. The VAT ra
Answer saved Traders makes use of the periodic inventory system.
Marked out of Extract from the financial records of Africa Traders for the month of January 2023:
7.00
R
VAT Input account opening balance (1 January 2023) 12 444
VAT Output account opening balance (1 January 2023) 18 630
VAT column in Purchases journal 23 315
VAT column in Sales journal 25 228
VAT column in Purchases returns journal 2 134
VAT column in Sales returns journal 1 777
Required:
Complete the VAT Input account in the general ledger of Africa Traders for the month ending 31 January 2
Instructions:
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 (
Dr VAT Input
2023 R 2023
Jan 1 Balance b/d Jan 1 Balance
12444.00
31 31
Trade payables PJ1 23315.00 Trade payable
Balance c/d Balance
0
35759.00
Feb 1 Balance b/d Feb 1 Balance
33625.00
,Question 3 Purchases of inventory under the periodic inventory control system will be recorded under which one of the
Answer saved
Marked out of Select one:
2.00 a. Purchases account
b. Inventory account
c. Purchases returns account
d. Cost of sales
Clear my choice
Question 4 The inexperienced bookkeeper of Africa Traders needs your assistance compiling the bank reconciliation o
Answer saved month ending 28 February 2022. Please match the transaction provided with where it should be recorded
reconciliation.
Marked out of
5.00
The favourable closing balance of the bank statement. Credit column of the bank reconciliation stateme
The cash discount received from SA Traders with the
purchase of inventory has not been recorded in the Will not be recorded as part of the current month
records of Africa Traders.
An error that was recorded on the previous month’s
bank reconciliation statement was corrected by the Will not be recorded as part of the current month
bank during the current month.
An electronic funds transfer to the amount of R4
300.00 made to a supplier correctly appears on the
bank statement, but has been recorded in the cash Cash payments journal
journal as R2 300.00.
An outstanding payment on the previous month’s bank
reconciliation statement has not yet been recorded. Debit column of the bank reconciliation statemen
, Question 5 On comparing the cash journals of SA Traders for the month ended 30 April 2022 with the bank statement
Answer saved was noted that payment no 102 dated 26 April 2022 and made in favour of SA Stationers for the amount o
Marked out of
purchased was recorded correctly in the cash payments journal as R228.
2.00
To correct this, you need to … in the accounting records of SA Traders.
Select one:
a. Enter R54 in the cash payments journal.
b. Enter R54 in the credit column of the bank reconciliation statement.
c. Enter R54 in the debit column of the bank reconciliation statement.
d. Enter R54 in the cash receipts journal.
Clear my choice
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