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Fac1501 Assignment 6 Semester 2 2023 Recent questions
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FAC 1501ASSIGNMENT 6 SEMESTER 2 2023
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,10/27/23, 12:07 AM Assessment 6 (page 1 of 2)
Income received in advance is shown as non-current liabilities.
Select one:
True
False
Question 2
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All the income and expense accounts are grouped together in the nominal accounts section in the general ledger and indicated by the reference N.
Select one:
True
False
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. The business also provides certain
services after the installation of new systems. Mapungubwe Traders is a registered VAT vendor and applies the principles of the periodic inventory system. On 10 April
2022, Mapungubwe Traders charged interest to the amount of R200 to the overdue account of Mr A South.
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.
Trade receivables control Interest received and VAT
Trade receivables control and VAT Interest received Trade payables control Trade receivables control
Bank Output
Interest received and VAT Trade payables control and VAT Bank and VAT
230 173.91
N/A 26.09 Input 30 Output
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=14346031&cmid=582744#question-14535731-20 1/12
, 10/27/23, 12:07 AM Assessment 6 (page 1 of 2)
Question 4
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At 31 August 2021, the financial year-end of Sibasa Traders, the following information was obtained from the entity’s accounting records:
R
Net sales 618 180
Net purchases 391 514
Inventory (1 September 2020) 49 454
Inventory (31 August 2021) 40 181
Fees earned 64 908
Carriage on purchases 12 363
Advertising 9 272
Calculate the cost of sales amount from the above information as reflected in the Trading account for the year ended 31 August 2021.
NB: Instructions
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Only show the amount, do not show the R (eg: 12141.72)
Answer: 413150
Question 5
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Supply of financial services, especially interest received and interest paid as well as educational services by the state, is exempt from VAT. Neither input nor output tax
can be claimed on these services.
Select one:
True
False
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=14346031&cmid=582744#question-14535731-20 2/12
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