Exam (elaborations)
FAC 1501 ASSESSMENT 06 SEMESTER 2 2023
- Course
- Institution
FAC 1501 ASSESSMENT 06 SEMESTER 2 2023
[Show more]
Seller
Follow
warasmyeko
Reviews received
Content preview
FAC1501-23-S2 Welcome Message Assessment 6QUIZ
Time left 1:18:35
Question 1
Not yet answered
Marked out of 4.00
The total of R19 647 of the list of individual debtor balances of Clayville Stores, differs from
the balance of the trade receivables control account at 31 October 2022. Upon
investigation, the following were found:
The list of debtor's balances had been overcast by R1 057.
Goods to the value of R1 391, bought by client N Nkosi, was inadvertently debited to the
account of M Nkosi.
Sales invoice number 467 for R715 which was entered correctly in the sales journal, was
entered as R1 715 in C North's account.
Required:
What is the closing balance of the trade receivables control account of Clayville Stores on
31 October 2022?
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: 19704.00
Question 2
Not yet answered
Marked out of 1.00
Africa Traders is a trading entity and makes use of the periodic inventory system. When
writing-up the closing transfers, the settlement discount granted account must be closed off
to the sales account.
Select one:
True
False
,Question 3
Not yet answered
Marked out of 2.00
Africa Traders is a registered VAT vendor and uses the perpetual inventory system. Africa
Traders buys and sells gym equipment for cash or on credit. All goods of Africa Traders are
sold at a mark-up of 15% on the cost price. The following tax invoice was issued when the
exercise yoga gym balls were sold on 15 February 2021.
Africa Traders
7 Smart Street P O Box 3336
PRETORIA VAT registration number PRETORIA 0001
Tel (012) 429–3931 2277227756 Fax (012) 429–3424
Date: 15 February 20.21 Tax invoice No: 1515
To: SA Traders, 499 Tshwane Drive Pretoria
VAT registration number 4420202233
Code Description Qty Amount
credited
(R)
EYGB01 Exercise yoga gym balls 10 1 400,00
Subtotal 1 400,00
VAT @ 15% 210,00
Total amount 1 610,00
Amount paid 0,00
Amount due 1 610,00
How will the above source document be recorded in the applicable subsidiary journal of
Africa Traders?
a.
SALES JOURNAL – February 2021
SJ1
Doc no Day Details Fol. Sales VAT output Trade Cost of
receivables sales
1515 15 SA Traders CL1 R1 610,00 R210,00 R1 400,00 R1 400
b.
PURCHASES JOURNAL – February 2021
PJ1
Doc no Day Details Fol. Trade VAT input Inventory
payables
1515 15 SA Traders CL1 R1 610,00 R210,00 R1 400,00
c.
SALES JOURNAL – February 2021
SJ1
Doc no Day Details Fol. Trade VAT output Sales Cost of
receivables sales
1515 15 SA Traders CL1 R1 610,00 R210,00 R1 400,00 R1 217,39
d.
PURCHASES JOURNAL – February 2021
PJ1
Doc no Day Details Fol. Trade VAT input Purchases
payables
1515 15 SA Traders CL1 R1 610,00 R210,00 R1 400,00
Clear my choice
,Question 4
Not yet answered
Marked out of 1.00
What will telephone paid be classified as in the financial statements?
Select one:
a. Income
b. Liabilities
c. Expenses
d. Assets
Clear my choice
Question 5
Not yet answered
Marked out of 1.00
Mrs A Zulu, owns a small grocery store in her neighbourhood where she supports local
people by purchasing their produce to sell. On 1 April 2022, South Stores purchased a laptop
and printer for the office and paid R13 999 with the business debit card.
In the accounting records of South Stores for this transaction, liabilities will decrease on the
debit side.
Select one:
True
False
Question 6
Not yet answered
Marked out of 2.00
Financial accounting functions as an information system. The steps followed to produce the
accounting records from where a decision can be made are called the accounting cycle.
What are the steps in the accounting cycle in chronological order?
Select one:
a. Transaction, source document, recording in subsidiary journals, general ledger, trial
balance and financial statements.
b. Source document, transaction, recording in subsidiary journals, general ledger, trial
balance and financial statements.
c. Transaction, recording in subsidiary journals, general ledger, source document, trial
balance and financial statements.
d. Transaction, source document, general ledger, recording in subsidiary journals,
financial statements and trial balance.
Clear my choice
, Question 7
Not yet answered
Marked out of 3.00
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 724 865
Net purchases 459 081
Inventory (1 September 2020) 57 989
Inventory (31 August 2021) 47 116
Fees earned 76 110
Carriage on purchases 14 497
Advertising 10 872
Calculate the amount that will be transferred from the trading account to the profit or loss
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)
3. If the total amount calculated is a loss, please enter the amount as a negative (eg:
-12141.72), if the amount calculated is a profit, please enter the amount as a positive (eg:
12141.72)
Answer: 240414.00
Question 8
Not yet answered
Marked out of 1.00
If a person runs an entity and the total value of his or her taxable supplies exceeds or is likely
to exceed R1 000 000 for a twelve-month period, it is compulsory for him or her to register as
a vendor.
Select one:
True
False
Question 9
Not yet answered
Marked out of 1.00
All payments from petty cash are recorded in the cash payments journal in the petty cash
column.
Select one:
True
False
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller warasmyeko. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $2.95. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
83637 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now