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FAC1501 ASSESSMENT 5 SEMSTER 1 2024 SEARCHABLE Africa Traders, a registered VAT vendor, manufactures and sells face masks. The VAT rate is 15%. All goods are sold at a constant mark-up of 25% and the entity uses the periodic inventory system. How will th$2.85
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FAC1501 ASSESSMENT 5 SEMSTER 1 2024 SEARCHABLE Africa Traders, a registered VAT vendor, manufactures and sells face masks. The VAT rate is 15%. All goods are sold at a constant mark-up of 25% and the entity uses the periodic inventory system. How will th
FAC1501 ASSESSMENT 5 SEMSTER 1 2024 SEARCHABLE
Africa Traders, a registered VAT vendor, manufactures and sells face masks. The VAT rate is 15%. All goods are sold at a constant mark-up of 25% and the entity uses the periodic inventory system.
How will the above source document be recorded in th...
FAC1501 ASSESSMENT 7 SEMESTER 1 2024 Africa Services, a registered VAT vendor, provides electrician services. On 18 March 2023, Africa Services provided electrician services for R7 499 (VAT inclusive...
FAC1501 ASSESSMENT 6 SEMESTER 1 2024 SEARCHABLE Mekgoe Florist is situated in the Western Cape. The business is a registered VAT vendor and makes use of the perpetual inventory system. During the mon...
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FAC1501 (FAC1501)
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By: BMZAcademy • 6 months ago
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Tree Trimmers is a small business entity specialising in trimming and removing trees. The business is NOT a registered VAT
vendor.
At the beginning of the rainy season, the South African weather services indicated a high probability of several severe storms
and regular flooding in the Durban area. On 1 September 2023, Tree Trimmers decided to buy a new trailer for the amount of
R25 200 (VAT Inclusive) in anticipation of the probable increased workload. The purchase was financed through a loan
obtained from ABC Bank. The loan is repayable in equal bi-annual instalments, over 4 years and bears interest at 12,5% per
annum. All interest payable is capitalised to the loan account. The contract stipulates that the first instalment is due on 1
March 2024.
It was decided to depreciate the trailer by 25% per annum using the reducing-balance method. The financial year of Tree
Trimmers ends on 31 December 2023.
Required:
Record the following in the general journal of Tree Trimmers:
a) Purchase transaction of the vehicle on 1 September 2023
b) Depreciation on the trailer for the year ending 31 December 2023
c) Interest on the loan from ABC Bank for the year ending 31 December 2023
Instructions:
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. Do not type in “R” for Rand in the numeric block
Tree Trimmers
General journal – 30 September 2023
Day Details Debit Credit
R R
1
Vehicles 25200
Bank 25200
Trailer purchased on credit
Tree Trimmers
General journal – 31 December 2023
Day Details Debit Credit
R R
31
Depreciation 2100
Accumulated depreciation 2100
Depreciation on trailer for the
period ending 31 December 2023
Dineo Online, located in Mbombela, is not a registered VAT vendor. The business sells clothing online, including certain sales on behalf of
third parties. During January 2024, Dineo Online maintained a favourable bank balance.
Dineo Online, rents out some of its warehouses during times sales decline. On 25 January 2024, Dineo Online received a cash deposit of
R14 710 for rent from ABC Furnishers for one of the warehouses.
REQUIRED:
Analyse the transaction of Dineo Online that took place on 25 January 2024, in tabular format as follows:
Account to be Element Account to be Element
Date Amount Amount
debited debited credited credited
Example: May 2 Dineo Online purchased inventory for the amount of R5 000 and paid cash. Dineo Online makes use of the
periodic inventory system.
R R
May 2 Purchases 5 000 Expense Bank -5 000 Asset
Complete the table below by selecting the account to be debited, the account to be credited and the element affected on the financial
statements (income, expense, assets, equity and liabilities) from the dropdown menu and filling in the applicable amounts in the
correct spaces.
Please indicate whether the transaction increases or decreases the affected element (income, expense, assets, equity and liabilities) in
the amount column (see instruction 3 and 4 for examples)
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. When an element decreases, use a negative sign in front of the amount (eg: -1000.01)
4. When an element increases, the amount will be without any sign (eg: 1000.01)
5. Only show the amount, do not show the "R" (eg: 1000)
Element
Date Account to be debited Amount Account to be credited Amount
debited
R R
Jan
Bank 14710 Asset 12791.30
25
Rent received
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