FAC1501 ASSESSMENT 3 SEM 2 OF 2024 EXPECTED QUESTIONS AND ANSWERS
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Course
Introductory Financial Accounting (FAC1501)
Institution
University Of South Africa (Unisa)
THIS DOCUMENT CONTAINS CAREFULLY WORKED OUT FAC1501 ASSESSMENT 3 SEM 2 OF 2024 EXPECTED QUESTIONS AND ANSWERS. USE IT CORRE as a guide to obtain above 75%
OSCAR THE TUTOR FAC1501-24-S2 ANNOUNCEMENTS AND ASSESSMENTS Assessment 3
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QUIZ
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Question 1
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Africa Traders, a registered VAT vendor, manufactures and sells gardening equipment. On 18 March 2023, Africa Traders sold gardening
equipment for R9 050 (VAT exclusive) to SA Traders for cash. The VAT rate is 15%. SA Traders, a registered VAT vendor, buys and sells
gardening equipment and makes use of the periodic inventory system.
Required:
Record the above transaction in the applicable subsidiary journal of Africa Traders.
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")
Africa Traders
Cash receipts journal – March 2023 9050+0.15*9050 0.15*9050.00
Doc Sundry accounts
no Day Details Fol Analysis of receipts Bank Sales VAT Output Amount Fol Details
SA Traders 10407.5 10407.5 9050.00 1357.50
18
Question 2
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Africa Traders makes use of the periodic inventory system. At the end of the financial year, Africa Traders will close off the settlement
discount received account with the following:
Debit: Settlement discount received
Credit: Cost of sales
True
False
,Question 3
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Africa Traders is a registered VAT vendor that buys and sells furniture. The business makes use of the periodic inventory system. Use the
following information from the accounting records of Africa Traders to calculate the cost of sales on 28 February 2021:
R
Inventory (1 March 2020) 110 000
Sales 347 890
Purchases 265 200
Settlement discount received 6 200
Settlement discount granted 3 700
A physical inventory count on 28 February 2021 indicated that the inventory on hand amounted to R53 000.
NB: Instructions
1. Do not type the amount with any spaces as separators for thousands (eg: 12141.72)
2. Use a full stop to indicate any decimals (eg: 1000.01)
3. You must enter cents even if it is 0 (eg .00)
4. Only show the amount, do not show the R (eg: 12141.72)
Answer: 316000.00 110000+265200-6200-53000
Question 4
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Due to the high risk associated with the provision of credit, many business entities do not allow credit, as people may not have the money to
pay their debts.
True
False
,Question 5
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Zack’s Hardware, NOT a registered VAT vendor, makes use of the periodic inventory system.
The following is an extract from the financial records of Zack’s Hardware for January 2023:
R
Trade payables: opening balance (1 January) 10 145
Total purchases for January 2023 120 886
Cash payments journal: Trade payables column total (31 41 256
January)
Purchases returns journal: Trade payables column (31 3 630
January)
On month end, the auditors completed a creditors reconciliation and found the following:
1. 60% of total purchases were done on credit.
2. The trade payables column in the cash payments journal were undercast by R1 490.
3. On 10 January, Mr Zack returned goods sold to him on credit to the amount of R574. This transaction was incorrectly recorded in the
Purchases returns journal instead of the Sales returns journal.
Required:
Complete the trade payables account in the general ledger of Zack’s Hardware for the month ending 31 January 2023.
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 ("0")
Dr Trade Payables B1
2023 R 2023 R
Jan 1 Balance b/d Jan 1 Balance b/d
0 10145.00
31 31
Bank 41256+1490 CPJ1 42746.00 Purchases (0.6*120886) PJ1 72531.60
PRJ1
Purchases returns 3639-574 4204.00
Balance c/d Balance c/d
35726.00 0
82676.00 82676.00
Feb 1 Balance b/d Feb 1 Balance b/d
0 35726.00
OSCAR THE TUTOR
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+27737560989
for FAC MAC ECS DSC TAX QMI FIN INV BNU STA
tutorials
, Question 6
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Pashy Beauticians, a registered VAT vendor, provides hair and nail care services. The VAT rate is 15%.
The following is an extract from the financial records of Pashy Beauticians for January 2023:
R
Favourable bank balance (1 January) 4 972
Cash receipts journal: Bank column total (31 January) 16 333
Cash payments journal: Bank column total (31 January) 24 079
Required:
Complete the bank account in the general ledger of Pashy Beauticians for the month ending 31 January 2023.
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 ("0")
Dr Bank B1 Cr
2023 R 2023 R
Jan 1 Balance b/d Jan 1 Balance b/d
4972.00 0
31 31
Total receipts CRJ1 16333.00 Total payments CPJ1 24079.00
Balance c/d Balance c/d
2774.00 0
24079.00 24079.00
Feb 1 Balance b/d Feb 1 Balance b/d
0 2774.00
Question 7
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Africa Traders is not a registered VAT vendor and buys and sells furniture. Africa Traders sold a dining room table for R19 350. The mark-up
percentage on cost is 15%.
What is the gross profit the entity will make from this product?
NB: Instructions
1. Do not type the amount with any spaces as separators for thousands (eg: 12141.72)
2. Use a full stop to indicate any decimals (eg: 1000.01)
3. You must enter cents even if it is 0 (eg .00)
4. Only show the amount, do not show the R (eg: 12141.72)
Answer: 2523.91
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