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MAC1501 ASSESSMENT 6 SEM 2 2024 EXPECTED QUESTIONS AND ANSWERS(UPDATED VERSION) $5.66   Add to cart

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MAC1501 ASSESSMENT 6 SEM 2 2024 EXPECTED QUESTIONS AND ANSWERS(UPDATED VERSION)

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THIS DOCUMENT CONTAINS THE LATEST UPTO DATE AND MOST RELEVANT QUESTIONS FOR MAC1501 ASSESSMENT 6 SEM 2 2024 EXPECTED QUESTIONS AND ANSWERS(UPDATED VERSION) AS OF 31 OCT 2024 . USE IT CORRECTLY AS A GUIDE AND FOR PREP TO HELP YOU SCORE ABOVE 75%

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  • October 31, 2024
  • 185
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
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Vuvuzela Limited is a retailer of soccer jerseys for various soccer
OSCAR THE TUTOR teams. Vuvuzela uses a perpetual inventory system and applies the
oscardiura@gmail.com
+27737560989 FIFO method for the valuation of merchandise. The following are
for FAC MAC ECS DSC TAX QMI FIN INV BNU STA
tutorials inventory transactions for the month of August 2024:

On 5 August 2024, one thousand one hundred and fifty (1 150)
units of jerseys that were imported from India were delivered to

the company’s premises in Newcastle, KwaZulu-Natal. The Indian

supplier had issued an invoice for R590 per jersey. The jerseys

were cleared through Richards Bay harbour and import duties and
clearing charges of R145 000 were paid in cash. The soccer

jerseys were transported by road from Richards Bay to Newcastle

at a total cost of R4 500, which was paid for in cash.


On 7 August 2024, 210 units of soccer jerseys were sold on for
cash.


On 12 August 2024, 65 units delivered on 5 August were returned

to the supplier.


On 18 August 2024, 15 units sold from the first batch were
returned by customers for a refund.


The opening balance of inventory on 1 August 2024 was 50 units at a

cost of R700 each. The selling price for the month of August

remained constant at R900 per unit.

Required:

Complete the journal entries for the above-mentioned transactions

by selecting the appropriate accounts and related data:

Debit Credit
R R

Inventory of merchandise control account 678 500

, Trade payables 678 500

Recording invoice from Indian supplier



Debit Credit
R R

Inventory of merchandise control account 4 500


Bank 4 500

Recording delivery charges



Debit Credit
R R

Inventory of merchandise control account 145 000


Bank 145 000

Recording import duties and clearing
charges



Debit Credit
R R

Bank 189 000


Sales 189 000

Recording sales




Debit Credit
R R

Cost of sales 129 400


Inventory of merchandise control account 129 400

Recording cost of sales

, Debit Credit
R R

Purchases returns 38 350


Inventory of merchandise control account 38 350

Goods returned to supplier



Debit Credit
R R

Sales returns 13 500


Bank 13 500

Goods returned by customers



Debit Credit
R R

Inventory of merchandise control account 8 850


Cost of sales 8 850

Adjusting cost of sales for returned goods




OSCAR THE TUTOR
oscardiura@gmail.com Next page
+27737560989
for FAC MAC ECS DSC TAX QMI FIN INV BNU STA
tutorials




Pre vi o us ac t i vi t y
Assessment 5

, Question 7
Mfolozi (Pty) Ltd is a company established by young entrepreneurs.
Incomplete
answer
The company makes designs and sells artwork. The company
Marked out of
15.00 employs two artists. The wage summary of these two employees is
Flag
question
as follows:

EMPLOYEE NAME NORMAL WAGE PER VACATION LEAVE (IN
WEEK WEEKS)
Mpho R1 575 4
Thalente R1 710 3
Additional information:

The company operates on a 40-hour week (Mon – Fri), including

forty-five (45) minutes for tea and lunch breaks.

There are ten (10) public holidays per year, two (2) of which occur
on Saturdays during the year.

Idle time is estimated at 5% of available production time at work.

Thalente weekly pension contributions of R410 are allocated at a

ratio of 4:6 between the employee and the employer, respectively.

Mpho weekly pension contributions of R375 are allocated at a
ratio of 3:7 between the employee and the employer, respectively.

The UIF rate for all employees is 2% of total gross remuneration,

allocated at a ratio of 1:1 between the employee and employer,

respectively.




Required:

Calculate the following items and fill in the missing data by choosing

the correct answers from the options provided:

(a) Total budgeted productive hours per employee (rounded to
decimals).

Thalente Mpho

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