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FAC1502 Assignment 5 Semester 2 2024 (100%)
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FAC1502 Assignment 5 2024
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FAC1502ASSIGNMENT 5 2024
DUE: 5 NOVEMBER 2024
SEMESTER 2 2024
, 11/4/24, 11:17 AM Assessment 5 (page 1 of 2)
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FAC1502-24-S2 Welcome Message Assessment 5
QUIZ
Assessment 5
Opened: Monday, 4 November 2024, 8:00 AM
Closes: Tuesday, 5 November 2024, 8:00 AM
Attempts allowed: 1
Time limit: 1 hour 20 mins
Grade to pass: 50.00 out of 100.00
Summary of your previous attempts
Grade /
State 100.00 Review Feedback
Finished 93 20 You passed this assessment with a
Submitted Monday, distinction. Keep up the good work.
4 November 2024, 7:32 AM
Question 1 You are given the following transactions for an entity that uses the periodic inventory
Answer saved system:
Marked out of Transaction Details
9.00
1 Sold inventory on credit to Mr L Thando for R9 600 (VAT exclusive)
Flag question
2 Returned goods to WW Suppliers and received a credit note for R4 200
(VAT exclusive)
3 Paid Sandile Wholesalers R6 000 cash in full settlement of account.
Received a discount of R575.
Required:
Complete the table below for each of the three given transactions.
Indicate in which subsidiary journal the transaction will be entered.
Indicate whether the VAT Input account or the VAT Output account in the general ledger
must be debited or credited.
You must then calculate the VAT amount and enter it in the amount column.
Instructions:
Only show the amount, do not show the R (eg: 12141)
Round off to the nearest Rand (eg: 50.56 is 51)
Do not type the amount with any spaces as separators for thousands (eg: 12141)
Transaction Subsidiary journal General ledger account Amount
1
Sales journal Credit VAT Output 1440
2
Purchases returns journal Debit VAT Input 630
3
Cash payments journal Debit VAT Input 86
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