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FAC1502 Assignment 7 Semester 2 2024 (100% Pass)
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FAC1502 Assignment 7 Semester 2 2024 (100%)
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FAC1502ASSIGNMENT 7 2024
D U E : 7 NOVEMBER 2 0 2 4
SEMESTER 2 2024
, 11/6/24, 1:44 PM Assessment 7 (page 1 of 2)
UNISA 2024 FAC1502-24-S2 Welcome Message Assessment 7
QUIZ
Assessment 7
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Time left 0:56:14
Question 1
Mzansi Trading, not a registered VAT vendor, uses the periodic inventory system.
Answer saved
The following is an extract from the financial records of Mzansi Trading for May 2024:
Marked out of
20.00 R
Flag question Trade receivables: opening balance (1 May) 224 800
Credit sales 75 500
Cash receipts journal: Trade receivables column total (31 May) 131 760
Sales returns journal: Trade receivables column (31 May) 9 770
At month's end, the Bookkeeper completed a debtor’s reconciliation and found the following:
1. The trade receivables column in the cash receipts journal was overcast by R2 874.
2. On 03 May, Mr Thompson returned goods sold to him on credit in the amount of R2 980. This
transaction was incorrectly recorded in the Purchases returns journal instead of the Sales returns journal.
3. On 12 May, goods sold on credit in the amount of R6 332 were recorded in the sales journal as R3 662.
No journal entry has been made to correct this error.
4. On 27 May 2024 Mzansi Trading was informed that S Smidt, a debtor who owed the entity R2 650, had
been declared insolvent. The amount must be written off as irrecoverable.
5. On 31 May 2024, Mzansi Trading charged interest on overdue clients’ accounts of R235.
Required:
Complete the trade receivables account in the general ledger of Mzansi Trading for the month ending 31 May
2024.
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")
4. Only show the amount, do not show the "R" (eg: 1000)
Dr Trade receivables control
2024 R 2024
May 1 Balance b/d 224800
May 1 Balance
31 31
Sales SJ 75500 Bank
Sales returns SRJ 12750 Credit lo
Sales ret
Balance c/d 184419
Balance
161899
June 1 Balance b/d June 1 Balance
184419
Question 2
Mandla Traders' (not a registered VAT vendor) financial year ends annually on 31 December. The business uses
Answer saved the perpetual inventory system. During the current financial year of 20.22, Mandla Traders had credit sales of
Marked out of R106 250. The company applies a 25% mark-up on cost price.
9.00
The correct recording of the transaction in the general ledger of Mandla Traders will be:
Flag question
Instructions:
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Round off to the nearest Rand (eg: 50.56 is 51)
3. Only show the amount, do not show the R (eg: 12141.72)
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=23523137&cmid=846360#question-23769313-12 1/8
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