100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
Previously searched by you
FAC1501 ELECTIVE ASSESSMENT 9 SUPPLEMENTING ASSESSEMNT 5 SEARCHABLE Shabangu Suppliers (not a registered VAT vendor) is a retail entity situated in the Limpopo province. The perpetual inventory system is in use and merchandise are sold at a 25% mark-up o$2.83
Add to cart
FAC1501 ELECTIVE ASSESSMENT 9 SUPPLEMENTING ASSESSEMNT 5 SEARCHABLE Shabangu Suppliers (not a registered VAT vendor) is a retail entity situated in the Limpopo province. The perpetual inventory system is in use and merchandise are sold at a 25% mark-up o
FAC1501 ELECTIVE ASSESSMENT 9 SUPPLEMENTING ASSESSEMNT 5 SEARCHABLE
Shabangu Suppliers (not a registered VAT vendor) is a retail entity situated in the Limpopo province. The perpetual inventory system is in use and merchandise are sold at a 25% mark-up on cost. The following transactions took pl...
Started on Monday, 13 May 2024, 11:45 AM
State Finished
Completed on Monday, 13 May 2024, 12:20 PM
Time taken 35 mins 26 secs
Grade 89.75 out of 100.00
Feedback Congratulations, you passed this assessment with a distinction. Keep up the good work.
Question 1
Partially correct
Mark 14.32 out of 15.00
Shabangu Suppliers (not a registered VAT vendor) is a retail entity situated in the Limpopo province. The perpetual inventory system is in use and
merchandise are sold at a 25% mark-up on cost. The following transactions took place during May 2023:
Date Transaction R
6 Purchased merchandise from Matsene Traders and paid cash 15 504
15 Sold merchandise to Mr Hall for cash 4 085
29 Purchased merchandise from Zittace Traders on account 10 404
31 Returned merchandise purchased on credit to Zittace Traders 3 978
The opening balance of the inventory account on 1 May 2023 was R6 630
Required:
Post the above transactions to the general ledger account provided below.
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 no amount needs to be entered in a column, then indicate this by entering "0" in the column.
Dr Cr
Inventory
2023 R 2023 R
May 1 Balance b/d May 1 Balance b/d
6630 0
Machete Traders specialises in selling quality household appliances and various household goods. The business is a registered VAT vendor and
applies the principles of the periodic inventory system. The VAT rate is 15%.
The following is an extract from the trial balance of Machete Traders as at 31 March 2023:
R
Net sales 381 690
Net purchases 228 692
Carriage on purchases 5 475
Opening inventory 70 862
Closing inventory 82 136
Required:
a) Record the closing transfers in the general journal for the following accounts:
b) Record the closing transfer for the gross pro�t or gross loss.
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. Please complete the journals in the order indicated through the narrations provided.
General journal of Machete Traders - March 2023
Description Debit Credit
R R
Sales 381690
Trading account 381690
Closing transfer of sales
Trading account 228692
Purchases 228692
Closing transfer of purchases
Trading account 5475
Carriage on purchases 5475
Closing transfer of Carriage on purchases
Trading account 70862
Inventory 70862
Closing transfer of opening inventory
Inventory 82136
Trading account 82136
Closing transfer of closing inventory
Trading account 158797
Pro�t or loss account 158797
Closing transfer of gross pro�t
Refer to learning unit 10.3
2 of 12 2024/05/23, 13
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller BMZAcademy. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $2.83. You're not tied to anything after your purchase.
