Other
FAC1501 ELECTIVE ASSESSMENT 9 SUPPLEMENTING ASSESSEMNT 5 2024
- Course
- Institution
FAC1501 ELECTIVE ASSESSMENT 9 SUPPLEMENTING ASSESSEMNT 5 2024
[Show more]
Seller
Follow
tatendamuzavazi
Reviews received
Content preview
Assessment 5: Attempt review https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=191FAC1501-24-S1 Welcome to FAC1501 Assessment 5
QUIZ
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
31 31
Bank CPJ 15504 Bank CRJ 3268
Trade payables PJ 10404 Trade payables PRJ 3978
Balance c/d Balance c/d
0 25292
32538 32538
Jun 1 Balance b/d Jun 1 Balance b/d
25292 0
Refer to learning unit 6 and 7
1 of 12 2024/05/23, 13
,Assessment 5: Attempt review https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=191
Question 2
Correct
Mark 20.00 out of 20.00
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:
• Sales
• Purchases
• Carriage on purchases
• Opening inventory
• Closing inventory
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
,Assessment 5: Attempt review https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=191
Question 3
Partially correct
Mark 1.50 out of 3.00
Use the following information to answer the question below:
Giyani Traders is a business that sells electronic equipment. The entity is not registered as a VAT vendor. The financial year-end of Giyani Traders is 28
February of each year. The following trial balance was extracted from the financial records of Giyani Traders.
GIYANI TRADERS
PRE-ADJUSTMENT TRIAL BALANCE AS AT 28 FEBRUARY 2022
Debit Credit
R R
Financial position section
Capital 630 000
Drawings 47 000
Land and buildings at cost price 840 000
Mortgage 650 000
Vehicles at cost price 375 000
Computer equipment at cost price 94 000
Accumulated depreciation: Vehicles 187 500
Accumulated depreciation: Computer equipment 12 220
Inventory 79 500
Trade receivables 59 300
Trade payables 81 850
Allowance for credit losses 1 850
Prepaid expenses - advertising 1 800
Income received in advance - rent 4 000
Bank 48 900
Cash float 4 680
Total comprehensive loss for the year 17 240
1 567 420 1 567 420
Additional information:
The long-term loan with interest at 10% per annum is repayable over a period of 20 years. The capital that will be repaid from 1 March 2022 to 28 February
2023 amounts to R10 760. No interest was due at the end of the financial year.
Current liabilities on the statement of financial position of Giyani Traders as at 28 February 2022 will amount to …
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: 85850
You omitted some line items that should have been included
Refer to learning unit 1 to 11.
The correct answer is: 96610
3 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 tatendamuzavazi. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $2.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
77254 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now