6/23/22, 1:30 PM Assessment 4: Attempt review
MENU
Dashboard / Courses / UNISA / 2022 / Semester 1 / FAC1501-22-S1 / Welcome Message / Assessment 4
Started on Monday, 2 May 2022, 7:49 PM
State Finished
Completed on Monday, 2 May 2022, 8:28 PM
Time taken 38 mins 23 secs
Marks 22.00/30.00
Grade 73.33 out of 100.00
Feedback Well done you passed this assignment.
Question 1
Incorrect
Mark 0.00 out of 2.00
Which one of the following statements is true regarding the previous month’s outstanding payments and deposits as recorded in the
previous month’s bank reconciliation, which appear in the current month’s bank statement?
Select one:
a. These outstanding payments and deposits must be directly recorded in the bank account in the general ledger of the entity for the
current month.
b. The previous month’s outstanding payments must be recorded in the Cash Payments Journal (CPJ) and the previous month's
outstanding deposits must be recorded in the Cash Receipts Journal (CRJ) since the outstanding payments and deposits only
appear in the current month’s bank statement.
c. These outstanding deposits and payments should not be considered in the current month’s Bank Reconciliation Statement (BRS) or in
any of the current month’s cash journals.
d. These outstanding payments and deposits must be recorded in the current month’s Bank Reconciliation Statement (BRS) since these
outstanding payments and deposits were outstanding in last month’s bank statement.
Refer to learning unit 8, paragraph 8.3 of the study guide.
The correct answer is: These outstanding deposits and payments should not be considered in the current month’s Bank Reconciliation
Statement (BRS) or in any of the current month’s cash journals.
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=3002714&cmid=117702 1/12
,6/23/22, 1:30 PM Assessment 4: Attempt review
Question 2
Correct
Mark 2.00 out of 2.00
MENU
Africa Traders is a registered VAT vendor and uses the perpetual inventory system. Africa Traders buys and sells gym equipment for cash or
Dashboard
on / Courses
credit. Upon receipt of/ the
UNISA
debit/note
2022and/ the
Semester
cycling 1bike
/ FAC1501-22-S1 / Welcome
on 15 February 2021 Message
from Africa / SA
Traders, Assessment 4
Dealers issued the following credit
note:
SA Dealers
7 Smart Street P O Box 3336
PRETORIA VAT registration number PRETORIA 0001
Tel (012) 429–3931 2277227756 Fax (012) 429–3424
Date: 15 February 20.21 CREDIT NOTE No: 1515
To: Africa Traders, 499 Tshwane Drive Pretoria
VAT registration number 4420202233
Code Description Qty Amount
credited
(R)
CB01 Cycling bike 1 6 999,00
Subtotal 6 999,00
VAT @ 15% 1 049,85
Total credit due 8 048,85
E & OE
How will the above source document be recorded in the applicable subsidiary journal of SA Dealers? SA Dealers uses the perpetual inventory
system. All goods of SA Dealers are sold at a gross profit percentage of the cost price of 45%.
Select one:
a.
PURCHASES RETURNS JOURNAL – February 2021 PRJ1
Doc no Day Details Fol. Trade VAT input Inventory
payables
1515 15 Africa Traders CL1 R8 048,85 R1 049,85 R6 999,00
b.
SALES RETURNS JOURNAL – February 2021 SRJ1
Doc no Day Details Fol. VAT output Sales returns Trade
receivables
1515 15 Africa Traders CL1 R1 049,85 R6 999,00 R8 048,85
c.
SALES RETURNS JOURNAL – February 2021 SRJ1
Doc no Day Details Fol. VAT output Sales Trade Cost of
returns receivables sales
1515 15 Africa Traders CL1 R1 049,85 R6 999,00 R8 048,85 R4 826,90
d.
PURCHASES RETURNS JOURNAL – February 2021 PRJ1
Doc no Day Details Fol. Trade VAT input Purchases
payables returns
1515 15 Africa Traders CL1 R6 999,00 R1 049,85 R8 048,85
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=3002714&cmid=117702 2/12
,6/23/22, 1:30 PM Assessment 4: Attempt review
Refer to learning unit 7, paragraph 7.3.1 of the study guide.
The correct answer is:
MENU
SALES RETURNS JOURNAL – February 2021 SRJ1
Doc no Day Details Fol. VAT output Sales Trade Cost of
Dashboard / Courses / UNISA / 2022 / Semester
returns1 / receivables
FAC1501-22-S1sales
/ Welcome Message / Assessment 4
1515 15 Africa Traders CL1 R1 049,85 R6 999,00 R8 048,85 R4 826,90
Question 3
Correct
Mark 2.00 out of 2.00
Africa Traders is a registered VAT vendor and uses the periodic inventory system. Africa Traders buys and sells furniture and equipment for
cash or on credit. On 1 March 2021, Africa Traders sold furniture on credit to Mrs A South to the amount of R20 750. On 27 April 2021, Mrs
South paid R19 715,00 in full settlement of her account.
Required:
What amount will be recorded in the settlement discount granted column of the cash receipts journal of Africa Traders on 27 April 2021?
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: 900
Refer to learning unit 7.6
The correct answer is: 900
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=3002714&cmid=117702 3/12
, 6/23/22, 1:30 PM Assessment 4: Attempt review
Question 4
Correct
Mark 3.00 out of 3.00
MENU
Africa Traders is a registered VAT vendor that buys and sells furniture. The business makes use of the periodic inventory system. Use the
Dashboardinformation
following / Courses from/ UNISA / 2022 / records
the accounting Semesterof1 Africa
/ FAC1501-22-S1 / Welcome
Traders to calculate Message
the cost / Assessment
of sales 4
on 28 February 2021:
R
Inventory (1 March 2020) 329 623
Sales 1 228 370
Purchases 893 720
Carriage on purchases 14 810
A physical inventory count on 28 February 2021 indicated that the inventory on hand amounted to R323 975.
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: 914178
Refer to learning unit 7, paragraph 7.10
The correct answer is: 914178
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=3002714&cmid=117702 4/12
MENU
Dashboard / Courses / UNISA / 2022 / Semester 1 / FAC1501-22-S1 / Welcome Message / Assessment 4
Started on Monday, 2 May 2022, 7:49 PM
State Finished
Completed on Monday, 2 May 2022, 8:28 PM
Time taken 38 mins 23 secs
Marks 22.00/30.00
Grade 73.33 out of 100.00
Feedback Well done you passed this assignment.
Question 1
Incorrect
Mark 0.00 out of 2.00
Which one of the following statements is true regarding the previous month’s outstanding payments and deposits as recorded in the
previous month’s bank reconciliation, which appear in the current month’s bank statement?
Select one:
a. These outstanding payments and deposits must be directly recorded in the bank account in the general ledger of the entity for the
current month.
b. The previous month’s outstanding payments must be recorded in the Cash Payments Journal (CPJ) and the previous month's
outstanding deposits must be recorded in the Cash Receipts Journal (CRJ) since the outstanding payments and deposits only
appear in the current month’s bank statement.
c. These outstanding deposits and payments should not be considered in the current month’s Bank Reconciliation Statement (BRS) or in
any of the current month’s cash journals.
d. These outstanding payments and deposits must be recorded in the current month’s Bank Reconciliation Statement (BRS) since these
outstanding payments and deposits were outstanding in last month’s bank statement.
Refer to learning unit 8, paragraph 8.3 of the study guide.
The correct answer is: These outstanding deposits and payments should not be considered in the current month’s Bank Reconciliation
Statement (BRS) or in any of the current month’s cash journals.
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=3002714&cmid=117702 1/12
,6/23/22, 1:30 PM Assessment 4: Attempt review
Question 2
Correct
Mark 2.00 out of 2.00
MENU
Africa Traders is a registered VAT vendor and uses the perpetual inventory system. Africa Traders buys and sells gym equipment for cash or
Dashboard
on / Courses
credit. Upon receipt of/ the
UNISA
debit/note
2022and/ the
Semester
cycling 1bike
/ FAC1501-22-S1 / Welcome
on 15 February 2021 Message
from Africa / SA
Traders, Assessment 4
Dealers issued the following credit
note:
SA Dealers
7 Smart Street P O Box 3336
PRETORIA VAT registration number PRETORIA 0001
Tel (012) 429–3931 2277227756 Fax (012) 429–3424
Date: 15 February 20.21 CREDIT NOTE No: 1515
To: Africa Traders, 499 Tshwane Drive Pretoria
VAT registration number 4420202233
Code Description Qty Amount
credited
(R)
CB01 Cycling bike 1 6 999,00
Subtotal 6 999,00
VAT @ 15% 1 049,85
Total credit due 8 048,85
E & OE
How will the above source document be recorded in the applicable subsidiary journal of SA Dealers? SA Dealers uses the perpetual inventory
system. All goods of SA Dealers are sold at a gross profit percentage of the cost price of 45%.
Select one:
a.
PURCHASES RETURNS JOURNAL – February 2021 PRJ1
Doc no Day Details Fol. Trade VAT input Inventory
payables
1515 15 Africa Traders CL1 R8 048,85 R1 049,85 R6 999,00
b.
SALES RETURNS JOURNAL – February 2021 SRJ1
Doc no Day Details Fol. VAT output Sales returns Trade
receivables
1515 15 Africa Traders CL1 R1 049,85 R6 999,00 R8 048,85
c.
SALES RETURNS JOURNAL – February 2021 SRJ1
Doc no Day Details Fol. VAT output Sales Trade Cost of
returns receivables sales
1515 15 Africa Traders CL1 R1 049,85 R6 999,00 R8 048,85 R4 826,90
d.
PURCHASES RETURNS JOURNAL – February 2021 PRJ1
Doc no Day Details Fol. Trade VAT input Purchases
payables returns
1515 15 Africa Traders CL1 R6 999,00 R1 049,85 R8 048,85
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=3002714&cmid=117702 2/12
,6/23/22, 1:30 PM Assessment 4: Attempt review
Refer to learning unit 7, paragraph 7.3.1 of the study guide.
The correct answer is:
MENU
SALES RETURNS JOURNAL – February 2021 SRJ1
Doc no Day Details Fol. VAT output Sales Trade Cost of
Dashboard / Courses / UNISA / 2022 / Semester
returns1 / receivables
FAC1501-22-S1sales
/ Welcome Message / Assessment 4
1515 15 Africa Traders CL1 R1 049,85 R6 999,00 R8 048,85 R4 826,90
Question 3
Correct
Mark 2.00 out of 2.00
Africa Traders is a registered VAT vendor and uses the periodic inventory system. Africa Traders buys and sells furniture and equipment for
cash or on credit. On 1 March 2021, Africa Traders sold furniture on credit to Mrs A South to the amount of R20 750. On 27 April 2021, Mrs
South paid R19 715,00 in full settlement of her account.
Required:
What amount will be recorded in the settlement discount granted column of the cash receipts journal of Africa Traders on 27 April 2021?
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: 900
Refer to learning unit 7.6
The correct answer is: 900
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=3002714&cmid=117702 3/12
, 6/23/22, 1:30 PM Assessment 4: Attempt review
Question 4
Correct
Mark 3.00 out of 3.00
MENU
Africa Traders is a registered VAT vendor that buys and sells furniture. The business makes use of the periodic inventory system. Use the
Dashboardinformation
following / Courses from/ UNISA / 2022 / records
the accounting Semesterof1 Africa
/ FAC1501-22-S1 / Welcome
Traders to calculate Message
the cost / Assessment
of sales 4
on 28 February 2021:
R
Inventory (1 March 2020) 329 623
Sales 1 228 370
Purchases 893 720
Carriage on purchases 14 810
A physical inventory count on 28 February 2021 indicated that the inventory on hand amounted to R323 975.
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: 914178
Refer to learning unit 7, paragraph 7.10
The correct answer is: 914178
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=3002714&cmid=117702 4/12
