11/6/23, 3:07 PM Assessment 9 (page 1 of 2)
UNISA 2023 FAC1501-23-S2 Welcome Message Assessment 9
QUIZ
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Question 1
Not yet answered
Marked out of 1.00
Mrs K South, a clothing designer opened a small clothing shop, SA Fashions on 1 January
2021. Mrs K South registered the business for VAT. She deposited R60 000 into the entity’s
bank account for start-up costs (transaction 1). On 2 January 2021 Mrs South, purchased
two sewing machines to the value of R7 500 (excluding vat) each (transaction 2) and paid
with her own personal credit card.
Which source document will be used by Mrs Kasselman to record transaction 2?
Select one:
a. Original tax invoice & original credit card slip
b. Original credit card slip.
c. Duplicate credit card slip.
d. Original tax invoice.
Clear my choice
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,11/6/23, 3:07 PM Assessment 9 (page 1 of 2)
Question 2
Not yet answered
Marked out of 4.00
Tsarfati Traders, a registered VAT vendor, buys and sells furniture. The VAT rate is 15%. All
goods are sold at a constant mark-up of 20% and the entity uses the periodic inventory
system.
CAPE CAMPERS
102 Samson Drive P O Box 8345
Cape Town VAT registration number CAPE TOWN 6665
Tel (021) 466–1615 6230773556 Fax 021) 466–1616
Date: 8 November 2022 TAX INVOICE No: 2333
To: Tsarfati Traders Payment method
600 Sea Road Cheque/debit card
Cape Town Cash
VAT registration number 6220226118 Credit card
Account
Code Description Qty Total price
SB01 Sleeping bags 50 105 000,00
105 000,00
VAT @ 15%
15 750,00
Invoice total 120 750,00
Amount tendered 0,00
Amount due 120 750,00
VAT included @ 15% 15 750,00
E & OE
Required:
Record the source document provided in the applicable subsidiary journal of Tsarfati
Traders.
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. If no amount should be recorded in any of the numeric spaces, please indicate it by filling
in a zero ("0")
Tsarfati Traders
Purchases journal – November 2022
Doc
no Day Details Fol VAT Input Purchases Trade payables
R R R
Cape Campers 15750.00 105000.00 120750.00
8
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,11/6/23, 3:07 PM Assessment 9 (page 1 of 2)
Question 3
Not yet answered
Marked out of 35.00
The following transactions for January 2023 pertain to Africa Suppliers. The entity applies a
periodic inventory system and is not registered as a VAT vendor.
2023 5 The owner, S Ismael, took office stationery valued at R500 (cost price)
Jan for his own personal use.
12 Received R2 200 from D Tryon in full settlement of her account.
18 Interest at of R80 was charged on the three months overdue account
of R4 600 of debtor N Mlaba.
20 Sold inventory to M Klaas and received R1 750 in cash.
22 Paid R2 000 cash for the weekly wages.
28 Paid R6 000 to ABC Bank on the mortgage bond.
REQUIRED:
Analyse the above transactions of Africa Suppliers in tabular format as follows:
Account
Account to be Element Element
Date Amount to be Amount
debited debited credited
credited
Example: May 2 Africa Suppliers purchased inventory for R5 000 and paid cash. Africa
Suppliers makes use of the periodic inventory system.
R R
May 2 Purchases 5 000 Expense Bank -5 000 Asset
Complete the table below by selecting the account to be debited, the account to be
credited and the element affected on the financial statements (income, expenses,
assets, equity and liabilities) from the dropdown menu and filling in the applicable
amounts in the correct spaces.
Please indicate whether the transaction increases or decreases the affected element
(income, expense, assets, equity and liabilities) in the amount column (see instruction 3
and 4 for examples)
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. A decrease in an amount must be indicated by using a negative sign in front of the
amount (eg: -1000.01)
4. An increase must be indicated by the amount without any sign (eg: 1000.01)
Element
Date Account to be debited Amount Account to be credited Amount Element credited
debited
R R
5 Drawings -500.00 Equity Drawings -500.00 Equity
12 Bank 2200.00 Assets Trade receivables -2200.00 Assets
18 Trade receivables 80.00 Assets Interest received 80.00 Equity
20 Bank 1750.00 Assets Sales 1750.00 Equity
22 Wages -2000.00 Equity Bank -2000.00 Assets
28 -6000.00 Liabilities -6000.00 Assets
Mortgage bond: ABC Bank Bank
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, 11/6/23, 3:07 PM Assessment 9 (page 1 of 2)
Question 4
Not yet answered
Marked out of 6.00
Africa Traders, a registered VAT vendor, manufactures and sells gardening equipment. On 18
March 2023, Africa Traders sold gardening equipment for R6 899 (VAT inclusive) to SA
Traders for cash. The VAT rate is 15%. SA Traders, a registered VAT vendor, buys and sells
gardening equipment and makes use of the periodic inventory system.
Required:
Record the above transaction in the applicable subsidiary journal of SA Traders.
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. If no amount should be recorded in any of the numeric spaces, please indicate it by filling
in a zero ("0")
SA Traders
Cash payments journal – March
2023
Doc Sundry accounts
no Day Details Fol Analysis of receipts Bank Purchases VAT Input Amount Fol Detail
Africa Traders 6899 6899.00 5999.13 899.87
18
Question 5
Not yet answered
Marked out of 4.00
The total of R27 934 of the list of individual debtor balances of Clayville Stores, differs from
the balance of the trade receivables control account at 31 May 2022. Upon investigation,
the following were found:
The list of debtor's balances had been undercast by R998.
Goods to the value of R972, bought by client N Nkosi, was inadvertently debited to the
account of M Nkosi.
Sales invoice number 125 for R863 which was entered correctly in the sales journal, was
entered as R1 863 in C North's account.
Required:
What is the closing balance of the trade receivables control account of Clayville Stores on
31 May 2022?
NB: Instructions
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Only show the amount, do not show the R (eg: 12141.72)
Answer: 27932.00
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UNISA 2023 FAC1501-23-S2 Welcome Message Assessment 9
QUIZ
Time left 1:35:02
Question 1
Not yet answered
Marked out of 1.00
Mrs K South, a clothing designer opened a small clothing shop, SA Fashions on 1 January
2021. Mrs K South registered the business for VAT. She deposited R60 000 into the entity’s
bank account for start-up costs (transaction 1). On 2 January 2021 Mrs South, purchased
two sewing machines to the value of R7 500 (excluding vat) each (transaction 2) and paid
with her own personal credit card.
Which source document will be used by Mrs Kasselman to record transaction 2?
Select one:
a. Original tax invoice & original credit card slip
b. Original credit card slip.
c. Duplicate credit card slip.
d. Original tax invoice.
Clear my choice
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=14447439&cmid=582747 1/12
,11/6/23, 3:07 PM Assessment 9 (page 1 of 2)
Question 2
Not yet answered
Marked out of 4.00
Tsarfati Traders, a registered VAT vendor, buys and sells furniture. The VAT rate is 15%. All
goods are sold at a constant mark-up of 20% and the entity uses the periodic inventory
system.
CAPE CAMPERS
102 Samson Drive P O Box 8345
Cape Town VAT registration number CAPE TOWN 6665
Tel (021) 466–1615 6230773556 Fax 021) 466–1616
Date: 8 November 2022 TAX INVOICE No: 2333
To: Tsarfati Traders Payment method
600 Sea Road Cheque/debit card
Cape Town Cash
VAT registration number 6220226118 Credit card
Account
Code Description Qty Total price
SB01 Sleeping bags 50 105 000,00
105 000,00
VAT @ 15%
15 750,00
Invoice total 120 750,00
Amount tendered 0,00
Amount due 120 750,00
VAT included @ 15% 15 750,00
E & OE
Required:
Record the source document provided in the applicable subsidiary journal of Tsarfati
Traders.
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. If no amount should be recorded in any of the numeric spaces, please indicate it by filling
in a zero ("0")
Tsarfati Traders
Purchases journal – November 2022
Doc
no Day Details Fol VAT Input Purchases Trade payables
R R R
Cape Campers 15750.00 105000.00 120750.00
8
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,11/6/23, 3:07 PM Assessment 9 (page 1 of 2)
Question 3
Not yet answered
Marked out of 35.00
The following transactions for January 2023 pertain to Africa Suppliers. The entity applies a
periodic inventory system and is not registered as a VAT vendor.
2023 5 The owner, S Ismael, took office stationery valued at R500 (cost price)
Jan for his own personal use.
12 Received R2 200 from D Tryon in full settlement of her account.
18 Interest at of R80 was charged on the three months overdue account
of R4 600 of debtor N Mlaba.
20 Sold inventory to M Klaas and received R1 750 in cash.
22 Paid R2 000 cash for the weekly wages.
28 Paid R6 000 to ABC Bank on the mortgage bond.
REQUIRED:
Analyse the above transactions of Africa Suppliers in tabular format as follows:
Account
Account to be Element Element
Date Amount to be Amount
debited debited credited
credited
Example: May 2 Africa Suppliers purchased inventory for R5 000 and paid cash. Africa
Suppliers makes use of the periodic inventory system.
R R
May 2 Purchases 5 000 Expense Bank -5 000 Asset
Complete the table below by selecting the account to be debited, the account to be
credited and the element affected on the financial statements (income, expenses,
assets, equity and liabilities) from the dropdown menu and filling in the applicable
amounts in the correct spaces.
Please indicate whether the transaction increases or decreases the affected element
(income, expense, assets, equity and liabilities) in the amount column (see instruction 3
and 4 for examples)
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. A decrease in an amount must be indicated by using a negative sign in front of the
amount (eg: -1000.01)
4. An increase must be indicated by the amount without any sign (eg: 1000.01)
Element
Date Account to be debited Amount Account to be credited Amount Element credited
debited
R R
5 Drawings -500.00 Equity Drawings -500.00 Equity
12 Bank 2200.00 Assets Trade receivables -2200.00 Assets
18 Trade receivables 80.00 Assets Interest received 80.00 Equity
20 Bank 1750.00 Assets Sales 1750.00 Equity
22 Wages -2000.00 Equity Bank -2000.00 Assets
28 -6000.00 Liabilities -6000.00 Assets
Mortgage bond: ABC Bank Bank
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, 11/6/23, 3:07 PM Assessment 9 (page 1 of 2)
Question 4
Not yet answered
Marked out of 6.00
Africa Traders, a registered VAT vendor, manufactures and sells gardening equipment. On 18
March 2023, Africa Traders sold gardening equipment for R6 899 (VAT inclusive) to SA
Traders for cash. The VAT rate is 15%. SA Traders, a registered VAT vendor, buys and sells
gardening equipment and makes use of the periodic inventory system.
Required:
Record the above transaction in the applicable subsidiary journal of SA Traders.
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. If no amount should be recorded in any of the numeric spaces, please indicate it by filling
in a zero ("0")
SA Traders
Cash payments journal – March
2023
Doc Sundry accounts
no Day Details Fol Analysis of receipts Bank Purchases VAT Input Amount Fol Detail
Africa Traders 6899 6899.00 5999.13 899.87
18
Question 5
Not yet answered
Marked out of 4.00
The total of R27 934 of the list of individual debtor balances of Clayville Stores, differs from
the balance of the trade receivables control account at 31 May 2022. Upon investigation,
the following were found:
The list of debtor's balances had been undercast by R998.
Goods to the value of R972, bought by client N Nkosi, was inadvertently debited to the
account of M Nkosi.
Sales invoice number 125 for R863 which was entered correctly in the sales journal, was
entered as R1 863 in C North's account.
Required:
What is the closing balance of the trade receivables control account of Clayville Stores on
31 May 2022?
NB: Instructions
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Only show the amount, do not show the R (eg: 12141.72)
Answer: 27932.00
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