FAC1501 Assignment 7 Semester 1 2024

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Time limit: 1 hour 30 mins

Grade to pass: 50.00 out of 100 00



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Question T Mthoko Hardware, a registered VAT vendor, buys and sells power tools, household hardware, home improvement materials and other related items. The VAT
Incomplete rate is 15%. All goods are sold at a constant mark-up of 20% and the entity uses the periodic inventory system.
answer
On 23 November 2022, Mthoko Hardware sold goods for R647.35 (VAT exclusive) on credit to Mr Mzimela.
Marked out of
6.00
Required:
Fi Record the above transaction in the applicable subsidiary journal of Mthoko Hardware.



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 ("O")


Mthoko Hardware
( ]-




•
Sales journal : November 2022

Doc
no Day Details Fol VAT Output Inventory Trade receivables t
,


5
d d s

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Instructions for numeric responses:
] 100.16]
1. Use a full stop to Indicate any decimals (eg: 1000.01) Time let

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 ("O")


Mthoko Hardware
(
Sales journal 7- November 2022

Doc
no Day Details Fol [woo%.
R
Inventory
R
¢ mores%as... R


[
I 647.647.35R97.1097.1035 I R97.10
I 744.45
23
Sales
'

Please answer all parts of the question.




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