4/5/25, 8:16 PM Assessment 2 (page 1 of 2)
FAC1502-25-S1 Welcome Message Assessment 2
QUIZ
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Question 1
Not yet answered
Marked out of 6.00
The rates and taxes account in the pre-adjustment trial balance of HS Traders on 28 February 20.2 shows an amount of R30
800. HS Traders was unable to pay the rates and taxes for the last four months of the current financial year. The rates and
taxes amount to be paid was determined by the municipality and has been the same amount for every month for the current
financial year.
The correct general ledger entries in the rates and taxes account in the books of HS Traders on 28 February 20.2 are ...
Instructions:
1. First do the adjustment general ledger entries and then do your closing transfer general ledger entries.
2. Use a full stop to indicate any decimals (eg: 1000.01)
3. Round off to the second decimal after the full stop (eg: 50.56)
4. Only show the amount, do not show the R (eg: 12141)
HS TRADERS
GENERAL LEDGER
Dr Rates and taxes Cr
20.2 R 20.2 R
Feb 28 Feb 28
Bank overdraft 30800 Profit or loss account 46200
Accrued expense 15400
Question 2
Not yet answered
Marked out of 1.00
Indicate whether the following statement is true or false.
At the end of the financial year, the loss calculated in the profit or loss account in the general ledger is not transferred to the
capital account by debiting the profit or loss account and crediting the capital account.
True
False
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,4/5/25, 8:16 PM Assessment 2 (page 1 of 2)
Question 3
Not yet answered
Marked out of 4.00
Flightzero Traders is a registered VAT vendor and applies the principles of the perpetual inventory system. All inventory is
sold at a constant mark-up of 20% on cost.
The bookkeeper of FlightzeroTraders requested your assistance in recording the correct sales returns transaction in the
sales returns journal. The following transactions (inclusive of 15% VAT) took place on 20 February:
Received damaged goods, previously sold on credit to Mrs Morrison and issued a credit note no 256 for R1720.
Returned damaged goods to KK Stores and issued a debit note No. 254 for R 550.
Required:
Record the applicable transaction in the relevant sales returns journal of Flightzero Traders for February 2025.
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")
4. Only show the amount, do not show the "R" (eg: 1000)
Flightzero Traders
Sales returns journal – February 2025
Doc no Day Details Fol VAT Sales returns Cost of sales
Trade receivables
input
R R R R
20
256 Mrs Morrison 224.35 1495.65 1246.38 1720
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,4/5/25, 8:16 PM Assessment 2 (page 1 of 2)
Question 4
Not yet answered
Marked out of 4.00
Du Toit Traders, a registered VAT vendor, buys and sells hand sanitisers. The VAT rate is 15%. All goods are sold at a
constant mark-up of 30% and the entity uses the perpetual inventory system.
On 3 March 2025, Du Toit Traders purchased inventory from Mfeketo Dealers as per credit invoice, R11 000 (VAT exclusive).
Required:
Record the transaction provided above in the applicable subsidiary journal of Du Toit 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")
Du Toit Traders
Purchases journal – March 2025
Doc
no Day Details Fol VAT Input Inventory Trade payables
R R R
Mfeketo Dealers 1650 11000 12650
3
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, 4/5/25, 8:16 PM Assessment 2 (page 1 of 2)
Question 5
Not yet answered
Marked out of 25.00
Florence Mohale started a new business after qualifying as a Biomedical Engineer. The business named Floral Medical
Equipment, is a registered VAT vendor. The applicable VAT rate is 15%.
On 31 July 2024, the following provisional balances appeared in the general ledger of Floral Medical Equipment after all cash
transactions were recorded:
Account Total
R
VAT Input 9 000
VAT Output 7 200
Florence does have limited accounting knowledge after taking the subject in high school up to grade 12. She came to you for
assistance relating the recording of the following transactions for July 2024 that do not adhere to the requirements of the
cash journals.
Date Transaction
5 Purchased stationery on account from SA Stationers for R650 (VAT inclusive)
23 Entered into a financing agreement with ABC Bank for 100% finance on the cost
to purchase equipment. The loan bears interest at 10% per annum and is
repayable in equal monthly instalments. The bank paid for the equipment on the
same day and the supplier delivered it to the business premises later in the
afternoon. On the invoice received the VAT exclusive amount was indicated as
R91 500.
Required:
Record the following in the general journal of Floral Medical Equipment:
a) Purchase transaction of the stationery on 5 July 2024
b) Purchase transaction of the equipment on 23 July 2024
c) The closing transfers for the VAT Input and VAT Output accounts on 31 July 2024 after taking the above two transactions
into account
Instructions:
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. Do not type in “R” for Rand in the numeric block
4. If any debit or credit line item is not applicable indicate the account name by choosing N/A from the list and complete the
amount as zero "0"
Floral Medical Equipment
General journal – 31 July 2024
Day Details Debit Credit
R R
5
Stationery 565.22
VAT Input 84.78
Trade and other payables control 650
N/A 0
Stationery purchased on credit
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FAC1502-25-S1 Welcome Message Assessment 2
QUIZ
Time left 0:16:48
Question 1
Not yet answered
Marked out of 6.00
The rates and taxes account in the pre-adjustment trial balance of HS Traders on 28 February 20.2 shows an amount of R30
800. HS Traders was unable to pay the rates and taxes for the last four months of the current financial year. The rates and
taxes amount to be paid was determined by the municipality and has been the same amount for every month for the current
financial year.
The correct general ledger entries in the rates and taxes account in the books of HS Traders on 28 February 20.2 are ...
Instructions:
1. First do the adjustment general ledger entries and then do your closing transfer general ledger entries.
2. Use a full stop to indicate any decimals (eg: 1000.01)
3. Round off to the second decimal after the full stop (eg: 50.56)
4. Only show the amount, do not show the R (eg: 12141)
HS TRADERS
GENERAL LEDGER
Dr Rates and taxes Cr
20.2 R 20.2 R
Feb 28 Feb 28
Bank overdraft 30800 Profit or loss account 46200
Accrued expense 15400
Question 2
Not yet answered
Marked out of 1.00
Indicate whether the following statement is true or false.
At the end of the financial year, the loss calculated in the profit or loss account in the general ledger is not transferred to the
capital account by debiting the profit or loss account and crediting the capital account.
True
False
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,4/5/25, 8:16 PM Assessment 2 (page 1 of 2)
Question 3
Not yet answered
Marked out of 4.00
Flightzero Traders is a registered VAT vendor and applies the principles of the perpetual inventory system. All inventory is
sold at a constant mark-up of 20% on cost.
The bookkeeper of FlightzeroTraders requested your assistance in recording the correct sales returns transaction in the
sales returns journal. The following transactions (inclusive of 15% VAT) took place on 20 February:
Received damaged goods, previously sold on credit to Mrs Morrison and issued a credit note no 256 for R1720.
Returned damaged goods to KK Stores and issued a debit note No. 254 for R 550.
Required:
Record the applicable transaction in the relevant sales returns journal of Flightzero Traders for February 2025.
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")
4. Only show the amount, do not show the "R" (eg: 1000)
Flightzero Traders
Sales returns journal – February 2025
Doc no Day Details Fol VAT Sales returns Cost of sales
Trade receivables
input
R R R R
20
256 Mrs Morrison 224.35 1495.65 1246.38 1720
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,4/5/25, 8:16 PM Assessment 2 (page 1 of 2)
Question 4
Not yet answered
Marked out of 4.00
Du Toit Traders, a registered VAT vendor, buys and sells hand sanitisers. The VAT rate is 15%. All goods are sold at a
constant mark-up of 30% and the entity uses the perpetual inventory system.
On 3 March 2025, Du Toit Traders purchased inventory from Mfeketo Dealers as per credit invoice, R11 000 (VAT exclusive).
Required:
Record the transaction provided above in the applicable subsidiary journal of Du Toit 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")
Du Toit Traders
Purchases journal – March 2025
Doc
no Day Details Fol VAT Input Inventory Trade payables
R R R
Mfeketo Dealers 1650 11000 12650
3
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, 4/5/25, 8:16 PM Assessment 2 (page 1 of 2)
Question 5
Not yet answered
Marked out of 25.00
Florence Mohale started a new business after qualifying as a Biomedical Engineer. The business named Floral Medical
Equipment, is a registered VAT vendor. The applicable VAT rate is 15%.
On 31 July 2024, the following provisional balances appeared in the general ledger of Floral Medical Equipment after all cash
transactions were recorded:
Account Total
R
VAT Input 9 000
VAT Output 7 200
Florence does have limited accounting knowledge after taking the subject in high school up to grade 12. She came to you for
assistance relating the recording of the following transactions for July 2024 that do not adhere to the requirements of the
cash journals.
Date Transaction
5 Purchased stationery on account from SA Stationers for R650 (VAT inclusive)
23 Entered into a financing agreement with ABC Bank for 100% finance on the cost
to purchase equipment. The loan bears interest at 10% per annum and is
repayable in equal monthly instalments. The bank paid for the equipment on the
same day and the supplier delivered it to the business premises later in the
afternoon. On the invoice received the VAT exclusive amount was indicated as
R91 500.
Required:
Record the following in the general journal of Floral Medical Equipment:
a) Purchase transaction of the stationery on 5 July 2024
b) Purchase transaction of the equipment on 23 July 2024
c) The closing transfers for the VAT Input and VAT Output accounts on 31 July 2024 after taking the above two transactions
into account
Instructions:
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. Do not type in “R” for Rand in the numeric block
4. If any debit or credit line item is not applicable indicate the account name by choosing N/A from the list and complete the
amount as zero "0"
Floral Medical Equipment
General journal – 31 July 2024
Day Details Debit Credit
R R
5
Stationery 565.22
VAT Input 84.78
Trade and other payables control 650
N/A 0
Stationery purchased on credit
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