FAC 1501 ASSESSMENT 04
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5/6/23, 1:23 AM Assessment 4 (page 1 of 2)
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Question 1
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One of the reasons why the balance of the bank statement and the bank account in the general ledger do not agree is interest charged on an overdraft.
Select one:
True
False
Question 2
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Africa Traders is not a registered VAT vendor and buys and sells furniture. Africa Traders wants to sell a dining room table with a cost price of R5 200. The
mark-up percentage on cost is 20%.
What will be the selling price of this product?
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: 6240.00
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5/6/23, 1:23 AM Assessment 4 (page 1 of 2)
Question 3
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The inexperienced bookkeeper of Africa Traders needs your assistance compiling the trial balance of Africa Traders. Please indicate whether the amounts
Dashboard / My courses / FAC1501-23-S1 / Welcome Message / Assessment 4
of the below accounts should be entered in the debit or credit column:
1. Capital
2. Interest received
3. Water and electricity
Credit column
Credit column
Debit column
Debit column Credit column
Question 4
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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 purchased furniture on credit from SA Suppliers (registered VAT vendor) to the amount of R13 375. On 27 April
2021, Africa Traders paid R12 754,00 in full settlement of their account.
Required:
What amount will be recorded in the trade payables column of the cash payments 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: 13375.00
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https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=10343863&cmid=582733 2/7
Distribution of this document is illegal R13,625 per year?
SEMESTER 1 2023 85% UPWARD
written by
warasmyeko
www.stuvia.com
Downloaded by: warasmyeko | Want to earn
Distribution of this document is illegal R13,625 per year?
, Stuvia.com - The study-notes marketplace
5/6/23, 1:23 AM Assessment 4 (page 1 of 2)
MENU
Dashboard / My courses / FAC1501-23-S1 / Welcome Message / Assessment 4
Time left 1:10:36
Question 1
Answer saved
Marked out of 1.00
One of the reasons why the balance of the bank statement and the bank account in the general ledger do not agree is interest charged on an overdraft.
Select one:
True
False
Question 2
Answer saved
Marked out of 2.00
Africa Traders is not a registered VAT vendor and buys and sells furniture. Africa Traders wants to sell a dining room table with a cost price of R5 200. The
mark-up percentage on cost is 20%.
What will be the selling price of this product?
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: 6240.00
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https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=10343863&cmid=582733 1/7
Distribution of this document is illegal R13,625 per year?
, Stuvia.com - The study-notes marketplace
5/6/23, 1:23 AM Assessment 4 (page 1 of 2)
Question 3
Answer saved
Marked out of 3.00
MENU
The inexperienced bookkeeper of Africa Traders needs your assistance compiling the trial balance of Africa Traders. Please indicate whether the amounts
Dashboard / My courses / FAC1501-23-S1 / Welcome Message / Assessment 4
of the below accounts should be entered in the debit or credit column:
1. Capital
2. Interest received
3. Water and electricity
Credit column
Credit column
Debit column
Debit column Credit column
Question 4
Answer saved
Marked out of 1.00
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 purchased furniture on credit from SA Suppliers (registered VAT vendor) to the amount of R13 375. On 27 April
2021, Africa Traders paid R12 754,00 in full settlement of their account.
Required:
What amount will be recorded in the trade payables column of the cash payments 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: 13375.00
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https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=10343863&cmid=582733 2/7
Distribution of this document is illegal R13,625 per year?
