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FAC1501 ELECTIVE ASSESSMENT 9 SUPPLEMENTING ASSESSEMNT 5 SEARCHABLE Shabangu Suppliers (not a registered VAT vendor) is a retail entity situated in the Limpopo province. The perpetual inventory system is in use and merchandise are sold at a 25% mark-up o$2.95
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FAC1501 ELECTIVE ASSESSMENT 9 SUPPLEMENTING ASSESSEMNT 5 SEARCHABLE Shabangu Suppliers (not a registered VAT vendor) is a retail entity situated in the Limpopo province. The perpetual inventory system is in use and merchandise are sold at a 25% mark-up o
FAC1501 ELECTIVE ASSESSMENT 9 SUPPLEMENTING ASSESSEMNT 5 SEARCHABLE
Shabangu Suppliers (not a registered VAT vendor) is a retail entity situated in the Limpopo province. The perpetual inventory system is in use and merchandise are sold at a 25% mark-up on cost. The following transactions took pl...
Started on Monday, 13 May 2024, 11:45 AM
State Finished
Completed on Monday, 13 May 2024, 12:20 PM
Time taken 35 mins 26 secs
Grade 89.75 out of 100.00
Feedback Congratulations, you passed this assessment with a distinction. Keep up the good work.
Question 1
Partially correct
Mark 14.32 out of 15.00
Shabangu Suppliers (not a registered VAT vendor) is a retail entity situated in the Limpopo province. The perpetual inventory system is in use and
merchandise are sold at a 25% mark-up on cost. The following transactions took place during May 2023:
Date Transaction R
6 Purchased merchandise from Matsene Traders and paid cash 15 504
15 Sold merchandise to Mr Hall for cash 4 085
29 Purchased merchandise from Zittace Traders on account 10 404
31 Returned merchandise purchased on credit to Zittace Traders 3 978
The opening balance of the inventory account on 1 May 2023 was R6 630
Required:
Post the above transactions to the general ledger account provided below.
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. When no amount needs to be entered in a column, then indicate this by entering "0" in the column.
Dr Cr
Inventory
2023 R 2023 R
May 1 Balance b/d May 1 Balance b/d
6630 0
Machete Traders specialises in selling quality household appliances and various household goods. The business is a registered VAT vendor and
applies the principles of the periodic inventory system. The VAT rate is 15%.
The following is an extract from the trial balance of Machete Traders as at 31 March 2023:
R
Net sales 381 690
Net purchases 228 692
Carriage on purchases 5 475
Opening inventory 70 862
Closing inventory 82 136
Required:
a) Record the closing transfers in the general journal for the following accounts:
b) Record the closing transfer for the gross pro�t or gross loss.
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. Please complete the journals in the order indicated through the narrations provided.
General journal of Machete Traders - March 2023
Description Debit Credit
R R
Sales 381690
Trading account 381690
Closing transfer of sales
Trading account 228692
Purchases 228692
Closing transfer of purchases
Trading account 5475
Carriage on purchases 5475
Closing transfer of Carriage on purchases
Trading account 70862
Inventory 70862
Closing transfer of opening inventory
Inventory 82136
Trading account 82136
Closing transfer of closing inventory
Trading account 158797
Pro�t or loss account 158797
Closing transfer of gross pro�t
Refer to learning unit 10.3
2 of 12 2024/05/23, 13
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