FAC1503 EXAM PACK-VERIFIED ANS.

FINANCIAL ACCOUNTING PINCIPLES FOR LAW PRACTITIONERS FAC1503 EXAM PACK-2017Answers. OCTOBER – NOVEMBER 2017 SOLUTION 1: SUBSIDIARY JOURNALS EXPRESS SERVICES SUPPLIES (a) CASH RECEIPTS JOURNAL – APRIL 2017 Date Details Bank Sales Trade Receivables Control Services rendered VAT Output Sundry accounts Amount Details R R R R R R 13 28 30 Cash Sales (i) S Smith Services rendered 1 482 400 5 700 1 300 400 5 000 182 700 (i) Cash Sales – 13 April R Total Sales VAT Output (1 482 ∗ 14 114 ) 1 482 (182) Sales 1 300 (ii) April 30 Services rendered R Total Services rendered VAT Output (1 482 ∗ 14 114 ) 5 700 (700) Services rendered 5 000 (b) CASH PAYMENTS JOURNAL – APRIL 2017 Date Details Bank Purchases Trade Payables Control VAT Input Sundry Accounts Amount Details R R R R R 15 26 30 Copu Traders Cash Purchases (ii) Wages 700 1 539 3 600 1 350 700 189 3 600 Wages (i) Cash Purchases – 26 April R Total Purchases VAT Input (2 394 ∗ 14 114 ) 1 539 (189) Purchases 1 350 (c) SALES JOURNAL – APRIL 2017 Date Details Sales VAT Output Trade Receivables Control R R R 5 24 R. Phiri (i) G Wright (ii) 2 100 2 400 294 336 2 394 2 736 Calculations i. Sales 5 April R Total Sales VAT Output (2 394 ∗ 14 114 ) 2 394 (294) Sales 2 100 ii. Sales 24 April R Total Sales VAT Output (2 736 ∗ 14 114 ) 2 736 (336) Sales 2 400