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13/05/2022, 21:04 Assessment 4
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Dashboard / My courses / FAC1502-22-S1
/ WELCOME TO FAC1502 FINANCIAL ACCOUNTING 1: FINANCIAL ACCOUNTING CONCEPTS, PRINCIPLES AND PROCEDURES
/ Assessment 4
Question 1
Not yet answered
Marked out of 2.00
Matties Discount Store sells furniture. They bought a laptop for the receptionist for R7 475 (including VAT) on credit from Diya Computers.
The VAT rate is 15% and Matties Discount Store is a registered VAT vendor.
Which one of the following entries in the books of Matties Discount Store with regard to this transaction is correct?
Select one:
A. General ledger VAT VAT
Account to be Account to be credited Journal input output
debited R R
Equipment and VAT Trade payables control General journal 975
output
B. General ledger VAT VAT
Account to be Account to be credited Journal input output
debited R R
Equipment and VAT Trade payables control Purchases
input journal 975
C. General ledger VAT VAT
Account to be Account to be credited Journal input output
debited R R
Purchases returns and Trade payables control Purchases
VAT output journal 975
D. General ledger VAT VAT
Account to be Account to be credited Journal input output
debited R R
Equipment and VAT Trade payables control General journal 975
input
E. General ledger VAT VAT
Account to be Account to be credited Journal input output
debited R R
Purchases and VAT Trade payables control Purchases
output journal 975
Clear my choice
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13/05/2022, 21:04 Assessment 4
MENU
Dashboard / My courses / FAC1502-22-S1
/ WELCOME TO FAC1502 FINANCIAL ACCOUNTING 1: FINANCIAL ACCOUNTING CONCEPTS, PRINCIPLES AND PROCEDURES
/ Assessment 4
Question 1
Not yet answered
Marked out of 2.00
Matties Discount Store sells furniture. They bought a laptop for the receptionist for R7 475 (including VAT) on credit from Diya Computers.
The VAT rate is 15% and Matties Discount Store is a registered VAT vendor.
Which one of the following entries in the books of Matties Discount Store with regard to this transaction is correct?
Select one:
A. General ledger VAT VAT
Account to be Account to be credited Journal input output
debited R R
Equipment and VAT Trade payables control General journal 975
output
B. General ledger VAT VAT
Account to be Account to be credited Journal input output
debited R R
Equipment and VAT Trade payables control Purchases
input journal 975
C. General ledger VAT VAT
Account to be Account to be credited Journal input output
debited R R
Purchases returns and Trade payables control Purchases
VAT output journal 975
D. General ledger VAT VAT
Account to be Account to be credited Journal input output
debited R R
Equipment and VAT Trade payables control General journal 975
input
E. General ledger VAT VAT
Account to be Account to be credited Journal input output
debited R R
Purchases and VAT Trade payables control Purchases
output journal 975
Clear my choice
Downloaded by: DistinctionsGuaranteed |
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=3389280&cmid=117748 1/17
Distribution of this document is illegal
