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Question 1
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Africa Traders is a registered VAT vendor that buys and sells furniture. The business makes use of the periodic inventory system.
Use the following information from the accounting records of Africa Traders to calculate the cost of sales on 28 February 2021:
R
Inventory (1 March 2020) 665 422
Sales 957 266
Purchases 645 632
Purchases returns 11 266
Freight on sales 7 725
A physical inventory count on 28 February 2021 indicated that the inventory on hand amounted to R378 890.
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:
1/7
,Question 2
Answer saved
Marked out of 10.00
Bongwa Traders is a registered VAT vendor and uses the periodic inventory system. Bongwa Traders sells custom made jewellery
for cash or on credit. The jewellery is made and sold to raise awareness for nature conservation and the importance of various
indigenous animals and plants for local communities. Each piece of jewellery is accompanied by a pamphlet explaining the importance
of a specific plant or animal linked to the piece.
On 1 March 2023, Bongwa Traders purchased a variety of local polished rocks for jewellery making on credit from Amatashe
Suppliers for R11 900 (VAT exclusive). On 27 April 2023, Bongwa Traders settled its account and received R820 (VAT exclusive)
discount for early settlement.
Required:
Record the transaction that took place on 27 April 2023 in the applicable subsidiary journal.
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. An amount which will affect a Cr entry in the general ledger must be indicated by using a negative sign in front of the
amount (eg: -1000.01) (This is not applicable for the Bank column)
4. When no amount needs to be entered in a column, then indicate this by entering "0" in the column.
Bongwa Traders
Cash payments journal – April 2023
Day Details Bank Settlement VAT
Analysis of receipt Trade payables
discount
Input
received
R R R R R
27
Amatashe Suppliers 0 13503 13685 820 1785
2/7
,10/23/23, 11:57 AM Assessment 8 (page 1 of 2)
Question 3
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Africa Traders, a registered VAT vendor, manufactures and sells renewable energy equipment. The VAT rate is 15% and Africa
Traders makes use of the periodic inventory system.
Extract from the financial records of Africa Traders for the month of January 2023:
R
VAT Input account opening balance (1 January 2023) 8 224
VAT Output account opening balance (1 January 6 630
2023)
VAT column in Purchases journal 19 315
VAT column in Sales journal 13 228
VAT column in Purchases returns journal 534
VAT column in Sales returns journal 338
Required:
Complete the VAT Output account in the general ledger of Africa Traders for the month ending 31 January 2023.
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. If no amount should be recorded in any of the numeric spaces, please indicate it by filling in a zero ("0")
Dr VAT Output B1 Cr
2023 R 2023 R
Jan 1 Balance b/d Jan 1 Balance b/d
0 6630
31 31
Trade receivabless SRJ1 338 Trade receivabless SJ1 13228
Balance c/d Balance c/d
19520 0
19858 19858
Feb 1 Balance b/d Feb 1 Balance b/d
0 19520
Please answer all parts of the question.
3/7
, The inexperienced bookkeeper of Africa Traders needs your assistance compiling the bank reconciliation of Africa Traders for the
month ending 28 February 2022. Please match the transaction provided with where it should be recorded whilst compiling the bank
reconciliation.
An electronic transfer made for advertising was only
debited on the bank statement. Cash payments journal
A line item for interest credited to the bank account of
Africa Traders appears on the bank statement but has
Cash receipts journal
not yet been recorded in the accounting records of
Africa Traders.
A deposit meant for Africa Traders was inadvertently
recorded on the bank statement of Africa Suppliers.
Credit column of the bank reconciliation statement
The transaction was correctly recorded in the
subsidiary journal of Africa Traders.
The bank did not record a deposit of R6 000 received
from a client of Africa Traders in their records. Credit column of the bank reconciliation statement
Computer equipment purchased on credit only
appears in the accounting records of Africa Traders. Will not be recorded as part of the current month’s bank reconciliation
Question 1
Answer saved
Marked out of 3.00
Africa Traders is a registered VAT vendor that buys and sells furniture. The business makes use of the periodic inventory system.
Use the following information from the accounting records of Africa Traders to calculate the cost of sales on 28 February 2021:
R
Inventory (1 March 2020) 665 422
Sales 957 266
Purchases 645 632
Purchases returns 11 266
Freight on sales 7 725
A physical inventory count on 28 February 2021 indicated that the inventory on hand amounted to R378 890.
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:
1/7
,Question 2
Answer saved
Marked out of 10.00
Bongwa Traders is a registered VAT vendor and uses the periodic inventory system. Bongwa Traders sells custom made jewellery
for cash or on credit. The jewellery is made and sold to raise awareness for nature conservation and the importance of various
indigenous animals and plants for local communities. Each piece of jewellery is accompanied by a pamphlet explaining the importance
of a specific plant or animal linked to the piece.
On 1 March 2023, Bongwa Traders purchased a variety of local polished rocks for jewellery making on credit from Amatashe
Suppliers for R11 900 (VAT exclusive). On 27 April 2023, Bongwa Traders settled its account and received R820 (VAT exclusive)
discount for early settlement.
Required:
Record the transaction that took place on 27 April 2023 in the applicable subsidiary journal.
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. An amount which will affect a Cr entry in the general ledger must be indicated by using a negative sign in front of the
amount (eg: -1000.01) (This is not applicable for the Bank column)
4. When no amount needs to be entered in a column, then indicate this by entering "0" in the column.
Bongwa Traders
Cash payments journal – April 2023
Day Details Bank Settlement VAT
Analysis of receipt Trade payables
discount
Input
received
R R R R R
27
Amatashe Suppliers 0 13503 13685 820 1785
2/7
,10/23/23, 11:57 AM Assessment 8 (page 1 of 2)
Question 3
Incomplete answer
Marked out of 7.00
Africa Traders, a registered VAT vendor, manufactures and sells renewable energy equipment. The VAT rate is 15% and Africa
Traders makes use of the periodic inventory system.
Extract from the financial records of Africa Traders for the month of January 2023:
R
VAT Input account opening balance (1 January 2023) 8 224
VAT Output account opening balance (1 January 6 630
2023)
VAT column in Purchases journal 19 315
VAT column in Sales journal 13 228
VAT column in Purchases returns journal 534
VAT column in Sales returns journal 338
Required:
Complete the VAT Output account in the general ledger of Africa Traders for the month ending 31 January 2023.
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. If no amount should be recorded in any of the numeric spaces, please indicate it by filling in a zero ("0")
Dr VAT Output B1 Cr
2023 R 2023 R
Jan 1 Balance b/d Jan 1 Balance b/d
0 6630
31 31
Trade receivabless SRJ1 338 Trade receivabless SJ1 13228
Balance c/d Balance c/d
19520 0
19858 19858
Feb 1 Balance b/d Feb 1 Balance b/d
0 19520
Please answer all parts of the question.
3/7
, The inexperienced bookkeeper of Africa Traders needs your assistance compiling the bank reconciliation of Africa Traders for the
month ending 28 February 2022. Please match the transaction provided with where it should be recorded whilst compiling the bank
reconciliation.
An electronic transfer made for advertising was only
debited on the bank statement. Cash payments journal
A line item for interest credited to the bank account of
Africa Traders appears on the bank statement but has
Cash receipts journal
not yet been recorded in the accounting records of
Africa Traders.
A deposit meant for Africa Traders was inadvertently
recorded on the bank statement of Africa Suppliers.
Credit column of the bank reconciliation statement
The transaction was correctly recorded in the
subsidiary journal of Africa Traders.
The bank did not record a deposit of R6 000 received
from a client of Africa Traders in their records. Credit column of the bank reconciliation statement
Computer equipment purchased on credit only
appears in the accounting records of Africa Traders. Will not be recorded as part of the current month’s bank reconciliation
