3 Assignment 3
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Part 1 of 19 - 0.0/ 2.0 Points
Question 1 of 20
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The following information reflected in the accounting records of Africa Traders as at 28
February 2020:
(1). On 28 February 2020, the balance of Africa Traders’ bank account in the general ledger
was R1 304 (unfavourable).
(2). At the same date, outstanding cheques amounted to R5 207.
(3). A deposit in favour of SA Traders to the amount of R4 268 appeared incorrectly in Africa
Traders’ bank statement.
(4). Cheque no 2: R6 215 issued by SA Traders appeared incorrectly in Africa Traders’ bank
statement as a payment made.
Which one of the following amounts represents the correct balance of the bank statement in
the Bank reconciliation statement of Africa Traders as at 28 February 2020?
A.
R8 458 Cr
B.
R6 580 Dr
C.
R5 850 Cr
D.
, R1 956 Cr
Answer Key:D
Feedback:
Refer to learning unit 8, paragraph 8.2 of the study guide.
Part 2 of 19 - 0.0/ 2.0 Points
Question 2 of 20
0.0/ 2.0 Points
The following transactions by Africa Traders occurred during February 2020:
(1). On 28 February 2020, the balance of Africa Traders’ bank account in the general ledger
was R1 500 (favourable).
(2). At the same date, outstanding cheques amounted to R1 000.
(3). Outstanding deposits amounted to R3 500 in the bank reconciliation statement.
(4). The following cheques appeared on the January 2020 bank reconciliation statement as
follows:
Cheque no 3: R150
Cheque no 5: R350
Cheque no 7: R200
(5). From the outstanding cheques for January 2020, only cheque no 7: R200 was presented
for payment in February 2020.
Which one of the following amounts represents the correct balance as per the bank statement
in the Bank Reconciliation statement of Africa Traders as at 28 February 2020?
A.
R1 000 Dr
B.
R800 Dr
, C.
R500 Dr
D.
R300 Dr
Answer Key:C
Feedback:
Refer to learning unit 8, paragraph 8.3 of the study guide.
Part 3 of 19 - 0.0/ 2.0 Points
Question 3 of 20
0.0/ 2.0 Points
Africa Traders, a registered VAT vendor, buys and sells hand sanitisers. On
11 February 2021, Africa Traders received a credit note from SA Dealers, a
registered VAT vendor, for hand sanitisers of R2 300 (VAT inclusive). These
hand sanitisers were returned to SA Dealers by Africa Traders and were previously
purchased on credit. The VAT rate is 15%. All goods are sold at a constant mark-up
of 25% and Africa Traders uses the periodic inventory system.
How will the above transaction be recorded in the applicable subsidiary journal of
Africa Traders?
A.
Africa Traders
Purchases Returns Journal – February
2020 PRJ02
Doc
no
Day Details Fol VAT input Inventory Creditors
, R R R
11 300 2 000 2 300
SA Dealers
B.
Africa Traders
Sales Returns Journal – February
2020 SRJ02
Doc
no
Day Details Fol VAT output Sales returns Debtors
R R R
11 300 2 000 2 300
SA Dealers
C.
Africa Traders
Sales Returns Journal – February
2020 SRJ02
Doc
no
Day Details Fol VAT output Sales returns Debtors Cost of sales
R R R R
11 300 2 000 2 300 1 600
SA Dealers
RETURN TO ASSESSMENT LIST
Part 1 of 19 - 0.0/ 2.0 Points
Question 1 of 20
0.0/ 2.0 Points
The following information reflected in the accounting records of Africa Traders as at 28
February 2020:
(1). On 28 February 2020, the balance of Africa Traders’ bank account in the general ledger
was R1 304 (unfavourable).
(2). At the same date, outstanding cheques amounted to R5 207.
(3). A deposit in favour of SA Traders to the amount of R4 268 appeared incorrectly in Africa
Traders’ bank statement.
(4). Cheque no 2: R6 215 issued by SA Traders appeared incorrectly in Africa Traders’ bank
statement as a payment made.
Which one of the following amounts represents the correct balance of the bank statement in
the Bank reconciliation statement of Africa Traders as at 28 February 2020?
A.
R8 458 Cr
B.
R6 580 Dr
C.
R5 850 Cr
D.
, R1 956 Cr
Answer Key:D
Feedback:
Refer to learning unit 8, paragraph 8.2 of the study guide.
Part 2 of 19 - 0.0/ 2.0 Points
Question 2 of 20
0.0/ 2.0 Points
The following transactions by Africa Traders occurred during February 2020:
(1). On 28 February 2020, the balance of Africa Traders’ bank account in the general ledger
was R1 500 (favourable).
(2). At the same date, outstanding cheques amounted to R1 000.
(3). Outstanding deposits amounted to R3 500 in the bank reconciliation statement.
(4). The following cheques appeared on the January 2020 bank reconciliation statement as
follows:
Cheque no 3: R150
Cheque no 5: R350
Cheque no 7: R200
(5). From the outstanding cheques for January 2020, only cheque no 7: R200 was presented
for payment in February 2020.
Which one of the following amounts represents the correct balance as per the bank statement
in the Bank Reconciliation statement of Africa Traders as at 28 February 2020?
A.
R1 000 Dr
B.
R800 Dr
, C.
R500 Dr
D.
R300 Dr
Answer Key:C
Feedback:
Refer to learning unit 8, paragraph 8.3 of the study guide.
Part 3 of 19 - 0.0/ 2.0 Points
Question 3 of 20
0.0/ 2.0 Points
Africa Traders, a registered VAT vendor, buys and sells hand sanitisers. On
11 February 2021, Africa Traders received a credit note from SA Dealers, a
registered VAT vendor, for hand sanitisers of R2 300 (VAT inclusive). These
hand sanitisers were returned to SA Dealers by Africa Traders and were previously
purchased on credit. The VAT rate is 15%. All goods are sold at a constant mark-up
of 25% and Africa Traders uses the periodic inventory system.
How will the above transaction be recorded in the applicable subsidiary journal of
Africa Traders?
A.
Africa Traders
Purchases Returns Journal – February
2020 PRJ02
Doc
no
Day Details Fol VAT input Inventory Creditors
, R R R
11 300 2 000 2 300
SA Dealers
B.
Africa Traders
Sales Returns Journal – February
2020 SRJ02
Doc
no
Day Details Fol VAT output Sales returns Debtors
R R R
11 300 2 000 2 300
SA Dealers
C.
Africa Traders
Sales Returns Journal – February
2020 SRJ02
Doc
no
Day Details Fol VAT output Sales returns Debtors Cost of sales
R R R R
11 300 2 000 2 300 1 600
SA Dealers
