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

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,Assessment 5: Attempt review https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=191




FAC1501-24-S1  Welcome to FAC1501  Assessment 5

QUIZ




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 


31 31
Bank CPJ 15504 Bank CRJ 3268

     

Trade payables PJ 10404 Trade payables PRJ 3978

     
Balance c/d Balance c/d
0  25292



32538 32538

 
Jun 1 Balance b/d Jun 1 Balance b/d
25292 0 






Refer to learning unit 6 and 7




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,Assessment 5: Attempt review https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=191


Question 2

Correct

Mark 20.00 out of 20.00




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:

• Sales
• Purchases
• Carriage on purchases
• Opening inventory
• Closing inventory



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




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