FAC1501-Assessment 7 Semester 1 2024 Exam Study Questions and Answers

Assessment 7 Open course index Started on Tuesday, 21 May 2024, 9:06 AM State Finished Completed on Tuesday, 21 May 2024, 10:28 AM Time taken 1 hour 21 mins Marks 41.89/55.00 Grade 76.16 out of 100.00 Feedback You passed this assessment with a distinction. Keep up the good work. Question 1 Correct Mark 3.00 out of 3.00 Flag question Question text R Inventory (1 March 2020) 87 650 Sales 362 500 Purchases 215 000 Purchases returns 6 000 Freight on sales 2 500 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: A physical inventory count on 28 February 2021 indicated that the inventory on hand amounted to R92 500. NB: Instructions 1. Do not type the amount with any spaces as separators for thousands (eg: 12141.72) FAC1501-Assessment 7 Semester 1 2024 Exam Study Questions and Answers Question text 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) 4 459 VAT Output account opening balance (1 January 2023) 7 216 VAT column in Purchases journal 14 889 VAT column in Sales journal 10 721 VAT column in Purchases returns journal 1 022 VAT column in Sales returns journal 811 Required: Complete the VAT Output account in the general ledger of Africa Traders for the month ending 31 January 2023.