The BMZ Academy @ 061 262
THE BMZ ACADEMY
@061 262 1185/068 053 8213
BMZ ACADEMY 061 262 1185/068 053 8213
,THE BMZ ACADEMY 2025
4/7/25, 10:27 AM Assessment 2 (page 1 of 2)
FAC1502-25-S1 Welcome Message Assessment 2
QUIZ
Time left 0:37:06
Question 1
Not yet answered
Marked out of 4.00
Hambakahle Traders is a registered VAT vendor and applies the principles of the perpetual inventory system. All inventory is
sold at a constant markup of 10% on cost.
The bookkeeper of Hambakahle Traders requested your assistance in recording the correct sales returns transaction in the
sales returns journal. The following transaction (including 15% VAT) occurred on 20 February.
Credit note no. 155 was issued to Mr. Mphokase for an overcharge on the invoice for the goods, valued at R2 020.
Returned damaged goods to Shesha Stores and issued a debit note No. 254 for R1050.
Required:
Record the transaction in the applicable sales returns journal of Hambakahle Traders for February 2025.
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. If no amount should be recorded in any of the numeric spaces, please indicate it by filling in a zero ("0")
4. Only show the amount, do not show the "R" (eg: 1000)
Hambakahle Traders
Sales returns journal – February 2025
Doc no Day Details Fol VAT Sales returns Cost of sales
Trade receivables
output
R R R R
20
254 Mr Mphokase 263.48 1756.52 1596.84 2020
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,THE BMZ ACADEMY 2025
4/7/25, 10:27 AM Assessment 2 (page 1 of 2)
Question 2
Not yet answered
Marked out of 6.00
NS Technologies will sublet part of its building to NM Stores for R12 500 per month from 1 January 20.2 for the current
financial year. The financial year of NS Technologies begins on 1 October of every year. The rental income account in the
pre-adjustment trial of HS Traders has a balance of R150 000 on 30 September 20.2.
The correct general ledger entries in the rental income account of NS Technologies on 30 September 20.2 are ...
Instructions:
1. First do the adjustment general ledger entries and then do your closing transfer general ledger entries.
2. Use a full stop to indicate any decimals (eg: 1000.01)
3. Round off to the second decimal after the full stop (eg: 50.56)
4. Only show the amount, do not show the R (eg: 12141)
NS TECHNOLOGIES
GENERAL LEDGER
Dr Rental income Cr
20.2 R 20.2 R
Sep 30 Sep 30
Profit or loss account 112500 Bank 150 000
Accrued income 37500
Question 3
Not yet answered
Marked out of 1.00
Indicate whether the following statement is true or false:
The profit or loss account are closed off to the statement of financial position for a financial year.
True
False
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, THE BMZ ACADEMY 2025
4/7/25, 10:27 AM Assessment 2 (page 1 of 2)
Question 4
Not yet answered
Marked out of 4.00
Du Toit Traders, a registered VAT vendor, buys and sells hand sanitisers. The VAT rate is 15%. All goods are sold at a
constant mark-up of 25% and the entity uses the periodic inventory system.
On 3 March 2025, Du Toit Traders purchased inventory from Mfeketo Dealers as per credit invoice, R13 450(VAT exclusive).
Required:
Record the transaction provided above in the applicable subsidiary journal of Du Toit Traders.
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. If no amount should be recorded in any of the numeric spaces, please indicate it by filling in a zero ("0")
Du Toit Traders
Purchases journal – March 2025
Doc
no Day Details Fol VAT Input Purchases Trade payables
R R R
Mfeketo Dealers 2017.5 13450 15467.5
3
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THE BMZ ACADEMY
@061 262 1185/068 053 8213
BMZ ACADEMY 061 262 1185/068 053 8213
,THE BMZ ACADEMY 2025
4/7/25, 10:27 AM Assessment 2 (page 1 of 2)
FAC1502-25-S1 Welcome Message Assessment 2
QUIZ
Time left 0:37:06
Question 1
Not yet answered
Marked out of 4.00
Hambakahle Traders is a registered VAT vendor and applies the principles of the perpetual inventory system. All inventory is
sold at a constant markup of 10% on cost.
The bookkeeper of Hambakahle Traders requested your assistance in recording the correct sales returns transaction in the
sales returns journal. The following transaction (including 15% VAT) occurred on 20 February.
Credit note no. 155 was issued to Mr. Mphokase for an overcharge on the invoice for the goods, valued at R2 020.
Returned damaged goods to Shesha Stores and issued a debit note No. 254 for R1050.
Required:
Record the transaction in the applicable sales returns journal of Hambakahle Traders for February 2025.
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. If no amount should be recorded in any of the numeric spaces, please indicate it by filling in a zero ("0")
4. Only show the amount, do not show the "R" (eg: 1000)
Hambakahle Traders
Sales returns journal – February 2025
Doc no Day Details Fol VAT Sales returns Cost of sales
Trade receivables
output
R R R R
20
254 Mr Mphokase 263.48 1756.52 1596.84 2020
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=25663432&cmid=1106289 1/5
,THE BMZ ACADEMY 2025
4/7/25, 10:27 AM Assessment 2 (page 1 of 2)
Question 2
Not yet answered
Marked out of 6.00
NS Technologies will sublet part of its building to NM Stores for R12 500 per month from 1 January 20.2 for the current
financial year. The financial year of NS Technologies begins on 1 October of every year. The rental income account in the
pre-adjustment trial of HS Traders has a balance of R150 000 on 30 September 20.2.
The correct general ledger entries in the rental income account of NS Technologies on 30 September 20.2 are ...
Instructions:
1. First do the adjustment general ledger entries and then do your closing transfer general ledger entries.
2. Use a full stop to indicate any decimals (eg: 1000.01)
3. Round off to the second decimal after the full stop (eg: 50.56)
4. Only show the amount, do not show the R (eg: 12141)
NS TECHNOLOGIES
GENERAL LEDGER
Dr Rental income Cr
20.2 R 20.2 R
Sep 30 Sep 30
Profit or loss account 112500 Bank 150 000
Accrued income 37500
Question 3
Not yet answered
Marked out of 1.00
Indicate whether the following statement is true or false:
The profit or loss account are closed off to the statement of financial position for a financial year.
True
False
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, THE BMZ ACADEMY 2025
4/7/25, 10:27 AM Assessment 2 (page 1 of 2)
Question 4
Not yet answered
Marked out of 4.00
Du Toit Traders, a registered VAT vendor, buys and sells hand sanitisers. The VAT rate is 15%. All goods are sold at a
constant mark-up of 25% and the entity uses the periodic inventory system.
On 3 March 2025, Du Toit Traders purchased inventory from Mfeketo Dealers as per credit invoice, R13 450(VAT exclusive).
Required:
Record the transaction provided above in the applicable subsidiary journal of Du Toit Traders.
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. If no amount should be recorded in any of the numeric spaces, please indicate it by filling in a zero ("0")
Du Toit Traders
Purchases journal – March 2025
Doc
no Day Details Fol VAT Input Purchases Trade payables
R R R
Mfeketo Dealers 2017.5 13450 15467.5
3
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=25663432&cmid=1106289 3/5
