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Summary FAC1501 assignment 4(Test) - due 29 April 2025 6pm

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Institution University Of South Africa (Unisa)
Course Introductory Financial Accounting (FAC1501)
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6/19/24, 10:23 AM Assessment 5: Attempt review




UNISA  2024  FAC1501-24-S1  Welcome to FAC1501  Assessment 5

QUIZ




Started on Monday, 13 May 2024, 2:31 PM
State Finished
Completed on Monday, 13 May 2024, 3:05 PM
Time taken 33 mins 48 secs
Grade 84.45 out of 100.00
Feedback Congratulations, you passed this assessment with a distinction. Keep up the
good work.




https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=19119779&cmid=842829 1/17

,6/19/24, 10:23 AM Assessment 5: Attempt review

Question 1

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 profit 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




https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=19119779&cmid=842829 2/17

, 6/19/24, 10:23 AM Assessment 5: Attempt review

Inventory  82136


Trading account  82136


Closing transfer of closing inventory


Trading account  158797


Profit or loss account  158797


Closing transfer of gross profit




Refer to learning unit 10.3




https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=19119779&cmid=842829 3/17

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