5/5/25, 10:26 AM Assessment 4 Group 1 from 10:00 (page 1 of 2)
Question 1
Not yet answered
Marked out of 12.00
Dashboard Calendar
The following balances were extracted from the subsidiary journals of General Spaza Shop as at 28 February 20.2.
Dashboard / My courses / FAC1502-25-S1 / General / Assessment 4 Group 1 from 10:00
R
Cash receipts journal
VAT input 1 207,50
Sales column 153 300,00
Cash payments journal
Purchases column 221 900,00
VAT output 1 780,00
Purchases journal
Trade payables column 152 950,00
Sales journal
Trade receivables column 291 812,50
Purchases returns journal
Trade payables column 17 307,50
Sales returns journal
Trade receivables column 12 880,00
On 1 February 20.2, the VAT input account had an opening balance of R42 000 and the VAT output account had an opening balance of
R63 000.
The applicable VAT rate is 15%.
Using the above information, compile the VAT output account in the general ledger as at 28 February 20.2, including the
final closing transfer.
Instructions:
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. Only show the amount, do not show the R (eg: 12141.72)
4. Keep the ledger entries strictly according to the information given.
GENERAL SPAZA SHOP
GENERAL LEDGER
Dr VAT output Cr
20.2 R 20.2 R
SRJ b/d
Feb 28 Trade receivables control 1680 Feb 1 Balance 63000
GJ CRJ
VAT control 124157.5 Feb 28 Bank 22995
CPJ 1780
Trade payables control
SJ
Trade receivables control 38062.5
125837.5 125837.5
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,5/5/25, 10:26 AM Assessment 4 Group 1 from 10:00 (page 1 of 2)
Question 2
Not yet answered
Marked out of 10.00
Dashboard Calendar
Matsei Traders a registered VAT vendor and applies the principles of the perpetual inventory system.
The following
Dashboard / Myinformation
courses / was extracted from
FAC1502-25-S1 / the financial
General records of Matsei
/ Assessment 4 GroupTraders
1 fromon10:00
30 June 2024.
MATSEI TRADERS
EXTRACT FROM THE TRIAL BALANCE AS AT 30 JUNE 2024
Debit Credit
R R
Capital: M Matsei (1 July 2023) 306 000
Drawings 43
200
Loan receivable 339 132
Inventory: Trading 35
760
Additional information:
The following information must still be taken into account for the year ended 30 June 2024:
a) During the current financial year, the owner contributed an amount of R19 200. The accountant mistakenly didn’t account for it.
b) Revenue for the year amounted to R366 720
c) Cost of sales for the year amounted to R307 200
d) Distribution, administrative and other expenses for the year amounted to R197 520
Required:
Prepare the Statement of changes in equity for the year ended 30 June 2024
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. All amounts that will be deducted from the balance must be recorded with a negative sign in front of the amount (eg: -1000.01)
4. When no amount needs to be entered in a column, then indicate this by entering "0" in the column.
Matsei Traders
Statement of changes in equity for the year ended 30
June 2024
Capital
R
Balance as at 1 July 2023 306000
Capital contribution 19200
Comprehensive loss for the year -138000
Less: Drawings -43200
Balance as at 30 June 2024 144000
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,5/5/25, 10:26 AM Assessment 4 Group 1 from 10:00 (page 1 of 2)
Question 3
Not yet answered
Marked out of 18.00
Dashboard Calendar
K Swa Traders (not a registered VAT vendor) makes use of the periodic inventory system and a mark-up of 50% on cost price. The following
transactions
Dashboard took
/ My place during
courses the current financial
/ FAC1502-25-S1 year:/ Assessment 4 Group 1 from 10:00
/ General
(a) Bought inventory for R16 750 on account
(b) The owner takes inventory for personal use with a cost price of R750.
(c) Inventory was sold for cash for R7 275.
Required:
Record the above transactions in the table provided below.
Instructions:
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. A decrease in an amount must be indicated by using a negative sign in front of the amount (eg: -1000.01)
4. An increase must be indicated by the amount without any sign (eg: 1000.01)
5. If an option has a increase as well as a decrease the net effect will be 0.
6. If an option has been provided that is not applicable to the question, please use N/A in the column to indicate that the option is not
applicable.
Subsidiary journal Account in the general ledger to be Net effect Net effect on Net effect
No on = equity + on
assets liabilities
Debited Credited
(a) Purchases journal Purchases Trade payables control 16750 N/A 16750
(b) General journal Drawings Inventory -750 -750 N/A
(c) Cash receipts journal Bank Sales 7275 7275 N/A
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, 5/5/25, 10:26 AM Assessment 4 Group 1 from 10:00 (page 1 of 2)
Question 4
Not yet answered
Marked out of 2.00
Dashboard Calendar
Betties Dealers obtained a loan of R 900 000 from VL Bank on 1 September 2023. The loan is secured by mortgage over land and buildings
Dashboard / My courses / FAC1502-25-S1 / General / Assessment 4 Group 1 from 10:00
and is redeemable in four equal annual instalments. The first instalment on loan is payable on 31 August 2024. The interest rate payable is
11%. Betties Dealers financial year end 31 March.
The amount of the interest expense to be disclosed in the statement of profit or loss and other comprehensive income for the year
ended 31 March 2024 is …
Instructions:
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. Do not type in “R” for Rand in the numeric block
Answer: 57750
Question 5
Not yet answered
Marked out of 4.00
Please choose the correct option for the given scenario:
Examples of accounts that will be disclosed as current liabilities in
Bank overdraft; income received in advance and accrued expenses.
the statement of financial position.
Examples of accounts that will be disclosed as current assets in the
statement of financial position. Prepaid expenses, consumable stores on hand and bank.
Examples of accounts that will be disclosed as non-current
liabilities in the statement of profit or loss and other Long term loans; debentures; mortgages
comprehensive income.
Examples of accounts that will be disclosed as non-current assets
Machinery, land and vehicles.
in the statement of financial position.
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Question 1
Not yet answered
Marked out of 12.00
Dashboard Calendar
The following balances were extracted from the subsidiary journals of General Spaza Shop as at 28 February 20.2.
Dashboard / My courses / FAC1502-25-S1 / General / Assessment 4 Group 1 from 10:00
R
Cash receipts journal
VAT input 1 207,50
Sales column 153 300,00
Cash payments journal
Purchases column 221 900,00
VAT output 1 780,00
Purchases journal
Trade payables column 152 950,00
Sales journal
Trade receivables column 291 812,50
Purchases returns journal
Trade payables column 17 307,50
Sales returns journal
Trade receivables column 12 880,00
On 1 February 20.2, the VAT input account had an opening balance of R42 000 and the VAT output account had an opening balance of
R63 000.
The applicable VAT rate is 15%.
Using the above information, compile the VAT output account in the general ledger as at 28 February 20.2, including the
final closing transfer.
Instructions:
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. Only show the amount, do not show the R (eg: 12141.72)
4. Keep the ledger entries strictly according to the information given.
GENERAL SPAZA SHOP
GENERAL LEDGER
Dr VAT output Cr
20.2 R 20.2 R
SRJ b/d
Feb 28 Trade receivables control 1680 Feb 1 Balance 63000
GJ CRJ
VAT control 124157.5 Feb 28 Bank 22995
CPJ 1780
Trade payables control
SJ
Trade receivables control 38062.5
125837.5 125837.5
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,5/5/25, 10:26 AM Assessment 4 Group 1 from 10:00 (page 1 of 2)
Question 2
Not yet answered
Marked out of 10.00
Dashboard Calendar
Matsei Traders a registered VAT vendor and applies the principles of the perpetual inventory system.
The following
Dashboard / Myinformation
courses / was extracted from
FAC1502-25-S1 / the financial
General records of Matsei
/ Assessment 4 GroupTraders
1 fromon10:00
30 June 2024.
MATSEI TRADERS
EXTRACT FROM THE TRIAL BALANCE AS AT 30 JUNE 2024
Debit Credit
R R
Capital: M Matsei (1 July 2023) 306 000
Drawings 43
200
Loan receivable 339 132
Inventory: Trading 35
760
Additional information:
The following information must still be taken into account for the year ended 30 June 2024:
a) During the current financial year, the owner contributed an amount of R19 200. The accountant mistakenly didn’t account for it.
b) Revenue for the year amounted to R366 720
c) Cost of sales for the year amounted to R307 200
d) Distribution, administrative and other expenses for the year amounted to R197 520
Required:
Prepare the Statement of changes in equity for the year ended 30 June 2024
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. All amounts that will be deducted from the balance must be recorded with a negative sign in front of the amount (eg: -1000.01)
4. When no amount needs to be entered in a column, then indicate this by entering "0" in the column.
Matsei Traders
Statement of changes in equity for the year ended 30
June 2024
Capital
R
Balance as at 1 July 2023 306000
Capital contribution 19200
Comprehensive loss for the year -138000
Less: Drawings -43200
Balance as at 30 June 2024 144000
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,5/5/25, 10:26 AM Assessment 4 Group 1 from 10:00 (page 1 of 2)
Question 3
Not yet answered
Marked out of 18.00
Dashboard Calendar
K Swa Traders (not a registered VAT vendor) makes use of the periodic inventory system and a mark-up of 50% on cost price. The following
transactions
Dashboard took
/ My place during
courses the current financial
/ FAC1502-25-S1 year:/ Assessment 4 Group 1 from 10:00
/ General
(a) Bought inventory for R16 750 on account
(b) The owner takes inventory for personal use with a cost price of R750.
(c) Inventory was sold for cash for R7 275.
Required:
Record the above transactions in the table provided below.
Instructions:
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. A decrease in an amount must be indicated by using a negative sign in front of the amount (eg: -1000.01)
4. An increase must be indicated by the amount without any sign (eg: 1000.01)
5. If an option has a increase as well as a decrease the net effect will be 0.
6. If an option has been provided that is not applicable to the question, please use N/A in the column to indicate that the option is not
applicable.
Subsidiary journal Account in the general ledger to be Net effect Net effect on Net effect
No on = equity + on
assets liabilities
Debited Credited
(a) Purchases journal Purchases Trade payables control 16750 N/A 16750
(b) General journal Drawings Inventory -750 -750 N/A
(c) Cash receipts journal Bank Sales 7275 7275 N/A
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, 5/5/25, 10:26 AM Assessment 4 Group 1 from 10:00 (page 1 of 2)
Question 4
Not yet answered
Marked out of 2.00
Dashboard Calendar
Betties Dealers obtained a loan of R 900 000 from VL Bank on 1 September 2023. The loan is secured by mortgage over land and buildings
Dashboard / My courses / FAC1502-25-S1 / General / Assessment 4 Group 1 from 10:00
and is redeemable in four equal annual instalments. The first instalment on loan is payable on 31 August 2024. The interest rate payable is
11%. Betties Dealers financial year end 31 March.
The amount of the interest expense to be disclosed in the statement of profit or loss and other comprehensive income for the year
ended 31 March 2024 is …
Instructions:
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. Do not type in “R” for Rand in the numeric block
Answer: 57750
Question 5
Not yet answered
Marked out of 4.00
Please choose the correct option for the given scenario:
Examples of accounts that will be disclosed as current liabilities in
Bank overdraft; income received in advance and accrued expenses.
the statement of financial position.
Examples of accounts that will be disclosed as current assets in the
statement of financial position. Prepaid expenses, consumable stores on hand and bank.
Examples of accounts that will be disclosed as non-current
liabilities in the statement of profit or loss and other Long term loans; debentures; mortgages
comprehensive income.
Examples of accounts that will be disclosed as non-current assets
Machinery, land and vehicles.
in the statement of financial position.
https://cas.myexams.unisa.ac.za/mod/quiz/attempt.php?attempt=276967&cmid=71773 5/6
