FAC1502
Assignment 2 QUIZ Semester 2 2025
Detailed Solutions, References & Explanations
Unique number: 253401
Due Date: 2 September 2025
Terms of use
By making use of this document you agree to:
Use this document as a guide for learning, comparison and reference purpose,
Terms of use
Not to duplicate, reproduce and/or misrepresent the contents of this document as your own work,
By making use of this document you agree to:
Use this document
Fully accept the consequences
solely as a guide forshould you plagiarise
learning, reference,or and
misuse this document.
comparison purposes,
Ensure originality of your own work, and fully accept the consequences should you plagiarise or misuse this document.
Comply with all relevant standards, guidelines, regulations, and legislation governing academic and written work.
Disclaimer
Great care has been taken in the preparation of this document; however, the contents are provided "as is" without any express or
implied representations or warranties. The author accepts no responsibility or liability for any actions taken based on the
information contained within this document. This document is intended solely for comparison, research, and reference purposes.
Reproduction, resale, or transmission of any part of this document, in any form or by any means, is strictly prohibited.
, FAC1502-25-S2 Welcome Message Assessment 2
QUIZ
Time left 0:33:20
Question 1
Not yet answered
Marked out of 6.00
Meloding Traders is a registered VAT vendor that applies the principles of the periodic inventory system. All inventory is sold at a
constant markup of 40% on cost.
Extract from the debtors and creditors lists of balances as at 31 January 2025:
Y Wholesalers R6 450
M Fylmont R6 500
The bookkeeper of Meloding Traders requested your assistance in recording the following transaction in the subsidiary journal. The
following transactions (inclusive of 15% VAT) took place on 3 February 2025:
Y Wholesalers deposited R5 900 directly into Meloding Traders' bank account in full settlement of his account.
Made an EFT payment to M Flymont of R5 920 in full settlement of the account.
Required:
Record the applicable transaction provided above in the subsidiary journal of Meloding 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")
Meloding Traders
Cash receipts journal—February 2025
Day Details Bank Sales Trade receivables control VAT output Settlement discount granted
R R R R R
3
Y Wholesalers 5900.0 0.00 5130.4 769.57 550.00
Assignment 2 QUIZ Semester 2 2025
Detailed Solutions, References & Explanations
Unique number: 253401
Due Date: 2 September 2025
Terms of use
By making use of this document you agree to:
Use this document as a guide for learning, comparison and reference purpose,
Terms of use
Not to duplicate, reproduce and/or misrepresent the contents of this document as your own work,
By making use of this document you agree to:
Use this document
Fully accept the consequences
solely as a guide forshould you plagiarise
learning, reference,or and
misuse this document.
comparison purposes,
Ensure originality of your own work, and fully accept the consequences should you plagiarise or misuse this document.
Comply with all relevant standards, guidelines, regulations, and legislation governing academic and written work.
Disclaimer
Great care has been taken in the preparation of this document; however, the contents are provided "as is" without any express or
implied representations or warranties. The author accepts no responsibility or liability for any actions taken based on the
information contained within this document. This document is intended solely for comparison, research, and reference purposes.
Reproduction, resale, or transmission of any part of this document, in any form or by any means, is strictly prohibited.
, FAC1502-25-S2 Welcome Message Assessment 2
QUIZ
Time left 0:33:20
Question 1
Not yet answered
Marked out of 6.00
Meloding Traders is a registered VAT vendor that applies the principles of the periodic inventory system. All inventory is sold at a
constant markup of 40% on cost.
Extract from the debtors and creditors lists of balances as at 31 January 2025:
Y Wholesalers R6 450
M Fylmont R6 500
The bookkeeper of Meloding Traders requested your assistance in recording the following transaction in the subsidiary journal. The
following transactions (inclusive of 15% VAT) took place on 3 February 2025:
Y Wholesalers deposited R5 900 directly into Meloding Traders' bank account in full settlement of his account.
Made an EFT payment to M Flymont of R5 920 in full settlement of the account.
Required:
Record the applicable transaction provided above in the subsidiary journal of Meloding 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")
Meloding Traders
Cash receipts journal—February 2025
Day Details Bank Sales Trade receivables control VAT output Settlement discount granted
R R R R R
3
Y Wholesalers 5900.0 0.00 5130.4 769.57 550.00
