SYDNEY TUTORING ACADEMY
SEMESTER II 2023
FAC 1501 ASSESSMENT 8
SEMESTER 2 2023
DISTINCTION GUARANTEED
083 533 6960
WANDA DER TUTOR
OPENED: 20 OCT 2023
CLOSE BY: 23 OCT 2023
FACEBOOK: SYDNEY TUTORING ACADEMY
, UNISA 2023 FAC1501-23-S2 Welcome Message Assessment 8
QUIZ
Time left 0:53:46
Question 1
Not yet answered
Marked out of 2.00
Purchases of inventory under the periodic inventory control system will be
recorded under which one of the following accounts?
Select one:
a. Purchases account
b. Inventory account
c. Purchases returns account
d. Cost of sales
Clear my choice
Question 2
Not yet answered
Marked out of 3.00
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:
R
Inventory (1 March 2020) 171 450
Sales 379 226
Sales returns 3 250
Purchases 105 928
Freight on purchases 4 250
Freight on sales 2 150
A physical inventory count on 28 February 2021 indicated that the inventory on
hand amounted to R87 500.
NB: Instructions
1. Do not type the amount with any spaces as separators for thousands (eg:
12141.72)
2. Use a full stop to indicate any decimals (eg: 1000.01)
3. You must enter cents even if it is 0 (eg .00)
4. Only show the amount, do not show the R (eg: 12141.72)
Answer: 194128.00
,Question 3
Not yet answered
Marked out of 10.00
Bongwa Traders is a registered VAT vendor and uses the periodic inventory
system. Bongwa Traders sells custom made jewellery for cash or on credit. The
jewellery is made and sold to raise awareness for nature conservation and the
importance of various indigenous animals and plants for local communities.
Each piece of jewellery is accompanied by a pamphlet explaining the
importance of a specific plant or animal linked to the piece.
On 1 March 2023, Bongwa Traders sold a custom set of earrings and necklace
on credit to L Sakhe for R9 940 (VAT Inclusive). On 27 April 2023, L Sakhe
settled her account and received R480 (VAT exclusive) discount for early
settlement.
Required:
Record the transaction that took place on 27 April 2023 in the applicable
subsidiary journal.
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. An amount which will affect a Dr entry in the general ledger must be indicated
by using a negative sign in front of the amount (eg: -1000.01) (This is not
applicable for the Bank column)
4. When no amount needs to be entered in a column, then indicate this by
entering "0" in the column.
Bongwa Traders
Cash receipts journal – April 2023
Day Details Bank Settlement VAT
Analysis of receipt Trade receivables
discount
Input
granted
R R R R R
27
L Sakhe 10492.0 10492.0 9940.00 -480.00 -72.00
, Question 4
Not yet answered
Marked out of 3.00
The following transactions by Africa Traders occurred during February 2021:
1. The provisional total of the bank column in the Cash receipts journal was
R18 463.01
2. The provisional total the bank column in the Cash payments journal was
R22 963.65
3. A direct deposit to the amount of R3 400.00 made by a client was
entered in the correct cash journal as R4 300.00
4. Debit order in favour of Tshwane Municipality to the amount of R4 240.65
in payment of the water and electricity account
5. SA Traders returned unfit merchandise with a selling price of R1 832.43.
SA Traders purchased the merchandise on credit
6. Services delivered for cash to SA Dealers - R2 248.05
7. Bank charges per the bank statement, R466.75
8. Interest on a favourable bank balance amounted to R627.90
What will the new total of the bank column in the Cash Payments Journal of
Africa Traders at 28 February 2021 be?
NB: Instructions
1. Do not type the amount with any spaces as separators for thousands (eg:
12141.72)
2. Use a full stop to indicate any decimals (eg: 1000.01)
3. You must enter cents even if it is 0 (eg .00)
4. Only show the amount, do not show the R (eg: 12141.72)
Answer: 27671.05
Question 5
Not yet answered
Marked out of 2.00
When comparing the cash journals for the month ending 31 March 2022 with the
bank statement of SA Traders for the same period, it was noted that credit card
payment number 143 to the amount of R1 800 which was received from A South,
a debtor, was recorded in the cash receipts journal but does not appear on the
bank statement.
The correct entry in the accounting records of SA Traders is to:
Select one:
a. Make an entry on the credit side of the bank reconciliation statement of
SA Traders as at 31 March 2022.
b. Make an entry on the debit side of the bank reconciliation statement of
SA Traders as at 31 March 2022.
c. Make an entry in the cash receipts journal of SA Traders for March
2022.
d. Make an entry in the cash payments journal of SA Traders for March
2022.
Clear my choice
SEMESTER II 2023
FAC 1501 ASSESSMENT 8
SEMESTER 2 2023
DISTINCTION GUARANTEED
083 533 6960
WANDA DER TUTOR
OPENED: 20 OCT 2023
CLOSE BY: 23 OCT 2023
FACEBOOK: SYDNEY TUTORING ACADEMY
, UNISA 2023 FAC1501-23-S2 Welcome Message Assessment 8
QUIZ
Time left 0:53:46
Question 1
Not yet answered
Marked out of 2.00
Purchases of inventory under the periodic inventory control system will be
recorded under which one of the following accounts?
Select one:
a. Purchases account
b. Inventory account
c. Purchases returns account
d. Cost of sales
Clear my choice
Question 2
Not yet answered
Marked out of 3.00
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:
R
Inventory (1 March 2020) 171 450
Sales 379 226
Sales returns 3 250
Purchases 105 928
Freight on purchases 4 250
Freight on sales 2 150
A physical inventory count on 28 February 2021 indicated that the inventory on
hand amounted to R87 500.
NB: Instructions
1. Do not type the amount with any spaces as separators for thousands (eg:
12141.72)
2. Use a full stop to indicate any decimals (eg: 1000.01)
3. You must enter cents even if it is 0 (eg .00)
4. Only show the amount, do not show the R (eg: 12141.72)
Answer: 194128.00
,Question 3
Not yet answered
Marked out of 10.00
Bongwa Traders is a registered VAT vendor and uses the periodic inventory
system. Bongwa Traders sells custom made jewellery for cash or on credit. The
jewellery is made and sold to raise awareness for nature conservation and the
importance of various indigenous animals and plants for local communities.
Each piece of jewellery is accompanied by a pamphlet explaining the
importance of a specific plant or animal linked to the piece.
On 1 March 2023, Bongwa Traders sold a custom set of earrings and necklace
on credit to L Sakhe for R9 940 (VAT Inclusive). On 27 April 2023, L Sakhe
settled her account and received R480 (VAT exclusive) discount for early
settlement.
Required:
Record the transaction that took place on 27 April 2023 in the applicable
subsidiary journal.
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. An amount which will affect a Dr entry in the general ledger must be indicated
by using a negative sign in front of the amount (eg: -1000.01) (This is not
applicable for the Bank column)
4. When no amount needs to be entered in a column, then indicate this by
entering "0" in the column.
Bongwa Traders
Cash receipts journal – April 2023
Day Details Bank Settlement VAT
Analysis of receipt Trade receivables
discount
Input
granted
R R R R R
27
L Sakhe 10492.0 10492.0 9940.00 -480.00 -72.00
, Question 4
Not yet answered
Marked out of 3.00
The following transactions by Africa Traders occurred during February 2021:
1. The provisional total of the bank column in the Cash receipts journal was
R18 463.01
2. The provisional total the bank column in the Cash payments journal was
R22 963.65
3. A direct deposit to the amount of R3 400.00 made by a client was
entered in the correct cash journal as R4 300.00
4. Debit order in favour of Tshwane Municipality to the amount of R4 240.65
in payment of the water and electricity account
5. SA Traders returned unfit merchandise with a selling price of R1 832.43.
SA Traders purchased the merchandise on credit
6. Services delivered for cash to SA Dealers - R2 248.05
7. Bank charges per the bank statement, R466.75
8. Interest on a favourable bank balance amounted to R627.90
What will the new total of the bank column in the Cash Payments Journal of
Africa Traders at 28 February 2021 be?
NB: Instructions
1. Do not type the amount with any spaces as separators for thousands (eg:
12141.72)
2. Use a full stop to indicate any decimals (eg: 1000.01)
3. You must enter cents even if it is 0 (eg .00)
4. Only show the amount, do not show the R (eg: 12141.72)
Answer: 27671.05
Question 5
Not yet answered
Marked out of 2.00
When comparing the cash journals for the month ending 31 March 2022 with the
bank statement of SA Traders for the same period, it was noted that credit card
payment number 143 to the amount of R1 800 which was received from A South,
a debtor, was recorded in the cash receipts journal but does not appear on the
bank statement.
The correct entry in the accounting records of SA Traders is to:
Select one:
a. Make an entry on the credit side of the bank reconciliation statement of
SA Traders as at 31 March 2022.
b. Make an entry on the debit side of the bank reconciliation statement of
SA Traders as at 31 March 2022.
c. Make an entry in the cash receipts journal of SA Traders for March
2022.
d. Make an entry in the cash payments journal of SA Traders for March
2022.
Clear my choice
