Fac1501 Assignment 3 Semester 1 2023

Fac1501 Assignment 3 Semester 1
2023

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4/21/23, 3:26 PM Assessment 3 (page 1 of 2)




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Question 1
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Pashy Beauticians, a registered VAT vendor, provides hair and nail care services. The VAT rate is 15%.
The following is an extract from the financial records of Pashy Beauticians for January 2023:
R
Unfavourable bank balance (1 January) 2 790
Cash receipts journal: Bank column total (31 January) 38 923
Cash payments journal: Bank column total (31 January) 30 210


Required:
Complete the bank account in the general ledger of Pashy Beauticians for the month ending 31 January 2023.


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. If no amount should be recorded in any of the numeric spaces, please indicate it by filling in a zero ("0")



Dr Bank B1 Cr
2023 R 2023 R
Jan 1 Balance b/d Jan 1 Balance b/d
0 2790

31 31
Total receipts CRJ1 38923 Total payments CPJ1 30210

Balance c/d Balance c/d
0 5923

38923 38923

Feb 1 Balance b/d Feb 1 Balance b/d
5923 0




Question 2

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The cost of sales and the cost price of inventory on hand can only be determined according to the periodic inventory method.




Select one:
True

False




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Question 3
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Africa Traders is a registered VAT vendor that buys and sells furniture. The business makes use of the periodic inventory system. Use the following
Dashboard /from
information My courses / FAC1501-23-S1
the accounting records of /Africa
Welcome Message
Traders / Assessment
to calculate the cost 3of sales on 28 February 2021:
R
Inventory (1 March 2020) 336 210
Sales 1 924 300
Purchases 793 380
Carriage on purchases 13 720



A physical inventory count on 28 February 2021 indicated that the inventory on hand amounted to R243 220.

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: 900090




Question 4

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Africa Traders is not a registered VAT vendor and buys and sells furniture. Africa Traders sold a dining room table for R14 500. The mark-up
percentage on cost is 9%.

What is the gross profit the entity will make from this product?


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: 1197.25




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