FAC1501-24-S1: Assessment 4 https://mymodules.dtls.unisa.ac.za/mod/quiz/view.php?

id=842828

UNISA  2024  FAC1501-24-S1  Welcome to FAC1501  Assessment 4

QUIZ

Assessment 4

Opened: Thursday, 25 April 2024, 8:00 AM

Closes: Monday, 29 April 2024, 9:00 PM

832358

You must have completed the activities of learning units 1 to 9 before assessment
4 will be available to you.

Kindly note that you will only be able to view your mark obtained for assessment 4
and the overall feedback for assessment 4 after you have submitted your attempt.

You will be able to view the questions you have received for the attempt, with their
answers and general feedback, after the due date of assessment 4.

Please note that if you do not submit mandatory assessment 4 (e.g. you are sick
or you did not complete all the required activities to open the assessment) or if
you submit an assessment without answering any of the questions, you will not be
given a second attempt to submit mandatory assessment 4, you will then have to
submit elective assessment 8 as a replacement for mandatory assessment 4.

NB: Please complete this assessment using a computer. If not possible use the
web browser of your phone. Some tables will not be visible through the
myModules app.

Attempts allowed: 1

Time limit: 1 hour 30 mins

Grade to pass: 50.00 out of 100.00

Summary of your previous attempts

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2024, 4:48 PM

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UNISA  2024  FAC1501-24-S1  Welcome to FAC1501  Assessment 4

QUIZ

Time left 0:49:20

Question 1

Not yet answered

Marked out of 5.00

Mapungubwe Traders primary business is to buy and sell battery back-up systems and other items to be used
during load shedding. Mapungubwe Traders is NOT a registered VAT vendor and applies the principles of the
periodic inventory system. On 1 April 2022, Mapungubwe Traders purchased small solar lighting systems
from a supplier (registered VAT vendor) to the amount of R14 120.65 (VAT inclusive) on account.

Required
a. Record the correct general ledger entries for the above transaction in the accounting records of
Mapungubwe Traders.
b. Indicate whether the VAT input or VAT output account was affected by the transaction or neither (N/A) as
well as the amount the applicable account was affected with.

NB: Instructions
Drag the correct answer into the correct space.
An option can be used more than once.

Purchases and VAT Bank 12 278.83

Purchases Trade payables control Purchases and VAT

Input 1 841.82
Inventory Trade receivables control and VAT Trade receivables control

Trade payables control and VAT Inventory and VAT Bank and VAT

Bank

1 841.82 Input Output N/A 2 118.10

14 120.65 16 238.75

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Question 2

Not yet answered

Marked out of 5.00

Mapungubwe Traders primary business is to buy and sell battery back-up systems and other items to be used
during load shedding. Mapungubwe Traders is a registered VAT vendor and applies the principles of the
periodic inventory system. On 1 April 2022, Mapungubwe Traders paid an amount of R13 635 (VAT inclusive)
with an electronic transfer to SA Couriers (registered VAT vendor) for the monthly delivery costs of online
orders.

Required
a. Record the correct general ledger entries for the above transaction in the accounting records of
Mapungubwe Traders.
b. Indicate whether the VAT input or VAT output account was affected by the transaction or neither (N/A) as
well as the amount the applicable account was affected with.

NB: Instructions
Drag the correct answer into the correct space.
An option can be used more than once.

Delivery costs and VAT Bank 11 856.52

Bank and VAT Delivery costs Bank

Input 1 778.48
Trade receivables control and VAT Trade payables control Delivery costs and VAT

Trade payables control and VAT Trade receivables control

2 045.25 Output N/A 1 778.48 Input

13 635 15 680.25

Question 3

Not yet answered

Marked out of 1.00

The bank reconciliation statement is a document prepared by the entity to ensure that all outstanding
transactions in the bank statements are accounted for during the reconciliation process.

True

False

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Question 4

Not yet answered

Marked out of 30.00

The bookkeeper of Agripa Superstore totalled the cash receipts and cash payments journals for
September 2022 before she received the bank statement for September 2022. The totals of the cash journals
were as follows:
• Cash receipts journal R52 800
• Cash payments journal R45 467

On comparing the bank statement with the cash receipts and cash payments journals for September 2022 and
the bank reconciliation statement for the month of August 2022, the following were noted:

1. On 1 September 2022, the bank account in the general ledger showed a favourable balance of R6 118.

2. On 30 September 2022, the bank statement showed a favourable balance of R16 141.

3. The following appeared on the bank statement, but not in the cash journals:

annual service fee – R520

internet service fee – R335
cash deposit fees – R185
a deposit on 25 September 2022 of R10 500 from Mr Molibeli, was paid directly into the bank account of
Agripa Superstore for rental of a portion of the store.
a debit order of R2 650 in favour of Telecom SA for the monthly phone line rental.

4. The following appeared in the cash journals, but not on the bank statement:

▪ debit card payment 115 made to the municipality on 29 September 2022, for water and electricity, while
the system was offline – R4 713
▪ deposit of R13 911, dated 30 September 2022.

5. P Eddy, a client, made an electronic transfer of R2 520 as payment on his account. The bookkeeper
incorrectly entered the amount as R3 250 in the cash receipts journal.

6. An electronic funds transfer for R5 492, made by another client of the bank, Mr Mosikili, was erroneously
entered on the bank statement of Agripa Superstore.

8. Goods purchased on credit for R11 300 on 27 September 2022, was erroneously recorded in the cash
payments journal of Agripa Superstore, instead of the purchases journal.

REQUIRED:

Complete the following in the accounting records of Agripa Superstore for the month ended on
30 September 2022:

• The cash receipts and cash payments journals (bank columns only), properly totalled, as at 30
September 2022
• The bank account in the general ledger, properly balanced, as at 30 September 2022
• The bank reconciliation statement as at 30 September 2022

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 entry in the credit column of the bank reconciliation statement must be indicated by using a negative
sign in front of the amount (eg: -1000.01)
4. An entry in the debit column of the bank reconciliation statement must be indicated
by the amount without any sign (eg: 1000.01)

Agripa Superstore

Cash receipts journal – September 2022

30 Subtotal
52800

Credit purchases (incorrect entry) 11300

Mr Molibeli 10500

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74600

Cash payments journal – September 2022

R
30 Subtotal
45467

P Eddy 730

Telecom SA 2650

Bank charges 1040

49887

Dr Bank B1 Cr

2022 R 2022 R

Sept 1 Balance b/d Sept 1 Balance b/d

6118 0

30 30
Total receipts CRJ 74600 Total payments CPJ 49887

Balance c/d Balance c/d

0 30831

80718 80718

Oct 1 Balance b/d Oct 1 Balance b/d

30831 0

Bank reconciliation statement as at 30 September 2022 Debit/Credit

Balance per bank statement 30831

Outstanding deposits -13911

Outstanding payments 4713

Correction of errors -5492

Balance per bank account -16141

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Question 5

Not yet answered

Marked out of 2.00

Africa Traders is not a registered VAT vendor and buys and sells furniture. Africa Traders sold a dining room
table for R3 400. The mark-up percentage on cost is 30%.
What is the pro�t the entity will make on 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: 784.62

Question 6

Not yet answered

Marked out of 2.00

Africa Traders is a registered VAT vendor and uses the periodic inventory system. Africa Traders buys and
sells furniture and equipment for cash or on credit. On 1 March 2021, Africa Traders sold furniture on credit to
Mrs A South to the amount of R15 750. On 27 April 2021, Mrs South paid R15 002,50 in full settlement of her
account.
Required:
What amount will be recorded in the settlement discount granted column of the cash receipts journal of
Africa Traders on 27 April 2021?

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: 650

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Question 7

Not yet answered

Marked out of 1.00

Africa Traders is a registered VAT vendor and uses the periodic inventory system. Africa Traders buys and
sells furniture and equipment for cash or on credit. On 1 March 2021, Africa Traders sold furniture on credit to
Mrs A South to the amount of R12 575. On 27 April 2021, Mrs South settled her account and received R805
discount for early settlement.
Required:
What amount will be recorded in the trade receivables column of the cash receipts journal of Africa Traders
on 27 April 2021?

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: 12575

Question 8

Not yet answered

Marked out of 3.00

The inexperienced bookkeeper of Africa Traders needs your assistance compiling the trial balance of Africa
Traders. Please indicate whether the amounts of the below accounts should be entered in the debit or credit
column:
1. Capital
2. Bank (favourable)
3. Cost of sales

Credit column

Debit column

Debit column

Debit column Credit column

Question 9

Not yet answered

Marked out of 1.00

One of the errors that will not be revealed by a trial balance is when the trial balance itself has not been
totalled correctly.

True

False

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