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MODULE NAME: MODULE CODE:

BOOKKEEPING 1A BOOK5111/p/d
INTRODUCTION TO ACCOUNTING 1A INAC5111/d
BOOKKEEPING BKKA018

ASSESSMENT TYPE: TEST (PAPER ONLY)

TOTAL MARK ALLOCATION: 60 MARKS
TOTAL HOURS: 1 HOUR (+5 minutes reading time)
INSTRUCTIONS:
1. Please adhere to all instructions in the assessment booklet.
2. Independent work is required.
3. Five minutes per hour of the assessment to a maximum of 15 minutes is dedicated to reading
time before the start of the assessment. You may make notes on your question paper, but not
in your answer sheet. Calculators may not be used during reading time.
4. You may not leave the assessment venue during reading time, or during the first hour or
during the last 15 minutes of the assessment.
5. Ensure that your name is on all pieces of paper or books that you will be submitting. Submit
all the pages of this assessment’s question paper as well as your answer script.
6. Answer all the questions on the answer sheets or in answer booklets provided. The phrase
‘END OF PAPER’ will appear after the final set question of this assessment.
7. Remember to work at a steady pace so that you are able to complete the assessment within
the allocated time. Use the mark allocation as a guideline as to how much time to spend on
each section.
Additional instructions:
1. This is a CLOSED BOOK assessment.
2. Calculators are allowed.
3. Answer All Questions.
4. Ensure that you have received a special answer booklet (with forms drawn up) for entering
your answers. If you have not received an answer booklet, request one from the invigilator
before starting the assessment. Answer all questions in the answer booklet provided.
5. Show all calculations, where applicable (marks may be awarded for this).

© The Independent Institute of Education (Pty) Ltd 2022

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Question 1 (Marks: 40)

Fatherland coffee is a coffee group with multiple shops in South Africa, they have just opened a
coffee shop in groenkloof. Fatherland uses a perpetual inventory system The owner of the group
would like to know whether the store has been successful in the month that it has been open.
Fatherland coffee uses a gross margin of 30%. Ignore VAT

The following are transactions occurred during March 2022

Day Transaction
1 Fatherland coffee paid via EFT no.C1 for merchandise worth R6 800, this was bought
from Beans Ltd
8 Withdrawal no.C2 was made to replenish the petty cash imprest amount of R10 000.
Currently only R6 000 is in the petty cash account.
9 Cash sales of the merchandise bough on the 1st of March according to the cash
register roll CCR301.
10 Made payment via EFT no.C3 for rent of the premises of R9 000. The premises is
owned by Brighter day.
14 Issued receipt no.RR4 for services rendered to Loftus Fersfeld at R3 000.
15 Purchased printing paper for R500 and tea for the employees for R150 using the
money in the petty cash tin, doc no.P1
19 Received a bank loan from FBN at R10 900. The bank paid the amount directly into
the bank account.
21 Use R500 from Petty cash to pay for fuel. P2 was used.
25 The bank statement from FBN reflected transaction fees of R150 and interest on the
favourable balance of R80.
26 Bought packing material of R120 and milk for staff to use of R25 from Spar and paid
using petty cash. P3 was used.
28 Bought 4 kg coffee beans as inventory from Beans Ltd and paid via EFT No C4. Beans
charge R130 per Kg.

Required:
Prepare the following cash journals for March 2022.
Round to the nearest Rand.
You are not required to total the journals.

© The Independent Institute of Education (Pty) Ltd 2022

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Q.1.1 Cashbook Receipts (15)

Q.1.2 Cashbook Payments (15)

Q.1.3 Petty Cash Journal (10)

Question 2 (Marks: 20)

Complete the table below by filling in the missing blocks and state which of the VAT categories the
below falls under. Where VAT does not apply calculate Selling Price and/or Cost Price as if there is
no VAT. Round to two decimals.
Hint: First determine the applicable VAT category as this will impact on the other calculations.
Mark‐up Cost Price Selling Gross VAT Supply
on cost (Excl. VAT) price Margin category
(Incl. VAT)
Brown bread 20% A R150 B C
Stapples for resale D R13 700 E 30% F
Sale of sanitary pads G R9 777 R11 369 H I
Fuel for resale purposes Zero‐rated
J K R5 400 65%
supply
White bread for resale Standard
1
purpose 56 % R3 500 L N rated
3
supply

END OF PAPER

© The Independent Institute of Education (Pty) Ltd 2022

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