FAC1502-23-S2 Assessment 3 Attempt Review with Complete Solutions

FAC1502-23-S2: Assessment 3 Attempt Review and
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Question 1
Complete

Mark 1.00 out of 1.00




Indicate whether the following statement is true or false regarding investment in shares:
The return on the investment in shares purchased in a company are called dividends.




Select one:
True

False

,Question 2
Complete

Mark 6.00 out of 7.00




The accountant of Mixed-up Traders requires your assistance to properly balance and reconcile the trade
receivables control and trade payable control accounts with the total list of trade receivables and total list of
trade payables for the month ended on 30 November 20.9.
The accountant provided you with the following information in respect of October and November 20.9 which was
obtained from the records of Mixed-up Traders:
Balance for trade payables control account - 31 October 20.9
R19 442 Balance for trade receivables control accounts - 31
October 20.9 R33 450
Totals for the month of November
20.9 Cash payment journal:
Purchases......................................................................................................... R29 760
Trade payables column……………………………………………………. R 5
980 Settlement discount received
column…………………………………….. R

786
VAT input column............................................................................................ R 4 464
VAT output column…………………………………………………………... R118
Cash receipts journal:
Sales.................................................................................................................. R130
600
Trade receivables column………………………………………………… R 42
500 Settlement discount granted
column…………………………………….. R 2 980 VAT input
column…………………………………………………………... R 447
VAT output column…………………………………………………………. R 19 590
Sales journal:
Trade receivables column.......................................................................... R90 500
VAT output column........................................................................................ R13 575
Sales return journal:
Trade receivables column.......................................................................... R5 640
VAT output column………………………………………………………….. R 846
Purchases journal:
Trade payables column............................................................................... R10 560
VAT input column........................................................................................... R 1 377
Purchases return journal:
Trade payables column.................................................................................. R560
VAT input column…………………………………………………………….. R 73
General journal:
Credit losses (excluding VAT input).........................................................R1 096
VAT input (on credit losses)………………………………………………… R 164
Creditors with debit balances transferred to trade receivables
ledger……….. R 2 567 Total list of the debtor’s balances per trade
receivable ledger - 30 Nov 20.9........................................................................ R76
307
Total list of the creditor’s balances per trade payable ledger - 30 Nov 20 9… R25 481


In the process of reconciling the balance of trade payables control accounts with the list of balances in the
trade payables ledger, the following errors and omissions were identified (all the following transactions are
inclusive of 15% VAT):
(a) A debit note for R986 in respect of goods returned to S Hart was entered in the sales return journal instead of
purchases return journal and posted to the account of S Haurt in the trade receivables ledger instead of S Hart in
the trade payable ledger. No correcting entries have been made in any journals.
(b) An invoice of R690 for goods purchased from B Smith, was erroneously omitted from the purchases journal.
(c) The total list of trade payables balances was undercast by R450.
(d) An invoice for R1 799 which had been correctly entered in the purchases journal was entered against the
account of Siyanqoba Ltd as R1 997.
Complete the trade payables control account for the month ended 30 November 20.9 to determine the balance of the
trade payables control account.


Instructions:

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

Please keep the sequence of transactions strictly according to the information given but also in the correct format.

, Bank, settlement discount received and VAT input Balance b/d 19
5 980 442

Purchases returns and VAT input 1 546 Purchases returns and VAT input 11
250

Balance c/d 25 733 2 567
Trade receivables control




33 259 33 259




Balance b/d Balance c/d


Bank, settlement discount granted and VAT Bank, settlement discount received and VAT
output input
Bank, settlement discount received and VAT Bank, settlement discount granted and VAT
output input
Bank Settlement discount received


Settlement discount granted VAT input


VAT output Purchases and VAT output


Purchases and VAT input Trade receivables control


Purchases returns and VAT input Purchases returns and VAT output


37 359

73 560 2 567 1 546 19 442 18 992 29 760 5 980 786 4 464 118 90 500 10 560


1 377 11 937 12 627 11 250 633 1 619 25 733 33 259 34 159




Question 3
Complete

Mark 1.00 out of 1.00




Indicate whether the following statement is true or false:
It is not important to keep strict control over inventory.




Select one:
True

False