FAC 1501 ASSIGNMENT 4 SEMESTER 2 2022/2023
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3 Assignment 3
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Question 1 of 20
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The following information relates to a bank reconciliation of Africa Traders for the month of
February 2020:
(1) The balance as per the bank account in the general ledger, before taking the items below into account,
was R5 670 unfavourable.
(2) Bank charges of R250 on the bank statement have not been entered in the cash payments journal.
(3) The bank has credited the bank statement in error with R40 which belongs to another customer.
(4) Cheque payments totalling R325 have been correctly entered in the cash payments journal but have
not been presented for payment.
(5) Cheques received, totalling R545, have been correctly entered in the cash receipts journal but have not
been deposited at the bank.
What was the balance as per the bank statement as at 28 February 2020?
A. R5 670 unfavourable
B. R6 100 unfavourable
C. R 6 180 unfavourable
D. R5 010 unfavourable
Answer Key: B
Feedback:
Refer to learning unit 8, paragraph 8.2 of the study guide.
Part 2 of 19 - 0.0/ 2.0 Points
Question 2 of 20
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The following transactions by Africa Traders occurred during February 2020:
(1). The following outstanding cheques appeared on the January 2020 bank reconciliation statement as
follows:
, Cheque no 10: R1 500
Cheque no 13: R800
Cheque no 14: R500
(2). From the outstanding cheques for January 2020, only cheque no 13: R800 was presented for payment
in February 2020.
(3). A comparison of the Cash receipts journal and the Cash payments journal for February 2020 with the
bank statement for February 2020, showed the following differences:
The following cheques issued in February 2020, were not presented for payment.
Cheque no :15 R2 000
Cheque no :19 R1 470
Cheque no :23 R990
(4). The bank statement of Africa Traders as at 28 February 2020 had a favourable balance of R13 400.
(5). The owner of Africa Traders deposited R5 000 into his personal bank account. SA Bank incorrectly
recorded the R5 000 in Africa Traders’ business account.
(6). Cheque no :35 for R281 was correctly recorded in the cash payments journal but according to the
bank statement received from SA Bank, the amount paid was R218.
Which one of the following amounts represents the correct balance of the general ledger bank account as
recorded in the bank reconciliation statement as at 28 February 2020?
A. R1 203 Dr
B. R1 877 Dr
C. R1 940 Dr
D. R1 077 Dr
Answer Key: B
Feedback:
Refer to learning unit 8, paragraph 8.3 of the study guide.
Part 3 of 19 - 0.0/ 2.0 Points
Question 3 of 20
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Africa Traders, a registered VAT vendor, manufactures and sells face masks. The VAT
rate is 15%. All goods are sold at a constant mark-up of 25% and the entity uses the perpetual
inventory system.
AFRICA TRADERS
18 Pine Street P O Box 363
PRETORIA PRETORIA 0001
, Tel (012) 340- VAT registration number Fax (012) 340-2641
2640
4306501234
Date: 7 CREDIT NOTE No: 60
February 2020
To: SA Traders
52 Fern Street
Pretoria
VAT registration number: 4376915243
Code Description Qty Unit price Amount
credited (R)
(R)
FM01 Face masks 80 35,00 2 800,00
Subtotal 2 800,00
VAT @ 15% 420,00
Total credit due 3 220,00
E & OE
How will the above source document be recorded in the applicable subsidiary journal of SA Traders
which is a registered VAT vendor. SA Traders buys and sells face masks and uses the periodic
inventory system?
A.
SA Traders
Sales Returns Journal – February 2020 SRJ02
Doc
no Day Details Fol VAT output Sales returns Debtors Cost of sales
R R R R
7 Africa Traders 420 2 800 3 220 2 240
myModules
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FAC1501-21-S1-4E / Online Assessment
Online Assessment
Online Assessment
3 Assignment 3
RETURN TO ASSESSMENT LIST
Part 1 of 19 - 0.0/ 2.0 Points
Question 1 of 20
0.0/ 2.0 Points
The following information relates to a bank reconciliation of Africa Traders for the month of
February 2020:
(1) The balance as per the bank account in the general ledger, before taking the items below into account,
was R5 670 unfavourable.
(2) Bank charges of R250 on the bank statement have not been entered in the cash payments journal.
(3) The bank has credited the bank statement in error with R40 which belongs to another customer.
(4) Cheque payments totalling R325 have been correctly entered in the cash payments journal but have
not been presented for payment.
(5) Cheques received, totalling R545, have been correctly entered in the cash receipts journal but have not
been deposited at the bank.
What was the balance as per the bank statement as at 28 February 2020?
A. R5 670 unfavourable
B. R6 100 unfavourable
C. R 6 180 unfavourable
D. R5 010 unfavourable
Answer Key: B
Feedback:
Refer to learning unit 8, paragraph 8.2 of the study guide.
Part 2 of 19 - 0.0/ 2.0 Points
Question 2 of 20
0.0/ 2.0 Points
The following transactions by Africa Traders occurred during February 2020:
(1). The following outstanding cheques appeared on the January 2020 bank reconciliation statement as
follows:
, Cheque no 10: R1 500
Cheque no 13: R800
Cheque no 14: R500
(2). From the outstanding cheques for January 2020, only cheque no 13: R800 was presented for payment
in February 2020.
(3). A comparison of the Cash receipts journal and the Cash payments journal for February 2020 with the
bank statement for February 2020, showed the following differences:
The following cheques issued in February 2020, were not presented for payment.
Cheque no :15 R2 000
Cheque no :19 R1 470
Cheque no :23 R990
(4). The bank statement of Africa Traders as at 28 February 2020 had a favourable balance of R13 400.
(5). The owner of Africa Traders deposited R5 000 into his personal bank account. SA Bank incorrectly
recorded the R5 000 in Africa Traders’ business account.
(6). Cheque no :35 for R281 was correctly recorded in the cash payments journal but according to the
bank statement received from SA Bank, the amount paid was R218.
Which one of the following amounts represents the correct balance of the general ledger bank account as
recorded in the bank reconciliation statement as at 28 February 2020?
A. R1 203 Dr
B. R1 877 Dr
C. R1 940 Dr
D. R1 077 Dr
Answer Key: B
Feedback:
Refer to learning unit 8, paragraph 8.3 of the study guide.
Part 3 of 19 - 0.0/ 2.0 Points
Question 3 of 20
0.0/ 2.0 Points
Africa Traders, a registered VAT vendor, manufactures and sells face masks. The VAT
rate is 15%. All goods are sold at a constant mark-up of 25% and the entity uses the perpetual
inventory system.
AFRICA TRADERS
18 Pine Street P O Box 363
PRETORIA PRETORIA 0001
, Tel (012) 340- VAT registration number Fax (012) 340-2641
2640
4306501234
Date: 7 CREDIT NOTE No: 60
February 2020
To: SA Traders
52 Fern Street
Pretoria
VAT registration number: 4376915243
Code Description Qty Unit price Amount
credited (R)
(R)
FM01 Face masks 80 35,00 2 800,00
Subtotal 2 800,00
VAT @ 15% 420,00
Total credit due 3 220,00
E & OE
How will the above source document be recorded in the applicable subsidiary journal of SA Traders
which is a registered VAT vendor. SA Traders buys and sells face masks and uses the periodic
inventory system?
A.
SA Traders
Sales Returns Journal – February 2020 SRJ02
Doc
no Day Details Fol VAT output Sales returns Debtors Cost of sales
R R R R
7 Africa Traders 420 2 800 3 220 2 240
