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The /inexperienced
bookkeeper
of Africa
Traders
needs your4assistance compiling the bank reconciliation of Africa Traders for the
Marked out of
5.00
month ending 28 February 2022. Please match the transaction provided with where it should be recorded whilst compiling the
bank reconciliation.
An electronic funds transfer for the payment of
salaries only appears on the bank statement
Cash payments journal
A cash slip for milk, tea and coffee purchased by
the owner from his personal bank account was
inadvertently recorded in the cash journals of
Africa Traders.
Cash receipts journal
An outstanding payment on the previous month’s
bank reconciliation statement has now been
recorded on the bank statement
Will not be recorded as part of the current month’s bank reconciliation
The bank did not credit a deposit of R5 000.
Cash receipts journal
A direct deposit to the amount of R7 600.00 made
by a client was entered in the correct cash journal
as R6 700.00.
Cash receipts journal
3
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4 furniture. Africa Traders sold a dining room table for R13 760.
Africa
Traders is not a registered
VAT
vendor and
buys and sells
Marked out of
2.00
The mark-up percentage on cost is 25%.
What is the cost price of the 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:
11008.00
4
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Assessment
Africa
Traders is a registered
VAT vendor
that /buys
and sells4furniture. The business makes use of the periodic inventory system.
Marked out of
3.00
Use the following information from the accounting records of Africa Traders to calculate the cost of sales on 28
February 2021:
Inventory (1 March 2020)
Sales
Purchases
Settlement discount received
Settlement discount granted
R
27 500
73 945
82 600
1 500
1 700
A physical inventory count on 28 February 2021 indicated that the inventory on hand amounted to R11 500.
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:
97100.00
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4
Africa
Traders is a registered
VAT vendor
and /uses
the perpetual
inventory system. Africa Traders buys and sells gym equipment
Marked out of
2.00
for cash or on credit. All goods of Africa Traders are sold at a gross profit percentage on the cost price of 40%. Upon
receipt of the debit note and the cardio spinning bike on 15 February 2021 from Africa Traders, SA Dealers issued the following
credit note:
SA Dealers
7 Smart Street
P O Box 3336
PRETORIA
VAT registration number
Tel (012) 429–3931
2277227756
Date: 15 February 20.21
PRETORIA 0001
Fax (012) 429–3424
CREDIT NOTE
No: 1515
To: Africa Traders, 499 Tshwane Drive Pretoria
Code
Description
Qty
Amount
credited
(R)
CSB01
Subtotal
VAT @ 15%
Total credit due
Cardio spinning bike
1
6 000,00
6 000,00
900,00
6 900,00
E & OE
How will the above source document be recorded in the applicable subsidiary journal of Africa Traders?
Select one:

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a.
Calendar
PURCHASES RETURNS JOURNAL – February 2021
Dashboard / My courses / FAC1501-22-S2 / Welcome Message / Assessment 4
Doc no
Day
Details
Fol.
Trade
VAT input
PRJ1
Purchases
payables
1515
15
SA Dealers
CL1
returns
R6 000,00
R900,00
R6 900,00
b.
PURCHASES RETURNS JOURNAL – February 2021
Doc no
Day
Details
Fol.
PRJ1
Trade
VAT input
Inventory
payables
1515
15
SA Dealers
CL1
R6 900,00
R900,00
R6 000,00
c.
SALES RETURNS JOURNAL – February 2021
Doc no
1515
Day
Details
15
SA Dealers
Fol.
SRJ1
VAT output
CL1
R900,00
Sales
Trade
Cost of
returns
receivables
sales
R6 000,00
R6 900,00
R4 285,71
d.
SALES RETURNS JOURNAL – February 2021
Doc no
Day
Details
Fol.
SRJ1
VAT output
Sales returns
Trade
receivables
1515
15
SA Dealers
CL1
R900,00
R6 000,00
R6 900,00
Clear my choice
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Africa/Traders,
which is not a/registered
VATMessage
vendor, manufactures
and sells4 face masks. The VAT rate is 15%. All goods are sold at a constant mark-up of 25%
Marked out of
2.00
and the entity uses the periodic inventory system.
AFRICA TRADERS
18 Pine Street
P O Box 363
PRETORIA
PRETORIA 0001
Tel (012) 340-
Fax (012) 340-2641
2640
Date:
7
CREDIT NOTE
No: 60
February 2021
To:
SA Traders
52 Fern Street
Pretoria
VAT registration number: 4376915243
Code
Description
Qty
Unit
Amount
price
credited
(R)
(R)
FM01

Dashboard
Face masks
80
40,25
3 220,00
Subtotal
Calendar
3 220,00
Total credit due
3 220,00
Dashboard / My courses / FAC1501-22-S2 / Welcome Message / Assessment 4
E & OE
How will the above source document be recorded in the applicable subsidiary journal of Africa Traders?
Select one:
a.
Africa Traders
Sales Returns Journal – February 2021
SRJ02
Doc
no
Day
7
Details
SA Traders
b.
Africa Traders
Purchases Returns Journal – February 2021
Fol
VAT output
Sales returns
Trade receivables
R
R
R
3 220
3 220
PRJ02
Doc
no

Dashboard
Day
Fol
Details
VAT input
Inventory
Trade payables
R
R
R
Calendar
Dashboard / My courses / FAC1501-22-S2 / Welcome Message / Assessment 4
7
420
SA Traders
2 800
3 220
c.
Africa Traders
Sales Returns Journal – February 2021
SRJ02
Doc no
Day
7
Details
Fol
VAT output
Sales returns
Trade receivables
Cost of sales
R
R
R
R
420
SA Traders
2 800
3 220
2 240
d.
Africa Traders
Purchases Returns Journal – February 2021
PRJ02
Doc
no
Purchases returns
Day
Details
Fol
VAT input
Trade payables
R
7
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SA Traders
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Dashboard / My courses / FAC1501-22-S2 / Welcome Message / Assessment 4
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R
R
3 220
3 220
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 Question 7
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Assessment
Which
one of the following
statements
is true/ regarding
the4treatment of additional purchase costs such as carriage on
Marked out of
2.00
purchases, import and custom duties incurred by the purchasing entity, when determining cost of sales regardless of the
inventory control system in use?
Select one:
a. Under both inventory systems, additional purchase costs will never be taken into account when determining cost of sales,
since these costs are either recorded in the inventory account or in their separate accounts depending on the inventory
system in use.
b. Under both inventory control systems, additional purchase costs of inventory will form part of the cost of sales. Additional
purchase cost will be added directly to the inventory account under the continuous inventory system, therefore each time
a sale is recorded, cost of sales will include additional purchase costs that are debited directly to the inventory account.
Additional purchase costs will be recorded in their separate accounts under the periodic inventory system; however, these
additional purchase costs will be taken into account when determining the cost of sales.
c. Additional purchase costs will only be considered under the periodic inventory system when determining cost of sales in
the trading account and under the perpetual inventory system, additional purchase costs will not be considered when
determining cost of sales.
d. Additional purchase costs will only be considered under the continuous inventory system when determining cost of sales.
Under the periodic inventory system, additional purchase costs will not be taken into consideration since these costs are
recorded in their separate accounts, therefore cannot be considered when determining cost of sales.
Clear my choice
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The following transactions by Africa Traders occurred during February 2021:
Marked out of
3.00
1. The provisional total of the bank column in Cash payments journal was R30 420.
2. The provisional total of the bank column in Cash receipts journal was R31 530.
3. A direct deposit from a client of R3 810 only appeared in the bank statement for February 2021.
4. An electronic transfer to the amount of R2 200 was made on 10 February 2021 as a donation to the national Covid-19 fund.
No entry has been recorded in the relevant accounting records.
5. Bank charges amounted to R264.
6. Credit sales to SA Traders for R1 399.
7. A debit order to the amount of R5 475 for the rent of the current premises.
8. Interest on a favourable bank balance amounted to R720.
What will the new total of the bank column in the Cash Payments Journal of Africa Traders at 28 February 2021 be?
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:
9
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38359.00
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Africa Traders is a registered VAT vendor and uses the periodic inventory system. Africa Traders buys and sells furniture and
Marked out of
2.00
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 130. On 27 April 2021, Mrs South settled her account and received R790 discount for early settlement. On the same day Mrs
South purchased a new coffee table and paid R1 429 cash after receiving a cash discount of R269.
Required:
What amount will be recorded in the VAT Input 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:
138.13
10
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Dashboard / My courses / FAC1501-22-S2 / Welcome Message / Assessment 4
Africa Traders is a registered VAT vendor and uses the periodic inventory system. Africa Traders buys and sells furniture and
Marked out of
2.00
equipment for cash or on credit. On 1 March 2021, Africa Traders sold furniture on credit to Mrs A South to the amount of
R10 600. On 27 April 2021, Mrs South paid R9 967,50 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:
550
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Question 11
Not yet
answered
Marked out of
2.00
Africa Traders is a registered VAT vendor and uses the perpetual inventory system. Africa Traders buys and sells gym equipment
for cash or on credit. All goods of Africa Traders are sold at a mark-up of 55% on the cost price. The following tax invoice
was issued when the olympic training bar was sold on 15 February 2021.
Africa Traders
7 Smart Street
P O Box 3336
PRETORIA
VAT registration number
Tel (012) 429–3931
2277227756
Date: 15 February 20.21
PRETORIA 0001
Fax (012) 429–3424
Tax invoice
No: 1515
To: SA Traders, 499 Tshwane Drive Pretoria
VAT registration number 4420202233
Code
Description
Qty
Amount
credited
(R)
OTB01
Subtotal
VAT @ 15%
Olympic training bar
1
1 500,00
1 500,00
225,00
Total amount
1 725,00
Amount paid
0,00
Amount due

Dashboard
1 725,00
How
will the above source document be recorded in the applicable subsidiary journal of Africa Traders?
Calendar
Dashboard / My courses / FAC1501-22-S2 / Welcome Message / Assessment 4
Select one:
a.
PURCHASES JOURNAL – February 2021
Doc no
Day
Details
PJ1
Fol.
Trade
VAT input
Inventory
payables
1515
15
SA Traders
CL1
R1 725,00
R225,00
R1 500,00
b.
SALES JOURNAL – February 2021
Doc no
1515
Day
15
Details
SA Traders
SJ1
Fol.
CL1
Sales
R1 725,00
VAT output
R225,00
Trade
Cost of
receivables
sales
R1 500,00
R1 112,90
c.
SALES JOURNAL – February 2021
Doc no
Day
Details
SJ1
Fol.
Trade
VAT output
Sales
receivables
1515
d.
15
SA Traders
CL1
R1 725,00
Cost of
sales
R225,00
R1 500,00
R967,74
PURCHASES JOURNAL – February 2021

Dashboard
Doc no
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Day
Details
PJ1
Fol.
Trade
VAT input
Purchases
payables
Dashboard / My courses / FAC1501-22-S2
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Assessment
4
1515
15
SA Traders
CL1
R1/ 725,00
R225,00
Clear my choice
R1 500,00
12
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The inexperienced bookkeeper of Africa Traders needs your assistance compiling the trial balance of Africa Traders. Please
Marked out of
3.00
indicate whether the amounts of the below accounts should be entered in the debit or credit column:
1. Capital
2. Bank (overdraft)
3. Cost of sales
Credit column
Debit column
Debit column
Debit column
Credit column
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Africa Traders is a registered VAT vendor and uses the periodic inventory system. Africa Traders buys and sells furniture and
Marked out of
2.00
◄ Assessment 3
equipment for cash or on credit. On 1 March 2021, Africa Traders purchased furniture on credit from SA Suppliers (registered
VAT vendor) to the amount of R18 380. On 27 April 2021, Africa Traders paid R16 900,00 in full settlement of their account. On
the same day Africa Traders purchased furniture on the clearance sale. The selling price of the furniture was R8 750 (including
Jump
to... a further 10% cash discount on the selling price.
Assessment 7 ►
VAT). Africa Traders paid cash and
received
Required:
What amount will be recorded in the bank column of the cash payments 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:
176875.00
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Dashboard / My courses / FAC1501-22-S2 / Welcome Message / Assessment 4