23
2023
MODULE NAME:
MODULE CODE:
ACCOUNTING 1A
ACBP5121/d/ext
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 2023
Page 1 of 5
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2023
Question 1
(Marks: 15)
Sapphire Traders is a jewellery store in Johannesburg.
Sapphire Traders uses the perpetual inventory system to record inventory
transactions.
VAT can be ignored on all transactions.
The following transactions took place in the month of January 2022:
NO
TRANSACTION
1
Owner contributed vehicle R200 000
2
Purchased goods for cash R10 000
3
Sold goods with a selling price of R1 000 cash
Cost price of goods R500
4
The owner took R250 cash for personal use
5
Received R200 interest on savings account
Required:
Analyse each of the above transactions and complete the table in your answer
booklet as follows:
Example: Paid R200 for Telephone Account
NO
Example
ACCOUNT
ACCOUNT
DEBITED
CREDITED
Telephone
Bank
ASSETS
OWNER’S
LIABILITIES
EQUITY
-200
-200
Show the double entry (debit and credit general ledger names), as well as the
effect on the accounting equation, for each transaction, in the columns provided.
Ensure that you use the + and – signs to show the effect on the equation as marks
will be allocated for these.
© The Independent Institute of Education (Pty) Ltd 2023
Page 2 of 5
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2023
Question 2
(Marks: 15)
You have been provided with an extract below of the cashbook receipts for February 2022 of
Sapphire Traders:
Day
Details
Bank
Debtors
Output
control
VAT
Sales
Sundry
Amount Details
8
Cash
1 380
180
1 200
9
R Ruby
1 300
12
G Gem
16 100
16 100
Capital
14
Premier
805
805
Interest on fixed
1300
Bank
31
S Silver
deposit
20 000
20 000
Rent
Required:
In your answer booklet complete the table below indicating a description of
each of the 5 transactions, the source document as well as if the source
document is an original or duplicate.
DAY
Transaction
Source
description
document
Original or Duplicate
© The Independent Institute of Education (Pty) Ltd 2023
Page 3 of 5
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2023
Question 3
(Marks: 15)
Sapphire Traders is a registered VAT vendor who trades only with registered VAT vendors that can
provide tax invoices. The business charges 15% VAT on all its sales. All amounts are inclusive of
VAT, unless VAT is not applicable.
Sapphire Traders sells and buys goods for cash and on credit and uses the perpetual inventory
system.
The following transactions relate to purchases made by Sapphire Traders for the month of May
2022:
Argon Traders is owed R10 000 at the beginning of May 2022.
Date
Transaction
Amount
2022 May
Invoice 3001 received from Argon Traders
11 500
5
Invoice 2222 received for Diamant Dealers
5 750
20
Credit note 321 received from Argon Traders
2 300
31
Receipt
1
???
Additional information:
•
On the 23rd of May Argon Traders charged Sapphire Traders R500 interest on overdue
account.
•
On the 31st of May, Sapphire Traders settled their account in full with Argon Traders.
Required:
Answer the following questions:
Q.3.1
Record the above transactions in the creditors journal and creditors allowances
(7½)
journal of Sapphire Traders for the month of May 2022.
You may ignore the folio and sundry accounts columns.
Q.3.2
In which journal would we record the interest charged on the overdue account?
(½)
© The Independent Institute of Education (Pty) Ltd 2023
Page 4 of 5
23
Q.3.3
2023
Indicate the double entry that needs to be passed in the books of Sapphire
(1)
Traders to record the interest charged by Argon Traders
Q.3.4
Is interest on overdue account standard, zero-rated, or exempt?
(1)
Q.3.5
Calculate the amount that Sapphire Traders will be paying on the 31st of May
(5)
2022
Question 4
Q.4.1
(Marks: 15)
Sapphire Traders is a business located in Centurion.
(10)
Sapphire Traders is a registered VAT vendor and trades only with registered VAT
vendors that can provide tax invoices. The business charges 15% VAT on all its
sales. All amounts are inclusive of VAT, unless VAT is not applicable.
Sapphire Traders sells good for cash and on credit.
Transaction 1: On the 1st of March 2022 Sapphire Traders sold goods for
R15 000 excluding VAT) on credit to Mr Neon.
Goods are marked up 20% on cost.
Required:
Record transaction 1 in the relevant general ledger accounts using the perpetual
inventory system.
You do not need to balance these accounts.
You may ignore the folio column.
Q.4.2
The owner took goods with a cost price of R5 000 (excluding VAT) on 1 March.
(5)
Required:
Record the above transaction in the general journal using the periodic inventory
system.
A journal narration is not required and you may ignore the folio.
END OF PAPER
© The Independent Institute of Education (Pty) Ltd 2023
Page 5 of 5