FAC1501 ASSIGNMENT 3 (QUIZ) SEMESTER 1 2026 – ALL CORRECT ANSWERS SHOWN (DUE 13 APRIL 2026)

Description

FAC1501 Assignment 3 (Quiz) Semester 1 Memo | Due 13 April 2026. All correct answers shown.  Africa Traders, a registered VAT vendor, manufactures and sells renewable energy equipment. The VAT rate is 15% and Africa
Traders makes use of the periodic inventory system.
Extract from the financial records of Africa Traders for the month of January 2023:
R
VAT Input account opening balance (1 January 2023) 8 224
VAT Output account opening balance (1 January
2023)
6 630
VAT column in Purchases journal 19 315
VAT column in Sales journal 13 228
VAT column in Purchases returns journal 534
VAT column in Sales returns journal 338
Required:
Complete the VAT Output account in the general ledger of Africa Traders for the month ending 31 January 2023.
Instructions:
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Round off to the second decimal after the full stop (eg: 50.56)
3. If no amount should be recorded in any of the numeric spaces, please indicate it by filling in a 0 (eg: 0)
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