FAC1501 Assignment 5 Due 29 October 2024

UNISA 2024 FAC1501-24-S2 ANNOUNCEMENTS AND ASSESSMENTS Assessment 5
QUIZ
Assessment 5
Opened: Thursday, 24 October 2024, 8:00 AM
Closes: Monday, 28 October 2024, 11:00 PM
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Question 1
Africa Traders is a registered VAT vendor and uses the periodic inventory system. Africa Traders buys and
sells gym equipment for cash or on credit. Upon receipt of the debit note and the water rower on 15
February 2021 from Africa Traders, SA Dealers issued the following credit note:
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SA Dealers
7 Smart Street P O Box 3336
PRETORIA VAT registration number PRETORIA 0001
Tel (012) 429–3931 2277227756 Fax (012) 429–3424

Date: 15 February 20.21
CREDIT NOTE
No: 1515
To: Africa Traders, 499 Tshwane Drive Pretoria
VAT registration number 4420202233
Code
Amount
credited
(R)
WR01
Description
Qty
Water Rower
1
12 000,00
Subtotal
12 000,00
VAT @ 15%
1 800,00
Total credit due
13 800,00
E & OE

How will the above source document be recorded in the applicable subsidiary journal of SA Dealers? SA
Dealers uses the perpetual inventory system. All goods of SA Dealers are sold at a gross profit
percentage of the cost price of 35%.
a.

PURCHASES RETURNS JOURNAL – February 2021 PRJ1
Doc no Day
Details
Fol.
Trade
VAT input
payables
Purchases
returns
1515
15
Africa Traders CL1
R12 000,00
R1 800,00
R13 800,00

b.

PURCHASES RETURNS JOURNAL – February 2021 PRJ1
Doc no Day
Details
Fol.
Trade
VAT input
Inventory
payables
1515
15
Africa Traders CL1
R13 800,00
R1 800,00
R12 000,00

c.

SALES RETURNS JOURNAL – February 2021 SRJ1
Doc no Day
Details
Fol.
VAT output
Sales returns
Trade
receivables
1515
15
Africa Traders CL1
R1 800,00
R12 000,00
R13 800,00

d.

SALES RETURNS JOURNAL – February 2021 SRJ1
Doc no Day
Details
Fol. VAT output
Sales
Trade
returns
receivables
Cost of
sales
1515
15
Africa Traders CL1
R1 800,00 R12 000,00 R13 800,00
R8 888,89