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AIA Test 1 2021

This document provides details for an accounting assessment, including: 1) The assessment consists of 3 questions worth a total of 75 marks over 90 minutes. Question 2 on general journal and general ledger entries is worth 45 marks over 54 minutes. 2) Question 2 lists 12 transactions from September 2021 for Mnakwethu Trading Enterprise and requires students to record the transactions in a general journal and prepare T-accounts for the bank, accounts receivable, and inventory accounts. 3) Question 3 worth 20 marks over 36 minutes requires students to show the effect of 6 transactions on the accounting equation for The Queen (Pty) Ltd, including a cash sale, purchase, owner's withdrawal, credit sale, and

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Zukiswa Sibiya
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199 views4 pages

AIA Test 1 2021

This document provides details for an accounting assessment, including: 1) The assessment consists of 3 questions worth a total of 75 marks over 90 minutes. Question 2 on general journal and general ledger entries is worth 45 marks over 54 minutes. 2) Question 2 lists 12 transactions from September 2021 for Mnakwethu Trading Enterprise and requires students to record the transactions in a general journal and prepare T-accounts for the bank, accounts receivable, and inventory accounts. 3) Question 3 worth 20 marks over 36 minutes requires students to show the effect of 6 transactions on the accounting equation for The Queen (Pty) Ltd, including a cash sale, purchase, owner's withdrawal, credit sale, and

Uploaded by

Zukiswa Sibiya
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

NKUHLU DEPARTMENT OF ACCOUNTING

INTRODUCTION TO ACCOUNTING 1A
AIA121

CLASS ASSESSMENT OPPORTUNITY 1


20 September 2021

ASSESSORS: Mr S. Mavundla

MODERATOR: Mr S.M. Msakatya

TIME: 1.5 HOUR

MARKS: 75

 THIS OPPORTUNITY ASSESSMENT CONSISTS OF 3 QUESTIONS AND xxx


PAGES (front page included).

 SILENT PROGRAMMABLE CALCULATORS ARE ALLOWED.

 SHOW ALL CALCULATIONS.

 START EVERY QUESTION AT THE TOP OF A PAGE.

 ROUND OFF ALL YOUR MONETARY CALCULATIONS TO THE NEAREST RAND

 BREACH OF THE EXAMINATION RULES OF THE UNIVERSITY OF FORT HARE


MAY BE SEVERELY PUNISHABLE.

MARKS TIME

Question Topics covered Marks Minutes


1 Theory 5 6
2 General Journal & General Ledger 45 54
3 Accounting equation 25 30
TOTAL 75 90
Question 1 5 marks (6 minutes)

1.1 What is the purpose of accounting? (1)

A friend of yours, Sthabile has started her own hair dressing business. She
doesn’t have any accounting knowledge and has asked for your assistance in
order to answer the following questions.

1.2 Sthabile would like to know when she needs to register for Value Added Tax
(VAT)? (1)

1.3 Sthabile would like to know why are transactions recorded? (3)

2
Question 2 45 marks (54 minutes)

Mnakwethu Trading Enterprise uses a perpetual inventory system for recording its
inventories. The entity makes 25% profit on cost price. The following transactions occurred
in September 2021:

2021
Sept 1 The owner transferred R200 000 as part of his capital contribution.
2 Purchased inventory of R35 000 with cheque
3 Cash sales, R14 500.
4 The owner transferred his personal equipment with a fair value of R15 000 to
the business.
5 Sold goods on credit and issued invoices to:
Shelembe R12 400
Sithole R13 600
6 Bought delivery vehicle for R35 000 on credit.
7 Shelembe was not happy with some of her goods and returned damaged
goods to the value of R2 400
8 Purchased inventories with a cost of R12 000 cash.
9 Sithole paid R13 600 in full settlement of account.
10 Paid for the following expenses by EFT:
Shop rent R5 000
Telephone R1 200
Salaries R25 000
15 Receivable Shelembe is insolvent. His estate can her estate can only pay 40
cents on the Rand of the total due by her.
20 The owner took inventory with a selling price of R1 500.

Marks
QUESTION 2 REQUIRED:
(a) Record the above-mentioned transactions by using the following 25
columns: date; account DR; account CR; amount.

Date Account Dr Account Cr Amount


(b) Prepare the following general ledger accounts and balance each 20
account:
 Bank
 Accounts receivables
 Inventor
Note: Draw T-accounts in word

3
Question 3 20 marks (36 minutes)

The Queen (Pty) Ltd provides logistics supplies & services, there are allegations that there
are illicit narcotic activities. The business uses the perpetual inventory system. VAT of 15% is
included in all amounts where applicable. A mark-up is 20% on selling price.

1. Cash sales according to cash register roll, R22 800


2. Purchased merchandise cash from the River Suppliers, R15 700
3. Donated R 20 000 to the SPCA
4. The owner took inventory for own use. Selling price R 18 400
5. Sold goods on credit to Shaka, R17 500. Cost price R12 174.
6. Shaka’s debt of R17 500 must be written off as irrecoverable.

Required:
Show the effect of the following transactions on the accounting equation by using the
following columns (show amounts), see below for an example:
Example Inc purchased goods on credit of 15 000

Acc Acc
No. Dr Cr Amount OE A L
1 Accounts receivable Sales 13 044 + +
Accounts receivable VAT input 1 956 + +
Cost of Sales Inventory 10 435 - -

E.G. A= OE + L

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