Crowdly
Add to Chrome
FAC1501-25-S1
Looking for FAC1501-25-S1 test answers and solutions? Browse our comprehensive collection of verified answers for FAC1501-25-S1 at mymodules.dtls.unisa.ac.za.
Get instant access to accurate answers and detailed explanations for your course questions. Our community-driven platform helps students succeed!
Africa Traders is a registered VAT vendor that buys and sells furniture. The business makes use of the periodic inventory system. Use the following information from the accounting records of Africa Traders to calculate the cost of sales on 28 February 2021:
|
| R |
| Inventory (1 March 2020) | 59 800 |
| Sales | 347 990 |
| Purchases | 465 200 |
| Settlement discount received | 5 700 |
| Settlement discount granted | 3 980 |
A physical inventory count on 28 February 2021 indicated that the inventory on hand amounted to R127 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)
The following information was obtained from the accounting records of Letty Stores for the financial year ended 30 June 2021:
|
R
|
Inventory (1 July 2020)
|
100 000
|
Sales
|
600 000
|
Purchases
|
400 000
|
Sales returns
|
2 000
|
Purchases returns
|
3 000
|
Drawings: Bank
|
1 000
|
Inventory (30 June 2021)
|
120 000
|
Additional information:
1. On 29 June 2021, the owner took inventory with a cost price of R20 000 for own use. This transaction has not yet been recorded.
The entity uses the periodic inventory control system.
Required:
Use the information provided above to calculate the cost of sales for the year ended 30 June 2021.
NB: Instructions
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Only show the amount, do not show the R (eg: 12141.72)
3. If the total amount calculated is a loss, please enter the amount as a negative (eg: -12141.72), if the amount calculated is a profit, please enter the amount as a positive (eg: 12141.72)
The following information was obtained from the accounting records of Cool Limited for the year ended 28 February 2022:
|
R
|
Inventory (1 March 2021)
|
149 500
|
Sales
|
750 000
|
Purchases
|
540 000
|
Sales returns
|
1 500
|
Purchases returns
|
2 000
|
Freight charges on purchases
|
650
|
Freight charges on sales
|
1 700
|
Settlement discount granted
|
350
|
A physical inventory count on 28 February 2022 indicated that the value of the closing inventory on hand amounted to R400 000.
Required:
Use the information provided above to calculate
the gross profit/loss of Cool Limited for the year ended 28 February 2022. The entity uses the periodic inventory
control system.
NB: Instructions
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Only show the amount, do not show the R (eg: 12141.72)
3. If the total amount calculated is a loss, please enter the amount as a negative (eg: -12141.72), if the amount calculated is a profit, please enter the amount as a positive (eg: 12141.72)