FAC1501-25-S1
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On 1 February 2025, O Ramaoka a sole proprietor opened a computer shop, Big Ram Computing. The entity is registered as a VAT vendor and the applicable VAT rate is 15%.
On 15 February 2025, Big Ram Computing completed repairs on a server of a client and invoiced R14 099 (VAT exclusive) for the services rendered. The client paid immediately with a debit card and a receipt was issued.
Required:
Complete the amounts on the below source document relating to the provided transaction.
Instructions for numeric responses:
1. If any of the numerical responses should be zero, please enter "0" in the block provided
2. Round off to the second decimal after the full stop (eg: 50.56)
Duplicate receipt
No. 0003
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Received from: B Mooketsi
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R
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c
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Amount:
Rand:
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For: Services rendered (Cash)
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Big Ram Computing
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Signature: V van Wyk
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NB: If the below question is not answered, you will receive zero for your assignment!
I declare that the work submitted in this assignment is my own. I did not request assistance to complete the assignment questions from any third parties.
I declare that I did not pay a third party to complete and submit my assignment on my behalf.
I declare that I did not provide assistance to other students completing the assignment.
On 1 February 2025, O Ramaoka a sole proprietor opened a computer shop, Big Ram Computing. The entity is registered as a VAT vendor and the applicable VAT rate is 15%.
On 15 February 2025, Big Ram Computing completed repairs on a server of a client and invoiced R14 875 (VAT exclusive) for the services rendered. The client paid immediately with a debit card and a receipt was issued.
Required:
Complete the amounts on the below source document relating to the provided transaction.
Instructions for numeric responses:
1. If any of the numerical responses should be zero, please enter "0" in the block provided
2. Round off to the second decimal after the full stop (eg: 50.56)
Duplicate receipt
No. 0003
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Received from: B Mooketsi
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|
R
|
c
|
Amount:
Rand:
|
|
|
|
|
|
For: Services rendered (Cash)
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Big Ram Computing
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Signature: V van Wyk
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On 1 February 2025, B Botha a sole proprietor opened a computer shop, Botha Computing. The entity is registered as a VAT vendor and the applicable VAT rate is 15%. The perpetual inventory system and control accounts are in use. The entity had a favourable bank account. The in the transactions VAT where applicable.
Transaction 1:
Original tax invoice
MEGA SUPPLIERS
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433 Church street
Pretoria
Tel 012 335 6955
E-mail: accounts@Mega.co.za
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P O Box 3333
PRETORIA 0001
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VAT registration number
6910416681
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Date: 8 February 2025
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TAX INVOICE
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No: 5369
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To: Botha Computing
399 Hope Drive
Pretoria
VAT registration number 8960225750
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Payment method
Cheque/debit card
Cash
Credit card
Account
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Code
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Description
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Qty
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Unit price
(R)
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Total price
(R)
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FLCT1550
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Western Digital 3TB Green SATA6 64MB Hard Drive
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6
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1 689.93
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10 139.58
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PLCT2556
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Kingston DDR3-1600 8GB HyperX FURY Memory Module - Red
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3
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1 599.99
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4 799.97
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Subtotal
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14 939.55
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VAT @ 15%
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2 240.93
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Total
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17 180.48
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Amount tendered
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0.00
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Amount due
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17 180.48
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E & OE
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Transaction 2:
Duplicate receipt
No. 0003
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Received from: B Botha
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R
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c
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Amount:
Rand: Hundred and fifty-eight thousand rand only
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158 000
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00
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For: Capital contribution by the owner (Internet banking)
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Botha Computing
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Signature: V van Wyk
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Transaction 3:
Duplicate cash sales invoice
BOTHA COMPUTING
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399 Hope Drive P O Box 392
PRETORIA VAT registration number PRETORIA 0001
Tel 012 429 3111 8960225750
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Date: 10 February 2025
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TAX INVOICE
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No: 0001
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To: Cash
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Payment method
Internet banking/debit card
Cash
Credit card
Account
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Code
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Description
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Qty
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Total price
R
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SR001
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Repair of Laptop
- 7,5% cash discount
VAT @ 15%
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5 hours
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3 619.70
(271.48)
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3 348.22
502.23
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Invoice total
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3 850.45
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Amount tendered
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3 860.00
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Change
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9.55
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VAT included @ 15%
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502.23
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E & OE
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Required:
Analyse the given source documents and transactions and complete the table provided accordingly.
Date
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Account to
be debited
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Account to
be credited
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Effect on the basic accounting equation
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Assets
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Equity
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Liabilities
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Example: May 2 The owner of Botha Computing withdrew R5 000 cash for own use.
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May 2
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Drawings
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Bank
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R
-5 000
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R
-5 000
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R
0
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Complete the table below by selecting the account to be debited and the account to be credited from the dropdown menu and filling in the applicable amounts in the correct spaces.
Instructions for numeric responses:
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. A decrease in an amount must be indicated by using a negative sign in front of the amount (eg: -1000.01)
4. An increase must be indicated by the amount without any sign (eg: 1000.01)
5. If a transaction has been provided and it is not applicable to an element (assets or equity or liabilities), then please put a 0 in the amount column of that element (assets or equity or liabilities)
6. If a transaction increases and decreases an element (assets or equity or liabilities), then please show the net effect in the amount column of that element (assets or equity or liabilities)
Transaction
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Account to be debited
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Account to be credited
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Assets
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Equity
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Liabilities
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1
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2
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3
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On 1 February 2025, B Botha a sole proprietor opened a computer shop, Botha Computing. The entity is registered as a VAT vendor and the applicable VAT rate is 15%. The perpetual inventory system and control accounts are in use. On 10 February 2025, Botha computing issued invoice number 0012 for services rendered for R1 845 (VAT inclusive) and received the full amount through a debit card payment.
Required:
Complete the source document provided below based on the information for the transaction provided.
Instructions for numeric responses:
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 any of the numerical responses should be zero, please enter "0" in the block provided
Duplicate cash sales invoice
BOTHA COMPUTING
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399 Hope Drive
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P O Box 392
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PRETORIA
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VAT registration number
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PRETORIA 0001
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Tel (012) 429–3111
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8960225750
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Fax (012) 429–3424
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Date: 10 February 2025
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TAX INVOICE
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No: 0012
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To: Cash
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Payment method
Internet banking/debit card
Cash
Credit card
Account
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Code
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Description
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Qty
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Total price
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R
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SR001
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Repair of Laptop
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2 hours
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VAT @ 15%
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Invoice total
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Amount tendered
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Change
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VAT included @ 15%
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E & OE
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Mr S Africa is the owner of SA Traders. On 31 March 2024, the following list of balances was extracted from the accounting records of SA Traders:
- Computer equipment - R337 480
- Trade receivables - R64 960
- Short-term loan - R112 490
- Prepaid expenses - R11 830
- Favourable bank balance - R31 943
Determine the net worth of SA Traders as at 31 March 2024 by making use of the basic accounting equation.
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)
5. If the net effect on the accounting equation is a decrease, please enter the amount as a negative (eg: -12141.72)
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