FAC 1502 EXAM PACK-.compressed THIS PACK CONSISTS OF PAST EXAM PAPERS FROM MAY 2009 – NOVEMBER 2013 AND THEIR SUGGESTED SOLUTIONS PLUS NOTES WHICH WILL HELP THE STUDENT TO UNDERSTAND AND APPRECIATE THE MODULE.

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TRINITY TUTORIALS EXAM PACK AND STUDY NOTES THIS PACK CONSISTS OF PAST EXAM PAPERS FROM MAY 2009 – NOVEMBER 2013 AND THEIR SUGGESTED SOLUTIONS PLUS NOTES WH... ICH WILL HELP THE STUDENT TO UNDERSTAND AND APPRECIATE THE MODULE. Pretoria Address:270 Paul Kruger Cnr Pretorius Street Table of Contents MAY/JUNE 2009 QUESTIONS AND SOLUTIONS… p3 OCT/NOV2009 QUESTIONS AND SOLUTIONS p18 MAY/JUN 2010 QUESTIONS AND SOLUTIONS p37 OCT/NOV2010 QUESTIONS AND SOLUTIONS p61 MAY/JUNE 2011 QUESTIONS AND SOLUTIONS p79 OCT/NOV 2011 QUESTIONS AND SOLUTIONS p93 MAY/JUNE 2012QUESTIONS AND SOLUTIONS p106 OCT/NOV2012 QUESTIONS AND SOLUTIONS p119 MAY/JUNE 2013 QUESTIONS AND SOLUTIONS p132 OCT/NOV 2013 QUESTIONS AND SOLUTIONS p152 4 | P a g e SOLUTION 1: CASH JOURNALS DR P HEAL CASH RECEIPTS JOURNAL (CRJ) Doc Number Date Details BANK Debtors Control Fees earned VAT Output VAT Input SUNDRIES Amount Details 450 451 452 Mar 1 1 9 K. Kelly J. Jail Y. Old 275 1 710 383 275 440 1 500 210 (7) (50) Settlement Discount allowed 453&491 12 Deposit 9 120 8 000 1 120 11 488 715 9 500 1 330 (7) (50) HINTS a) Whenever you sell a good or offer a service, you are required to levy output VAT. Any VAT paid out is recoverable from SARS if you are a registered vendor and any VAT received is payable to SARS. b) If goods are sold on credit, the transactions regarding VAT output would have been recorded in the Sales journal. VAT is charged at the point of sale and not at the point of payment. In the CRJ, the VAT is accounted for on cash sales. c) When goods are sold at a discount, the VAT is debited to the VAT Input Account to reduce the amount owing to SARS since the part that is relating to the discount will no longer be received. d) To remove VAT from a figure you multiply that figure by 100 114 e) Calculation of the discount and the VAT element in discount: Discount= Amount Paid-Amount owed = 440-383 = 57 VAT element= 14/114*57 = 7 e.g. R1 710 x 100 114 = 1500. We use 14/114 because the discount is at selling price inclusive of VAT. If it was exclusive of VAT, we could have used 14/100. f) The transaction on 15 March is not entered in the CRJ as information is not given on the payment of the consultation fees and unlike on other similar transactions involving receipt of funds, the receipt number is not quoted. ................................................................................................continued............................................................................................................................... [Show More]

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