Exampaper OCT 2011
21
This examination question paper remains the property of the University of South Africa and may not be removed from the examination venue. This examination paper consists of seventeen (17) pages. IMPORTANT INSTRUCTIONS: 1. This paper consists of five (5) questions. 2. All questions must be answered in the template provided. 3. Please complete the cover page of the answer book in full. 4. Check that you have the correct number of pages. 5. The questions in this assessment must be answered in the templates provided. 6. Attempt the questions where you feel confident that you can get the most marks for first. 7. The mark allocation is an indication of the amount of time that should be allocated to each question. Answer all the questions even if you don’t quite finish each one. Remember not to leave out a whole question/s. 8. Please be neat, as illegible handwriting cannot be marked. You are reminded that answers may NOT be written in pencil. You must write with blue or black pen. In practice it is unacceptable for Bookkeepers to use correct fluid (Tipp-ex). Marks will be deducted for the use of correction fluid. QUESTION TOPIC MARKS 1 10 TRUE OR FALSE STATEMENTS 10 2 VAT CALCULATIONS AND RETURNS 50 3 10 MULTIPLE CHOICE QUESTIONS 20 4 PAYROLL CALCULATIONS 50 5 PAYROLL ACCOUNTS 20 TOTAL 150
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Transcript of Exampaper OCT 2011
This examination question paper remains the property of the University of South Africa and may not be removed from the examination venue.
This examination paper consists of seventeen (17) pages.
IMPORTANT INSTRUCTIONS:
1. This paper consists of five (5) questions.2. All questions must be answered in the template provided.3. Please complete the cover page of the answer book in full.4. Check that you have the correct number of pages.5. The questions in this assessment must be answered in the templates provided.6. Attempt the questions where you feel confident that you can get the most marks for first.7. The mark allocation is an indication of the amount of time that should be allocated to each question.
Answer all the questions even if you don’t quite finish each one. Remember not to leave out a whole question/s.
8. Please be neat, as illegible handwriting cannot be marked. You are reminded that answers may NOT be written in pencil. You must write with blue or black pen. In practice it is unacceptable for Bookkeepers to use correct fluid (Tipp-ex). Marks will be deducted for the use of correction fluid.
QUESTION TOPIC MARKS
1 10 TRUE OR FALSE STATEMENTS 10
2 VAT CALCULATIONS AND RETURNS 50
3 10 MULTIPLE CHOICE QUESTIONS 20
4 PAYROLL CALCULATIONS 50
5 PAYROLL ACCOUNTS 20TOTAL 150
QUESTION 1 10 TRUE OR FALSE STATEMENTS (10 MARKS)
Indicate whether the following statements are True or False (1 mark each). Clearly write ‘TRUE’ or ‘FALSE’ in the answer column. There is no negative marking so do not leave any questions unanswered.
STATEMENT ANSWER
1. Assets are resources controlled by the business from which future economic benefits are likely to flow to the business.
2. The skills development levy is a VAT deductable expense.
3. An employee contributes 1 % of his or her net wages to the Unemployment Insurance Fund.
4. Cell phone allowances are included in gross remuneration at 100 %.
5. Certain foodstuffs, petrol, diesel and exports are exempt supplies.
6. Donations made by a business are VAT deductible.
7. When a female is due to have a baby she may claim 17 weeks of dedicated UIF maternity benefits.
8. Workers working between 6:00 at night and 6:00 in the morning must receive additional pay or be able to work fewer hours for the same amount of money.
9. The credit to the EMP201 control account for UIF will be the employee contribution only.
10. If an employer submits their EMP201 via E-filing then the business need only submit the return on the 14th day of the month following the month of the return.
[10]
QUESTION 2 VAT CALCULATIONS AND THE VAT RETURN (50 MARKS)
E. Estridge is the owner of Zacharia CC trading as Pete's Pottery. The business is a registered VAT vendor and accounts for VAT on the invoice basis. You have been supplied with the following information for the September/October 2011 VAT period.
Business information:
Address: 78 Dalesley Park, Abigail Rd , Imhoff, 7945 VAT number: 4852986349 VAT area code: 41 Tax period code: 10/11 SARS office telephone number: - 021 788 4587 Business telephone number: - 021 783 7451 Business fax number: - 021 783 7452 E. Estridge completes and pays all her VAT returns on the penultimate day for rendering
returns/payments. She pays the return by cheque.
Supply information. All amounts include VAT unless VAT is not applicable. Transactions with non-vendors are indicated with an asterisk (*).
Cheques issued:
Cheque no.
Particulars Allocation Amount
653 Top Tools (Pty) Ltd Trading inventory R 38 475.00
654 Zancor Catering Entertainment expenditure 1 620.00
655 Electro-com Electricity 2 835.00
656 Renshaw Life Life insurance 12 150.00
657 Ester MunicipalityProperty assessment rates 2 160.00
Amenities/services 930.15
658 Zebra Petrol 121.50
659 Super Stationers Stationery (for business use) 1 620.00
660 SARS EMP201 payment 10 125.00
661 Buzuki Delivery motor cycle 93 150.00
662 Audio World Staff TV 1 687.50
663 Paper Loot Printer consumables 1 917.00
664Speed Services Couriers
Payment to creditor 7 560.00
665 SARS VAT 201 payment 20 250.00
666 Ritas Restoration Repairs and maintenance* 3 375.00
Debits on the bank statement:
Debit order for monthly internet service provider, R 60 750.00. Bank charges, R 100 575.00. Government levies, R 29 700.00. Stop order for staff room DSTV, R 34 560.00.
Credits on the bank statement:
Receipt no’s 3677 to 4331 for cash sales, R 1 282 500.00.
Received R2 000.00 from A. Smith in part payment of his account.
Receipts not included above:
On 24 October 2011, an amount of R 742 500.00, was transferred from Zambia for goods, which were sold there.
On 23 October 2011 an original cash invoice was issued for Delivery income, R 16 875.00. On 25 October 2011 an Equipment was sold for cash, R 76 545.00. On 28 October 2011 the business received an Insurance payout on stock damaged in transport, R 105
030.00
Other transactions
Credit Losses, R 349 515.00. Credit notes issued (on standard-rated goods previously sold), R 359.15. On 31 October 2011 E. Estridge passed a journal entry for interest on the overdue account of a debtor,
F.Mduma for R 33 750.00. On 26 October 2011 P.O'connell purchased goods from Zacharia CC for R 270 000.00 on credit. The
amount was still outstanding on 25 November 2011.
Required:
(a) Calculate the total input and output VAT which E. Estridge can claim or account for on the above mentioned transactions for September/October 2011.
(b) Complete the VAT return for remittance provided in your answer book.
[50]
Calculation of input tax: VAT input
Total input VAT – The sum of all the VAT input amounts.
Calculation of output tax: VAT output
Total output VAT – The sum of all the VAT output amounts.
QUESTION 3 10 MULTIPLE CHOICE QUESTIONS (20 MARKS)
Choose the most appropriate alternative from the options provided in each of the following questions. Write down only the LETTER of your choice next to the corresponding number in the answer book.
MULTIPLE CHOICE QUESTION ANSWER
1. The section of the Basic Conditions of Employment Act that regulates working hours does not apply to all of the following except …
A Workers in senior managementB Workers that do not pay income taxC Workers who work less than 24 hours in a monthD Sales staff who travel and regulate their own working hours
2. At present it is illegal for any employer in South Africa to require or permit an employee to work for more than..
A 45 hours normal time in a given weekB 8 hours in any given day if the employee works for 5 or fewer days in a weekC 9 hours in any given day if the employee works for more than 5 days in a weekD 15 hours overtime in a given week
3. In terms of meal intervals, an employee must be remunerated for all of the following except …
A for a meal interval where the employee is required to workB for a meal interval where the employee is required to be available for workC for a meal interval where the employee is required to remain on the premisesD for any portion of a meal interval that is in excess of 75 minutes
4. All of the following are true with respect to leave except …
A An employee must be granted 21 consecutive days of annual leave on full pay in respect of each leave cycle
B The 'sick leave cycle' generally refers to a period of 36 months employment with the same employer
C An employee is entitled to four consecutive months maternity leaveD An employee that has been employed with the same employer for a period of
longer that 2 months is entitled to 3 days family responsibility leave for the birth of his child
5. Remuneration for the purposes of the Basic Conditions of Employment Act include none of the following except …
A Reimbursable business kilometres travelledB employer payments for UIFC relocation allowancesD housing allowance
6. The Basic Conditions of Employment Act requires all of the following minimum information about our employees to be kept by employers except …
A a workers name and jobB a workers name of next of kinC the amount of time workedD the remuneration paid
7. All of the following information are non-statutory information requirements except …
A employee's contractB employee's CVC employee's income tax numberD employee's marital status
8. The 3 documents required for VAT registration are …
A VAT101, VAT127, VAT130B VAT201, VAT402, VAT130C VAT117, VAT402, VAT130D VAT101, VAT117, VAT130
9. The Skills Development Act 97 of 1998 came into effect in order to …
A develop the skills of the South African workforceB increase the levels of investment in educationC decrease the unemployment rateD All of the above
10. The UI fund provides all of the following benefits except …
A unemployment benefitsB illness benefitsC benefits for state pensionersD maternity benefits
[20]
SUMMATIVE ASSESSMENT – UNISA 2nd SEMESTER 2011
JUNIOR BOOKKEEPER: PAYROLL AND MONTHLY SARS RETURNS
QUESTION 4 PAYROLL CALCULATIONS (50 MARKS)
You have been provided with the following information for New Yorker Ltd for the month of October 2011.
1. The following tax sliding scale for individuals applied for the year ended 28 February 2012:
TAXABLE INCOME RATES OF TAX R R R R 0 — 150 18% of every R1 150 001
— 235 000 27 000+
25%of the amount over
150 000
235 001
— 325 000 48 250+
30%of the amount over
235 000
325 001
— 455 000 75 250+
35%of the amount over
325 000
455 001
— 580 000 120 750+
38%of the amount over
455 000
580 001
and over 168 250+
40%of the amount over
580 000
2. Both O.Olive and J.Smith receive a 13th cheque. The business ‘smoothes’ the tax on the bonus throughout the year.
3. F.Von Bargen has the full use of a company car. This car (a delivery vehicle) had cost the business R 175 000.00 (including VAT) when it was bought and allocated to him last year. Based on the relevant tax legislation effective from 1 March 2011, the value of the monthly taxable fringe benefit of use of a company car is 3.50% of the cost of the vehicle (including VAT) i.e. R 6125.00. F.Von Bargen’s employer must include 80 % of the monthly taxable fringe benefit i.e. R 3 837.72 in his remuneration for the purposes of determining PAYE payable.
4. Permanent employees contribute 6.50% of their basic salary to the Greens Pension Fund (13th cheques are NOT pensionable). New Yorker Ltd contributes to the pension fund on a rand-for-rand basis.
5. L.Spheris and F.Apleni are part time employees that worked for 35 and 22 hours for the month respectively.
6. Employees are not entitled to housing, cellphone or computer allowances.7. There are no independent contractors or employees on registered learnerships.8. Only 80% of the travel allowance is taxable9. Assume a maximum UIF funding salary of R 12 478.00.10. All permanent employees belong to the Medak Medical Aid, a registered medical scheme and have all
provided adequate proof of membership to their employer. The company pays the whole contribution to the medical aid. The following tax concessions apply to medical fund contributions:
R 720.00 for the sole member. R 720.00 for the first additional dependant. An additional R 440.00 is allowed as a deduction per additional dependant other than the first
dependant. All contributions paid for an employee aged 65 or older are allowed as a deduction.
SUMMATIVE ASSESSMENT – UNISA 2nd SEMESTER 2011
JUNIOR BOOKKEEPER: PAYROLL AND MONTHLY SARS RETURNS
11. The staff members have the following number of dependants and medical aid contributions:
EmployeeNo. of
dependants
Total monthly contribution paid to
medical aidR.Tshabalala 0 R 955.50
O.Olive 2 R 2 252.10
J.Smith 3 R 2 456.88
F.Von Bargen 4 R 2 627.46
R.Brennan 0 R 941.76
12. The rebates allowed in the South African tax system are as follows for the 2011/2012 tax year: Primary rebate (64 years and younger) R 10 755.00 Secondary rebate (65 – 74 years) R 6 012.00 Tertiary rebate (75 years and older) R 2 000.00
Required:
(a) Complete the table provided in your answer book. Make use of the sliding scale schedule. (b) Complete the abbreviated EMP201 in your answer book.
Note: Show all your calculations[50]
SUMMATIVE ASSESSMENT – UNISA 2nd SEMESTER 2011
JUNIOR BOOKKEEPER: PAYROLL AND MONTHLY SARS RETURNS
(a)
October 2011
Age
Salary Travel
allowance Commiss
ion
Taxable portion of
travel allowance
Taxable value of
company car
Taxable portion of
medical aid
Pension fund
deduction
PAYE/SDL remuneration
UIF
remuneration
PAYE
deduction
R.Tshabalala
76R 6
825.00R 1 365.00
R 853.00
R 0.00
O.Olive 32R 37
535.00R 0.00
R 5 067.00
R 0.00 R 0.00
J.Smith 44R 20
474.00R 3 071.00 R 0.00 R 0.00
F.Von Bargen
68R 23
886.00R 0.00 R 0.00 R 0.00
R.Brennan
51R 7
848.00R 1 177.00
R 667.00
R 0.00
L.Spheris 23R 7
848.00n/a n/a n/a n/a n/a n/a
F.Apleni 18R 8
531.00n/a n/a n/a n/a n/a n/a
Junior Bookkeeper: Payroll and Monthly SARS Returns – Summative Assessment – UNISA 2nd Semester 2010 Page 4 of 17
5 SCPR01LMAY/ JUNE 2011
(b)
Name of business:
EMP 201
Return for:
"Extract"
Submission date: For illustrative purposes only Payment Details
PAYE SDL UIF R c R c R c Amounts payable
4 5 6
R c
Control total (4 + 5 + 6 = 7)
7
Calculations:
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SUMMATIVE ASSESSMENT – UNISA 2nd SEMESTER 2011
JUNIOR BOOKKEEPER: PAYROLL AND MONTHLY SARS RETURNS
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....QUESTION 5 PAYROLL ACCOUNTS (20 MARKS)
The information what follows relates to the salaried employees of Afrika Ltd for the month of October 2011. Assume a maximum UIF funding salary of R 12 478.00. Ignore voluntary deductions. Assume that all payroll creditors were paid in full by EFT on 31 October 2011.
Salaries register of Afrika Ltd - October 2011SR 10
Employee no. & name
Gross salary
DeductionsNet
salary
Employers contributions
UIF PAYEPension fund
Total/ balanc
e
Medical aid
Pension fund
UIF SDL
(264) R.Maputo
9 926.00
124.78
1 531.66 661.7
32
318.177
607.83 1 146.99 661.73
124.78
132.12
(265) O.Ogilvy
60 661.00
124.78
17 538.23
3 639.68
21 302.69
39 358.31
2 911.74 3639.68 124.7
8 556.2
7(266) R.Richards
33 485.00
124.78
7 037.611
985.259
147.6424
337.363 705.80 1985.25
124.78
307.06
(267) K.Artz34
742.00 124.
787 821.33
2 316.15
10 262.26
24 479.74
3 088.20 2316.15 124.7
8 340.7
4(268) R.Bouman
11 669.00
113.65
407.52 761.0
31
282.2010
386.80 1 217.64 761.03
113.65
106.04
(269) L.Mocke
10 147.00
101.47
2 536.75 -2
638.227
508.78- -
101.47
101.47
(270) T.Veldhuis
11 029.00
n/a 2 757.25 -2
757.258
271.75- - n/a
110.29
171 659.00
714.24
39 630.35
9 363.84
49 708.42
121 950.57
12 070.37
9 363.84 714.2
41
653.99
Required:
Open, post to and balance the EMP201 control (B7) in the general ledger of Afrika Ltd :
[20]
General ledger of
Junior Bookkeeper: Payroll and Monthly SARS Returns – Summative Assessment – UNISA 2nd Semester 2010 Page 6 of 17
SUMMATIVE ASSESSMENT – UNISA 2nd SEMESTER 2011
JUNIOR BOOKKEEPER: PAYROLL AND MONTHLY SARS RETURNS
Junior Bookkeeper: Payroll and Monthly SARS Returns – Summative Assessment – UNISA 2nd Semester 2010 Page 7 of 17
SUMMATIVE ASSESSMENT – UNISA 2nd SEMESTER 2011
JUNIOR BOOKKEEPER: PAYROLL AND MONTHLY SARS RETURNS
Calculations:.....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Junior Bookkeeper: Payroll and Monthly SARS Returns – Summative Assessment – UNISA 2nd Semester 2010 Page 8 of 17
SUMMATIVE ASSESSMENT – UNISA 2nd SEMESTER 2011
JUNIOR BOOKKEEPER: PAYROLL AND MONTHLY SARS RETURNS
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QUESTION 1: 10 MARKSQUESTION 2: 50 MARKSQUESTION 3: 20 MARKSQUESTION 4: 50 MARKSQUESTION 5: 20 MARKSTOTAL : 150 MARKS
Junior Bookkeeper: Payroll and Monthly SARS Returns – Summative Assessment – UNISA 2nd Semester 2010 Page 9 of 17
