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Excellent FAC1501 Assignmnent 2 Solutions
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5/10/2022 FAC501ASSIGNMENT 5
POSSIBLE SOLUTIONS
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, Use the following information to answer the question below:
Giyani Traders is a business that sells electronic equipment. The entity is not registered as a
VAT vendor. The financial year-end of Giyani Traders is 28 February of each year. The following
trial balance was extracted from the financial records of Giyani Traders.
GIYANI TRADERS
PRE-ADJUSTMENT TRIAL BALANCE AS AT 28 FEBRUARY 2022
Debit Credit
R R
Financial position section
Capital 320 000
Drawings 20 000
Land and buildings at cost price 500 000
Mortgage 400 000
Vehicles at cost price 200 000
Equipment at cost price 50 000
Accumulated depreciation: Vehicles 80 000
Accumulated depreciation: Equipment 9 500
Inventory 67 500
Trade receivables 19 500
Trade payables 41 000
Allowance for credit losses 800
Accrued expenses 1 500
Bank 10 000
Petty cash 6 000
Total comprehensive income for the year 20 200
873 000 873 000
Additional information:
The mortgage loan with interest at 9% per annum is repayable over a period of 20 years. The
capital that will be repaid from 1 March 2022 to 28 February 2023 amounts to R20 000. No
interest was due at the end of the financial year.
Cash and cash equivalents on the statement of financial position of Giyani Traders as at
28 February 2022 will amount to …
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)
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