Shabangu Suppliers (not a registered VAT vendor) is a retail entity situated in the Limpopo province. The perpetual inventory system is in use and merchandise are sold at a 25%
mark-up on cost. The following transactions took place during May 2023:
Date Transaction R
6 Purchased merchandise from Matsene Traders and paid cash 15 504
15 Sold merchandise to Mr Hall for cash 4 085
29 Purchased merchandise from Zittace Traders on account 10 404
31 Returned merchandise purchased on credit to Zittace Traders 3 978
The opening balance of the inventory account on 1 May 2023 was R6 630
Required:
Post the above transactions to the general ledger account provided below.
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. When no amount needs to be entered in a column, then indicate this by entering "0" in the column.
Africa Services provided the following information for the financial year ended 28 February 2022:
R
Capital 275 000
Services rendered 581 704
Wages 568 000
Depreciation 140 308
Water and electricity 18 708
Insurance 7 015
Maintenance of vehicles 19 175
Interest expense 14 031
Interest income 11 692
The profit/loss for the year ended 28 February 2022 is ...
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 profit, please enter the amount as a positive (eg: 12141.72), if the amount calculated is a loss, please enter the amount as a negative (eg:
-12141.72)
Answer: -173841.00
Question 3
Answer saved
M arked out of 6.00
SA Traders, a registered VAT vendor, manufactures and sells gardening equipment. On 28 March 2023, SA Traders paid R5 554.50 (VAT inclusive) cash for the placement of an
advertisement in the local newspaper, to News-4U (registered VAT vendor). The VAT rate is 15%.
Required:
Record the above transaction in the applicable subsidiary journal of SA Traders.
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 no amount should be recorded in any of the numeric spaces, please indicate it by filling in a zero ("0")
SA Traders
Cash payments journal – March 2023
Doc Sundry accounts
Not applicable Bank Advertising expense VAT Input
no Day Details Fol Amount Fol Details
News 4U 0 5554.50 4830.00 724.50
28
,Question 4
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Africa Traders is a registered VAT vendor and uses the periodic inventory system.
The following extract was obtained from the accounting records of Africa Traders as at 28 February 2022:
R
Land 808 000
Buildings 404 000
Vehicles (cost on 1 March 2021) 303 000
Inventory (1 March 2021) 540 300
Accumulated depreciation: Vehicles (1 March 2021) 40 400
Trade receivables control 55 853
Mortgage loan 757 500
Bank (favourable) 68 074
Petty cash 3 030
Trade payables control 55 247
Motor vehicle finance: ZAR Bank 230 000
The following has not yet been recorded in the accounting record of Africa Traders:
1. Depreciation on vehicles for the year ended February 2022 amounted to R50 500.
2. The insurance paid includes an amount of R5 555 (excluding VAT) relating to March 2022.
3. An invoice for advertising costs were received from AD Inc to the amount of R 4 800 (excluding VAT).
4. During the inventory count (28 February 2022) it was determined that inventory to the amount of R432 078 was on hand.
5. An amount of R25 000 will be repayable on the motor vehicle finance before 28 February 2023.
6. According to the contractual agreement, R115 000 repayable on the mortgage loan annually in July.
Required:
What is the total that will be recorded in the statement of financial position for non-current liabilities as at 28 February 2022?
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)
Answer: 1424100.00
, Question 5
Answer saved
M arked out of 3.00
Sibasa Traders sells different product streams. Not all product streams were profitable during the 2021 financial year. At 31 August 2021, the financial year-end of Sibasa Traders,
the following information was obtained from the entity’s accounting records:
R
Net sales: Laptops 331 224
Net sales: Tablets 170 816
Net sales: Games 95 204
Net purchases: Laptops 77 285
Net purchases: Tablets 156 969
Net purchases: Games 51 765
Interest paid 14 077
Carriage on purchases: Laptops 18 769
Carriage on purchases: Tablets 18 327
Carriage on purchases: Games 10 801
Advertising 12 101
Water and electricity 16 561 Calculate the amount that will be transferred from the trading account to the profit or loss account
for the Games product line for the year ended 31 August 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)
Answer: 32638.00
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