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FAC1502 ASSIGNMENT 4- DUE 30 OCTOBER 2024 SEMESTER 2
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10/23/24, 2:27 PM Assessment 4 (page 1 of 2)FAC1502-24-S2 Welcome Message Assessment 4
QUIZ
Time left 0:27:15
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, 10/23/24, 2:27 PM Assessment 4 (page 1 of 2)
Question 1
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Tyamo Traders is a registered VAT vendor and applies the principles of the perpetual inventory system.
The following information was extracted from the financial records of Tyamo Traders on 30 June 2024.
TYAMO TRADERS
EXTRACT FROM THE TRIAL BALANCE AS AT 30 JUNE 2024
Debit Credit
R R
Capital: S Tyamo (1 July 2023) 280 500
Drawings 39 600
Loan receivable 310 871
Inventory: Trading 32 780
Additional information:
The following information must still be taken into account for the year ended 30 June 2024:
a) During the current financial year, the owner contributed an amount of R17 600. The accountant mistakenly didn’t account
for it.
b) Revenue for the year amounted to R336 160
c) Cost of sales for the year amounted to R281 600
d) Distribution, administrative and other expenses for the year amounted to R181 060
Required:
Prepare the Statement of changes in equity for the year ended 30 June 2024
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. All amounts that will be deducted from the balance must be recorded with a negative sign in front of the amount (eg:
-1000.01)
4. When no amount needs to be entered in a column, then indicate this by entering "0" in the column.
Tyamo Traders
Statement of changes in equity for the year ended 30 June
2024
Capital
R
Balance as at 1 July 2023 280500
Capital contribution 17600
Comprehensive loss for the year -126500
Less: Drawings -39600
Balance as at 30 June 2024 132000
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