Exam (elaborations)
FAC1502 assignment 4 Semester 2 2024 (Distinction)
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FAC1502 assignment 4 Semester 2 2024
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Yolandie Traders a registered VAT vendor and applies the principles of the perpetual inventory system.
The following information was extracted from the nancial records of Yolandie Traders on 30 June 2024.
YOLANDIE TRADERS
EXTRACT FROM THE TRIAL BALANCE AS AT 30 JUNE 2024
Debit Credit
R R
Capital: D Yolandie (1 July 2023) 204 000
Drawings 28 800
Loan receivable 226 088
Inventory: Trading 23 840
Additional information:
, The following information must still be taken into account for the year ended 30 June 2024:
a) During the current nancial year, the owner contributed an amount of R12 800. The accountant mistakenly didn’t account for it.
b) Revenue for the year amounted to R244 480
c) Cost of sales for the year amounted to R204 800
d) Distribution, administrative and other expenses for the year amounted to R131 680
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.
Yolandie Traders
Statement of changes in equity for the year ended 30 June
2024
Capital
R
Balance as at 1 July 2023 204000
Capital contribution 12800
Comprehensive loss for the year -92000
Less: Drawings -28800
Balance as at 30 June 2024 96000
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