Exam (elaborations)
FAC3701 ASSIGNMENT 01 SEMESTER 02 2023
- Institution
- University Of South Africa (Unisa)
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FAC3701ASSIGNMENT 01
SEMESTER 02
2023
DISTINCTION
THE TUTOR RESOURCE GUARANTEED
, REQUIRED:
(a) Prepare the necessary journal entry in the accounting records of Brickblock Ltd to
correctly record additional information (6) for the year ended 31 December 2022.
Brickblock Ltd
Journal Entry to Correctly Record Additional Information (6) for the Year Ended 31
December 2022:
10 Jan 2022 Debit (R) Credit (R)
Shareholders Dividends Payable (SFP) [400 000 × 80%] 320 000
SARS: Dividend Tax Payable (SFP) [400 000 × 20%] 80 000
Bank (SFP) 400 000
Explanation:
1. Dividends Payable (SFP): The entry debits the dividends payable account to reflect
the reduction in the dividend payable to shareholders after deducting the dividend
tax.
2. Dividend Tax Payable (SFP): The entry debits the dividend tax payable account to
record the dividend tax liability to SARS.
3. Bank (SFP): The first and second entries both credit the bank account to reflect the
cash outflow for both the dividend payment and the dividend tax payment.
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