SA Traders is a registered VAT vendor. The VAT rate is 15%. The following information was recorded in the accounting records
of SA Traders as at 28 February 2022 (the financial year-end):
R
Vehicles at cost 218 000
Computer equipment at cost 109 000
Accumulated depreciation: Vehicle (1 March 2021) 65 400
Accumulated depreciation: Computer equipment (1 March 16 350
2021)
The vehicles are depreciated at 20% per annum, using the straight-line method. Computer equipment is depreciated at 15% per
annum, using the reducing balance method.
What will be the carrying value of the computer equipment as at 28 February 2022?
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)
3. Only show the amount, do not show the R (eg: 12141.72)
At 30 September 2021, the financial year-end of Emalahleni Traders, the following information was obtained from the entity’s
accounting records:
R
Sales 529 959
Services rendered 123 450
Cost of sales 360 234
Packaging material 23 640
Credit losses 10 132
Bank charges 3 377
Water and electricity 20 263
Salaries and wages 67 543
Advertising 19 138
Depreciation 12 382
Dividend income 5 628
Interest income 15 759
Calculate the amount that will be transferred from the profit and loss account to the capital account of Emalahleni Traders
when the closing transfers are done on 30 September 2021?
NB: Instructions
1. Do not type the amount with any spaces as separators for thousands (eg: 12141.72)
2. Only show the amount, do not show the R (eg: 12141.72)
3. If the total amount calculated should be debited in the capital account, please enter the amount as a negative (eg:
-12141.72), if the amount should be credited to the capital account, please enter the amount as a positive (eg: 12141.72)
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