Exam (elaborations)
FAC1502 assignment 4 Semester 2 2024 (Distinction)
- Institution
- University Of South Africa (Unisa)
FAC1502 assignment 4 Semester 2 2024
[Show more]
1 review
By: stephenngwira • 4 weeks ago
great
Content preview
Question 1Not yet answered
Marked out of 10.00
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
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Heartutor. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R50,00. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67096 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy summaries for 14 years now