FAC3701 ASSIGNMENT 1 SEMESTER 2 - 2023
CLOSING DATE: 01 SEPTEMBER 2023
(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.
(b) Disclose the income tax expense note (including...
(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:
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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