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Fac1503 Assignment 6 Semester 1 2023 ( Distinction )
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Fac1503 Assignment 6 Semester 1 2023 ( Distinction )
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fac1503 Assignment 6 Semester 2 2023
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FAC 1503ASSIGNMENT 6 SEMESTER 1 2023
Use this document as a guide to learn, compare and reference
,Use the following information to answer the question below:
SA Traders is a business that sells electronic equipment. The entity is not registered as a VAT vendor. The financial year-end of SA Traders is 28
February of each year. The following trial balance was extracted from the financial records of SA Traders.
SA TRADERS
PRE-ADJUSTMENT TRIAL BALANCE AS AT 28 FEBRUARY 2022
Debit Credit
R R
Financial position section
Capital 320 000
Drawings 20 000
Land and buildings at cost price 500 000
Mortgage 400 000
Vehicles at cost price 200 000
Equipment at cost price 50 000
Accumulated depreciation: Vehicles 80 000
Accumulated depreciation: Equipment 9 500
Inventory 67 500
Debtors control 19 500
Creditors control 41 000
Income received in advance 800
Accrued expenses 1 500
Bank 10 000
Petty cash 6 000
Total comprehensive income for the year 20 200
873 000 873 000
Additional information:
The mortgage loan with interest at 9% per annum is repayable over a period of 20 years. The capital that will be repaid from 1 March 2021 to 28
February 2022 amounted to R20 000. No interest was due at the end of the financial year.
Trade and other receivables on the statement of financial position of SA Traders as at 28 February 2022 will amount to …
Select one:
a. R19 500
b. R19 500 + R67 500 + R10 000 + R6 000 = R103 500
c. R19 500 - R800 = R18 700
d. R19 500 + R67 500 - R800 = R86 200
,Question 3
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Marked out of 2.00
At financial year end, 31 December 2021, the following appeared in the general ledger of SA Attorneys:
Dr Insurance expense N1 Cr
2021 R
31/12 Bank CPJ 41 600
Additional information:
SA Attorneys entered into an insurance contract with Africa Insurance agency on 1 November 2020. The terms and conditions of the
contract stipulates that SA Attorneys should pay an amount of R3 200 on a monthly basis for insurance. The payment is due on the seventh
day of each month.
What is the amount for the insurance expense that should appear in the general ledger of SA Attorneys for the year ended 31 December
2021?
Select one:
a. R38 400 3200 X 12
b. R3 200
c. R32 000
d. R41 600
Question 4
Not yet answered
Marked out of 1.00
The sales account is:
Select one:
a. credited with the total of sales made, including VAT
b. debited with the total of sales made, including VAT
c. debited with the total of sales made, excluding VAT
d. credited with the total of sales made, excluding VAT
, Question 5
Not yet answered
Marked out of 2.00
What must the VAT amount be that must be added to the VAT exclusive amount of R500 if the current VAT rate is 15%?
Select one:
a. R75,00 500 X 15/100
b. R434,78
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