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.
1
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 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 these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Masters. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $2.84. You're not tied to anything after your purchase.