‘Time taken Marks. rade Feedback ‘Saturday, 17 August 2024, 3:10 PM Finished Saturday, 17 August 2024, 420 PM 1 hour 9 mins 1497/50.00 29.94 out of 100.00, Sorry. you falthe assessment, Please ‘90 back and study Units 110 5aveston 1 ‘You ar glen the following fransactions {ran entity that utes the pariodie Inventory system: Detaie Sold ventory on ere Ne-J Singh for R602 (VAT incu). 2_| Recaived paymontirom ‘bio, L Let for R7 000 in futsotiement of her sccount Satemant scount of RS7S was ‘granted i ha 7 | Creat note XS67 was issued to Ms T Nome, a abo, for RB 870 (VA inclusive) the table below for each ofthe jon transactions. + Indicate in which subsidiary joural the taneaction willbe entered * Indicate whether the VAT Input account othe VAT Output aecount in the general ledger must be debited or credited + You must then calculate the VAT amount and enter tin the amount column, Inetructions: + Only show the amount, donot show the R(eg: 12741) + Round off to the nearest Rand (e: 50.56is 51) + Do not type the amount with any spaces as separators for thousands (eg: 12141) Subsidiary Journal General iedger account [ Amount : = |[ 1056 v v * a 2 = [ [a x x * 5 + = |[es x v *veston2 Betties Smiths the owner of Beties Plumbing. You are given the following Information for Bets Plumbing forthe year ended 28 February 20.27 R Capital 252 ‘000 Services rendered 510 000 Wages 00 009 Telephone expenses 10 000 ‘Water and elecrity 8.000) Water and eleciiciy: Deposit | 2500 Insurance. 1500) Maintenance ofvehicies | 2.500 Interest income +1500) Interest expenses 72000 “Acerued incom 4600 Income received advance —[ 3 000 What is the total amount of all the income for Betties Plumbing for the year ended 28 February 20.27 NB: Instructions Use a ful stop to indicate any decimals (eg: 1000.01) 2. Only show the amount, do not show the R (eg: 1214172) newer 519100 ‘The correct answer i: 511500veston Indicate by choosing the correct option whether the following statement i true ortalse: {an electronic funds transfer (EFT) by the ‘bookkeeper from the business bank ‘account to his/her own bank will Increase drawings Select one: True False v Correct answer Refer to study unit 4 The correct answer is False.veaton ‘The following information was obtained from the records of Sparkling Clean for February 20.1 ‘Thulani saved R1 800 000 to start his ‘own cleaning serices in Midrand. On 1 February 20.1, Thulani opened a business. bank account, Sparking Clean, at ABC ‘Bank and he deposited RI 200 000. The following transactions took place during February 20.1: Pay [ransaction 2 Sparkling Glean bought equipment for R1 020 000 on credit, which is repayable within a year. 3 Sparking Clean purchased a van from cars--Arica for R960 000 sh ("74 Thulani used the business banking pp to pay RB0 000 for his got abs. 16 |Thulani used the business debit ard to pay R20 000 for the rental f the business property 27 Sparkling Clean obtained a loan of 1 350 000 from XYZ Bank. The Interest rate payable onthe loan is 12.5% per annum. R300 000 is ayable within 12 months, and the smainder of the loan is repayable fore 27 February 20.4, The loan mount was deposited into the usiness bark account of Sparkling Clean on 28 February 20.1 Interest onthe loan wil hicerue rom 1 March 20.1 28 uring the first month of wading, the business rendered services to lients for R70 000 cash and for 245 000 on credit. The operating Required: ‘After taking into account ll the Information provided inthe scenario above, please fillin the total equity and liabilities section ofthe statement of financial positon as at 28 February 20.1 of Sparkling Clean4. Do not type the amount with any ‘spaces as separators for thousands (eg: 12141) 2. Round off othe nearest Rand (eg 50.568 51) 3. Only show the amount, do not show the R (eg: 12141) 4. fan option was given butis not applicable under the heading, please Indicate it by choosing N/A from the dropdown menu, 5. If an option i given to fillin an ‘amount butis not applicable, please fil ina zero"0" ‘SPARKLING CLEAN ‘STATEMENT OF FINANCIAL POSITION. [AS AT 28 FEBRUARY 20.1 EQUITY AND LIABILITIES OWNERS CAPITAL + |x EQUITY ‘200000 Mark 0.00 outaf1.00 Net profit ¢ 3 siao00 |x poeimor Tair 1050000 Jv Current portion ofng-term borrowings ¢ | soogaa « URRENT LIABILITY 11020000 Drawing oe 30000 N/A e[o x x ‘TOTAL EQUITY AND LIABILITIES. 20019.veaton 5 Indicate whether the following statement {is tue or false: A set of decisions about how an ently will handle transactions which are repetitive in nature to achieve @ Consistent result i referred to as an accounting policy. Select one: True v False Correct answer ‘The correct answer is True:vsstion 6 Please choose the correct option forthe siven scenario One of he tations of using money a8. { the valve of money is unstable enominator isbecause An example of acurrent | accrued income assetwillbe An example of aconcept that represents present econamic resources assets controlled by the entity, as aresut ofpast events of business entity is Anaccount that will causean “el Increasein equity is Your answer is partially corect. You have correctly selected 3, ‘The correct answer is: (ne ofthe limitations of using money as ‘@ common denominator is because .. > the value of money is unstable and Influenced by many economic factors, {An example ofa current asset will de . + acerued income, ‘An example of a concept that represents present economic resources controlled by the entity, as a result of past events of ‘business entily is. assets, ‘An account that will use an increase in equity is. + revenue. influenced by many econ mie factors.usstion 7 Indicate whether the following statement ‘is tue or false: [An entity makes a loss when the income ‘thas earned s less than the expenditure thas incurred in generating or producing the income. Select one: True v False Correct anewer ‘The correct answer is "True!cveaton 8 Peter a cualifed sloctical engineer was Fetrenche in January 20.2 an he received a ratranchment package of Rt 000000. PG Eotreans wil alo d instalation of lar panels PG Electncans wil use the perigee Inventory system. ‘The folowing transactons occured in he books of PC Electrician during the month of February 202 Transaction Datale 7 Hie decided to open Wis own business PG Electricians ‘nt Fobreary 20.2 and deposited 45% of his rovoncrment package into PG Electrelans business bank account tar Wana Twa oo contact voage testers ‘worth R250 each othe business, For the month of Fobraary 20.2, PG Electlans rendered services for cash to the value of R500 000 Pater used fis business banking app to buy a desk ‘and iypst chair for tho receptonist rom WR EQup for 500, Pater used Fis ines banking app to purchase 3000 prepaid airtime for the elections ne hires. PG Elections so 12 sole panel, two battrios ‘and vera for taal ‘cost of R120 000 fo Mrs “Thomas on 26 February 20.2. Ne Thomas has nat yel made any payment 1. Use a ful stop to indicate any decimals (eg: 1000.01) 2. Round off ta the second decimal after the full stop (eg: 60.86) 2. Adecrease in.an amount must be indicates by using a negative sign in front ofthe amount (eg:-1000.01) 4, An increase must be indicated by the amount 7000.01) 5. If an option ‘snot appicabl without any sign (eg has been provided and it fe to the speciic question, please put N/A in the column, 6. Only show the amount, donot show the R" (eg: 1000)‘The correct ledger and accounting analysis of TRANSACTION 2 in the ks of PG Electricians will ‘General ledger Assets | Equity [Liabilities ‘Account tobe debited ‘Account tobe credited R R R NA Equipment 20 [0 x * v x avestion orks on auto 09| Indicate whether the following statement Js true o false regarding the procedures that must be followed atthe end of the ‘month regarding to posting from the ‘subsidiary journals? ‘The total ofthe trade payables column in the purchases returns journal must be posted to the credit sie ofthe trade payables control accounts on the last day of the month Select one: True False v Correct answer ‘The correct answer is False.veaton 10 Naledi Traders purchased office stationery of R2 000 from Africa Stationeries and paid with the business debit card, At the time ofthe purchase "Naledi Traders had a favourable bank balance. Prepare the BAE incorporating the Information form the above transaction Inthe table below by indicating the net <’ffect (amount) and the account debited and credited Instructions for numeric responses: 1. Use a full stop to indicate any decimals (eg: 1000.01) 2, Round off to the second decimal ater the full stop (eg: 50.56) 3, When an element decreases, use a negative sign in front ofthe amount (eg 1000.01) 4, When an clement increases, the amount will be without any sign (eg: 1000.01), 5. Only show the amount, do not show the R" (eg: 1000) 6. fo amount should be recorded in ary ‘ofthe numeric spaces, please indicate t by filling in a zero C0") ‘Assets Fl Equity isbitties x 200 |v 2000 |x 5 applicad @ | [ Bank accou @ | stationery ere : x « xvsstion 11 You are given the following information for Thabo Plumbers: R Services rendered for cash 30 004 Services rendered on credit 21 00% fages 25 004 Water and electricity 300 edit losses 200 Interest paid on Bank overdraft 204 edit losses recovered 304 neumables 250 nk charges 2K FT for rent paid to WR Estate Agency 450 ieee ee — Total expenses for Thabo's Plumbers is NB: Instructions 4. Do not type the amount with any ‘spaces as separators for thousands (eg: s211) 2. Round off tothe nearest Rand (eg: 50.56!s 51) 3. Only show the amount, donot show the R (eg: 12141) 4. Show a total comprehensive loss with sign Answer 27430 ‘The correct answer is: 37430usstion 12 Fou are given the following information for Sibas Nall Bar: R Eauipment ono ~ i000 Manicure ables and cha on 00% inventor. = fro 00% ents owing Sibas Nall Bar. 500 ibas Nall Bar owes Salon Suppliers iis 00% nk overdraft = 300 Instructions 1. Use a full stop to indicate any decimals (eg: 1000.01) 2 Only show the amount, donot show the R (eg: 12141.72) ‘The correct answer fe: 31000