1.3 Which one of the following represents the net worth of an entity at any specific point in time a) statement of compr
Posted: Thu May 05, 2022 5:42 am
1.3 Which one of the following represents the net worth of an
entity at any specific point in time
a) statement of comprehensive income
b) statement of financial position
c) statement of cash flows
d) statement of changes in equity
1.6 Simphiwe, a student bought 50 memory sticks at R40 each for
cash. All the memory sticks were marked to sell at R80 each. The
sticks were sold for cash within 10
days,as follows : 40 were sold at R80 each, 6 at R75 each
and 4 at R70 each. The gross profit percentage on sales (calculated
to the nearest 2 decimal places) show all workings:
a) 48.25%
b)49.11%
c)96.5 %
d) 100 %
1.7 On 3 January 2019 Zandile's boutique bought trade goods on
credit from Nom's wholesalers for R22 000, subject to a trade
discount of 10%. A settlement discount of 5% is granted if the
account is settled within 30 days from the date of purchase. If
payment for this purchase is made on 1 March 2019, which one of the
following is the amount that Zandile should pay Nom's wholesalers
in terms of the agreement of purchase and sale : (ignore VAT and
show calculations)
A) R19 800
B) R22 000
C) R18 810
D) R 20 790
1.8Assume that Zandile's boutique registered as a VAT vendor
effective 1 March 2019. Zandile's boutique had a VAT input total
amount of R24 760 and a VAT output total amount of R37 860 at 31
March 2019. Which one of the following represents the balance of
the VAT control account at 31 March 2019 and explain why?
a) R13 100 debit
b) R13 100 credit
c)R62 620 debit
d) R62 620 credit
1.9 Construction Boys CC, a registered VAT vendor,purchased
equipment for R92 000 (inclusive of 15% VAT) on credit from Jayzi
Ltd. Arrangements were made to settle the account over a 6 month
period. Which one of the following statements is correct when
recording the purchase of the equipment in the accounting records
of Construction Boys CC and why?
a) Debit equipment account (R105 800), credit VAT output (R13
800), credit creditors control : Jayzi Ltd (R92 000)
b) Debit equipment account (R92 000), debit VAT input (R13 800),
credit creditors control : Jayzi Ltd (R105 800).
c) Debit equipment account (R80 000), debit VAT input (R12 000)
, credit creditors control : Jayzi LTD (R 92 000)
d) Debit equipment account (R92 000), credit VAT output (R12
000), credit creditors control : Jayzi LTD (R80 000)
1.10 N Minajo received an electronic funds transfer (EFT) of R4
500 from A Grand, a debtor,in full settlement of her account of
R5000. Both Minajo and Grand are not registered as VAT vendors.
Which one of the following is the correct option to record the
receipt in the accounting records of N Minajo?
a) Debit bank account (R 5000), credit debtors control (R4 500)
and credit settlement discount granted account (R 500)
b) Debit bank account (R 4500) ,credit debtors control (R 5000)
and debit settlement discount received account (R 500)
c) Debit debtors control (R5000), credit bank account (R4500)
and credit settlement discount received account (R 500)
d) Debit bank account (R4500), credit debtors control account
(R5000),, and debit settlement discount granted account (R500)
entity at any specific point in time
a) statement of comprehensive income
b) statement of financial position
c) statement of cash flows
d) statement of changes in equity
1.6 Simphiwe, a student bought 50 memory sticks at R40 each for
cash. All the memory sticks were marked to sell at R80 each. The
sticks were sold for cash within 10
days,as follows : 40 were sold at R80 each, 6 at R75 each
and 4 at R70 each. The gross profit percentage on sales (calculated
to the nearest 2 decimal places) show all workings:
a) 48.25%
b)49.11%
c)96.5 %
d) 100 %
1.7 On 3 January 2019 Zandile's boutique bought trade goods on
credit from Nom's wholesalers for R22 000, subject to a trade
discount of 10%. A settlement discount of 5% is granted if the
account is settled within 30 days from the date of purchase. If
payment for this purchase is made on 1 March 2019, which one of the
following is the amount that Zandile should pay Nom's wholesalers
in terms of the agreement of purchase and sale : (ignore VAT and
show calculations)
A) R19 800
B) R22 000
C) R18 810
D) R 20 790
1.8Assume that Zandile's boutique registered as a VAT vendor
effective 1 March 2019. Zandile's boutique had a VAT input total
amount of R24 760 and a VAT output total amount of R37 860 at 31
March 2019. Which one of the following represents the balance of
the VAT control account at 31 March 2019 and explain why?
a) R13 100 debit
b) R13 100 credit
c)R62 620 debit
d) R62 620 credit
1.9 Construction Boys CC, a registered VAT vendor,purchased
equipment for R92 000 (inclusive of 15% VAT) on credit from Jayzi
Ltd. Arrangements were made to settle the account over a 6 month
period. Which one of the following statements is correct when
recording the purchase of the equipment in the accounting records
of Construction Boys CC and why?
a) Debit equipment account (R105 800), credit VAT output (R13
800), credit creditors control : Jayzi Ltd (R92 000)
b) Debit equipment account (R92 000), debit VAT input (R13 800),
credit creditors control : Jayzi Ltd (R105 800).
c) Debit equipment account (R80 000), debit VAT input (R12 000)
, credit creditors control : Jayzi LTD (R 92 000)
d) Debit equipment account (R92 000), credit VAT output (R12
000), credit creditors control : Jayzi LTD (R80 000)
1.10 N Minajo received an electronic funds transfer (EFT) of R4
500 from A Grand, a debtor,in full settlement of her account of
R5000. Both Minajo and Grand are not registered as VAT vendors.
Which one of the following is the correct option to record the
receipt in the accounting records of N Minajo?
a) Debit bank account (R 5000), credit debtors control (R4 500)
and credit settlement discount granted account (R 500)
b) Debit bank account (R 4500) ,credit debtors control (R 5000)
and debit settlement discount received account (R 500)
c) Debit debtors control (R5000), credit bank account (R4500)
and credit settlement discount received account (R 500)
d) Debit bank account (R4500), credit debtors control account
(R5000),, and debit settlement discount granted account (R500)