1.6 Simphiwe, a student, bought 50 memory sticks at R40 each for cash. All the memory sticks were marked to sell at R80

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1 6 Simphiwe A Student Bought 50 Memory Sticks At R40 Each For Cash All The Memory Sticks Were Marked To Sell At R80 1 (212.75 KiB) Viewed 107 times

1 6 Simphiwe A Student Bought 50 Memory Sticks At R40 Each For Cash All The Memory Sticks Were Marked To Sell At R80 2 (153.22 KiB) Viewed 107 times

1 6 Simphiwe A Student Bought 50 Memory Sticks At R40 Each For Cash All The Memory Sticks Were Marked To Sell At R80 3 (165.71 KiB) Viewed 107 times

1.6 Simphiwe, a student, bought 50 memory sticks at R40 each for cash. All the memory sticks were marked to sell at R80 eaeh. 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) is; A) 48,25% B) 49 11% C 96,5%. D) 100% (2) 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 March 2019, which one of the following is the
YEAR 1 - ACADEMIC AND ASSESSMENT CALE amount that Zandile should pay Nom's Wholesalers in terms of the agreement of purchase and sale: (ignore VAT) A) R19 800. B) R22 000. C) R18 810. (2) D) R20 790. 1.8 Assume 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? A R13 100 debit. B) R13 100 credit. Z R62 620 debit. D) R62 620 credit. (2) 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 six month period. Which of the following statements is correct when recording the purchase of the equipment in the accounting records of Construction Boys CC? 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 (R92 000). D) Debit equipment account (R92 000), credit VAT output (R12 000), credit creditors control: Jayzi Ltd (R80 000). (2)
YEAR 1 - ACADEMIC AND ASSESSMENT CALENDAR - DISTANCE 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 R5 000. Both Minajo and Grand are not registered as VAT vendors. Which of the following is the correct option to record the receipt in the accounting records of N Minajo? A) Debit bank account (R5 000), credit debtors' control (R4 500), and credit settlement discount granted account (R500). B) Debit bank account (R4 500), credit debtors control (R5 000), and debit settlement discount received account (R500). C) Debit debtors' control (R5 000), credit bank account (R 4 500), and credit settlement discount received account (R500). D) Debit bank account (R4 500), credit debtors' control account (R5 000), and debit settlement discount granted account (R500). (2)