5/5/2025 Assessment 4 Group 3 from 13:30 (page 1 of 2)
Tyamo Traders is a registered VAT vendor and applies the principles of the perpetual inventory system.
The following information was extracted from the financial records of Tyamo Traders on 30 June 2024.
TYAMO TRADERS
EXTRACT FROM THE TRIAL BALANCE AS AT 30 JUNE
2024
Debit Credit
R R
Capital: S Tyamo (1 July 2023) 275 400
Drawings 38 880
Loan receivable 282 610
Inventory: Trading 32 184
Additional information:
The following information must still be taken into account for the year ended 30 June 2024:
a) During the current financial year, the owner contributed an amount of R17 280. The accountant mistakenly didn’t account for it.
b) Revenue for the year amounted to R330 048
c) Cost of sales for the year amounted to R276 480
d) Distribution, administrative and other expenses for the year amounted to R30 000
Required:
Prepare the Statement of changes in equity for the year ended 30 June 2024
Instructions for numeric responses:
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Round off to the second decimal after the full stop (eg: 50.56)
3. All amounts that will be deducted from the balance must be recorded with a negative sign in front of the amount (eg: -1000.01)
4. When no amount needs to be entered in a column, then indicate this by entering "0" in the column.
Tyamo Traders
Statement of changes in equity for the year ended 30
June 2024
Capital
R
Balance as at 1 July 2023 275400.00
Capital contribution 17280.00
Comprehensive income for the year 235680.00
Less: Drawings 38880.00
Balance as at 30 June 2024 355128.00
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,5/5/2025 Assessment 4 Group 3 from 13:30 (page 1 of 2)
Question 2
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Marked out of 12.00
The following balances were extracted from the subsidiary journals of General Spaza Shop as at 28 February 20.2.
R
Cash receipts journal
VAT input 1 207,50
Sales column 153 300,00
Cash payments journal
Purchases column 221 900,00
VAT output 1 680,00
Purchases journal
Trade payables column 152 950,00
Sales journal
Trade receivables column 291 812,50
Purchases returns journal
Trade payables column 17 307,50
Sales returns journal
Trade receivables column 12 880,00
On 1 February 20.2, the VAT input account had an opening balance of R42 000 and the VAT output account had an opening balance of R63 000.
The applicable VAT rate is 15%.
Using the above information, compile the VAT input account in the general ledger as at 28 February 20.2, including the final closing
transfer.
Instructions:
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Round off to the second decimal after the full stop (eg: 50.56)
3. Only show the amount, do not show the R (eg: 12141.72)
4. Keep the ledger entries strictly according to the information given.
GENERAL SPAZA SHOP
GENERAL LEDGER
Dr VAT input Cr
20.2 R 20.2 R
Feb 1 Balance 42000.00 Feb 28 Purchases returns
b/d PRJ 2257.50
Feb 28 Bank 2207.50
CRJ VAT control GJ 90843.48
Bank
CPJ 28943.48
Trade payables control
PJ 19950.00
93100.98
93100.98
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,5/5/2025 Assessment 4 Group 3 from 13:30 (page 1 of 2)
Question 3
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Marked out of 18.00
K Swa Traders (not a registered VAT vendor) makes use of the periodic inventory system and a mark-up of 25% on cost price. The following
transactions took place during the current financial year:
(a) Bought inventory for cash for R12 550.
(b) Inventory returned to a creditor amounted to R 3 250.
(c) Inventory was sold for cash R7 860.
Required:
Record the above transactions in the table provided below.
Instructions:
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Round off to the second decimal after the full stop (eg: 50.56)
3. A decrease in an amount must be indicated by using a negative sign in front of the amount (eg: -1000.01)
4. An increase must be indicated by the amount without any sign (eg: 1000.01)
5. If an option has a increase as well as a decrease the net effect will be 0.
6. If an option has been provided that is not applicable to the question, please use N/A in the column to indicate that the option is not applicable.
Subsidiary journal Account in the general ledger to be Net effect on Net effect on Net effect
on
No assets = equity +
liabilities
Debited Credited
(a) Cash payments journal Purchases Bank -12550.00 -12550.0 0
(b)
Sales returns journal Inventory Trade receivables control 0 0 0
(c) Cash receipts journal Bank Sales 7860.00 7860.00 0
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, 5/5/2025 Assessment 4 Group 3 from 13:30 (page 1 of 2)
Question 4
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Betties Dealers obtained a loan of R1 000 000 from VL Bank on 1 October 2023. The loan is secured by mortgage over land and buildings and is
redeemable in four equal annual instalments. The first instalment on loan is payable on 31 August 2024. The interest rate payable is 12%. Betties
Dealers financial year end 28 February.
The amount of the interest expense to be disclosed in the statement of profit or loss and other comprehensive income for the year ended 28
February 2024 is …
Instructions:
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Round off to the second decimal after the full stop (eg: 50.56)
3. Do not type in “R” for Rand in the numeric block
Answer:
Question 5
Answer saved
Marked out of 4.00
Analyse the given transaction and then choose the correct option for the analysis of the transaction:
Transaction: BK Salon bought three foot spas for R1 000 from Salon Suppliers, via the business banking app. The foot spas will be used in the salon for
pedicures.
The effect of the given transaction on assets in the basic accounting equation. Assets will increase and decrease with R1 000.
The effect of the given transaction on equity in the basic accounting equation. None.
The account to be debited in the given transaction. Equipment
The account to be credited in the given transaction. Bank
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Tyamo Traders is a registered VAT vendor and applies the principles of the perpetual inventory system.
The following information was extracted from the financial records of Tyamo Traders on 30 June 2024.
TYAMO TRADERS
EXTRACT FROM THE TRIAL BALANCE AS AT 30 JUNE
2024
Debit Credit
R R
Capital: S Tyamo (1 July 2023) 275 400
Drawings 38 880
Loan receivable 282 610
Inventory: Trading 32 184
Additional information:
The following information must still be taken into account for the year ended 30 June 2024:
a) During the current financial year, the owner contributed an amount of R17 280. The accountant mistakenly didn’t account for it.
b) Revenue for the year amounted to R330 048
c) Cost of sales for the year amounted to R276 480
d) Distribution, administrative and other expenses for the year amounted to R30 000
Required:
Prepare the Statement of changes in equity for the year ended 30 June 2024
Instructions for numeric responses:
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Round off to the second decimal after the full stop (eg: 50.56)
3. All amounts that will be deducted from the balance must be recorded with a negative sign in front of the amount (eg: -1000.01)
4. When no amount needs to be entered in a column, then indicate this by entering "0" in the column.
Tyamo Traders
Statement of changes in equity for the year ended 30
June 2024
Capital
R
Balance as at 1 July 2023 275400.00
Capital contribution 17280.00
Comprehensive income for the year 235680.00
Less: Drawings 38880.00
Balance as at 30 June 2024 355128.00
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,5/5/2025 Assessment 4 Group 3 from 13:30 (page 1 of 2)
Question 2
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Marked out of 12.00
The following balances were extracted from the subsidiary journals of General Spaza Shop as at 28 February 20.2.
R
Cash receipts journal
VAT input 1 207,50
Sales column 153 300,00
Cash payments journal
Purchases column 221 900,00
VAT output 1 680,00
Purchases journal
Trade payables column 152 950,00
Sales journal
Trade receivables column 291 812,50
Purchases returns journal
Trade payables column 17 307,50
Sales returns journal
Trade receivables column 12 880,00
On 1 February 20.2, the VAT input account had an opening balance of R42 000 and the VAT output account had an opening balance of R63 000.
The applicable VAT rate is 15%.
Using the above information, compile the VAT input account in the general ledger as at 28 February 20.2, including the final closing
transfer.
Instructions:
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Round off to the second decimal after the full stop (eg: 50.56)
3. Only show the amount, do not show the R (eg: 12141.72)
4. Keep the ledger entries strictly according to the information given.
GENERAL SPAZA SHOP
GENERAL LEDGER
Dr VAT input Cr
20.2 R 20.2 R
Feb 1 Balance 42000.00 Feb 28 Purchases returns
b/d PRJ 2257.50
Feb 28 Bank 2207.50
CRJ VAT control GJ 90843.48
Bank
CPJ 28943.48
Trade payables control
PJ 19950.00
93100.98
93100.98
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,5/5/2025 Assessment 4 Group 3 from 13:30 (page 1 of 2)
Question 3
Answer saved
Marked out of 18.00
K Swa Traders (not a registered VAT vendor) makes use of the periodic inventory system and a mark-up of 25% on cost price. The following
transactions took place during the current financial year:
(a) Bought inventory for cash for R12 550.
(b) Inventory returned to a creditor amounted to R 3 250.
(c) Inventory was sold for cash R7 860.
Required:
Record the above transactions in the table provided below.
Instructions:
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Round off to the second decimal after the full stop (eg: 50.56)
3. A decrease in an amount must be indicated by using a negative sign in front of the amount (eg: -1000.01)
4. An increase must be indicated by the amount without any sign (eg: 1000.01)
5. If an option has a increase as well as a decrease the net effect will be 0.
6. If an option has been provided that is not applicable to the question, please use N/A in the column to indicate that the option is not applicable.
Subsidiary journal Account in the general ledger to be Net effect on Net effect on Net effect
on
No assets = equity +
liabilities
Debited Credited
(a) Cash payments journal Purchases Bank -12550.00 -12550.0 0
(b)
Sales returns journal Inventory Trade receivables control 0 0 0
(c) Cash receipts journal Bank Sales 7860.00 7860.00 0
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, 5/5/2025 Assessment 4 Group 3 from 13:30 (page 1 of 2)
Question 4
Not yet answered
Marked out of 2.00
Betties Dealers obtained a loan of R1 000 000 from VL Bank on 1 October 2023. The loan is secured by mortgage over land and buildings and is
redeemable in four equal annual instalments. The first instalment on loan is payable on 31 August 2024. The interest rate payable is 12%. Betties
Dealers financial year end 28 February.
The amount of the interest expense to be disclosed in the statement of profit or loss and other comprehensive income for the year ended 28
February 2024 is …
Instructions:
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Round off to the second decimal after the full stop (eg: 50.56)
3. Do not type in “R” for Rand in the numeric block
Answer:
Question 5
Answer saved
Marked out of 4.00
Analyse the given transaction and then choose the correct option for the analysis of the transaction:
Transaction: BK Salon bought three foot spas for R1 000 from Salon Suppliers, via the business banking app. The foot spas will be used in the salon for
pedicures.
The effect of the given transaction on assets in the basic accounting equation. Assets will increase and decrease with R1 000.
The effect of the given transaction on equity in the basic accounting equation. None.
The account to be debited in the given transaction. Equipment
The account to be credited in the given transaction. Bank
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