FAC1502 Assignment 5 2024 Updated

Furniture Traders sold three tables and six chairs to Beauty Traders, for their nail
technicians, for an amount of R31 050 (15% VAT inclusive). Furniture Traders makes use
of a mark-up percentage on cost of 35%
What is the amount for the sales (VAT exclusive) of the tables and chairs?
NB: Instructions
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Only show the amount, do not show the R (eg: 12141.72)




Answer:

Question 3
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Question text


Select one:


A.
Name of account Classification
Profit on sale of equipment Income
Equipment Asset
Services rendered Income
Depreciation Expense
Insurance Expense
Capital Equity
Credit loss recovered Income
Water and electricity Expense


B.
Name of account Classification
Profit on sale of equipment Income
Equipment Asset
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,Services rendered Income
Depreciation Income

,Insurance Expense
Capital Equity
Credit loss recovered Income
Water and electricity Expense


C.
Name of account Classification
Profit on sale of equipment Asset
Equipment Asset
Services rendered Income
Depreciation Income
Insurance Expense
Capital Liability
Credit loss recovered Income
Water and electricity Expense


D.
Name of account Classification
Profit on sale of equipment Income
Equipment Asset
Services rendered Income
Depreciation Income
Insurance Expense
Capital Equity
Credit loss recovered Expense
Water and electricity Expense

E.
Name of account Classification
Profit on sale of equipment Income
Equipment Asset

, Services rendered Income
Depreciation Asset
Insurance Expense
Capital Equity
Credit loss recovered Expense
Water and electricity Expense

Clear my choice

Question 4
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Use the following information to calculate the total liabilities amount for the basic
accounting equation:

R
Capital 680 000
Services rendered 470 000
Drawings 35 000
Rent income 65 000
Interest income 36 000
Stationery 3 300
Wages 13 500
Insurance expenses 15 600
Furniture 80 000
Vehicles 620 000
Bank overdraft 80 000
Trade payables control 81 300
Loan: SA Bank 70 200
Land 400 000
Buildings 70 000
Inventory 75 000
Trade receivables control 210 000
Select one: