Asylum Traders, a registered VAT vendor, buys and sells hand sanitisers. The VAT rate is 15%. All goods are sold at a constant mark-up of 25%
and the entity uses the perpetual inventory system.
On 7 March 2025, Asylum Traders purchased inventory of R25 600 (VAT exclusive) on account from LG Dealers.
Required:
Record the transaction provided above in the applicable subsidiary journal of Asylum Traders.
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. If no amount should be recorded in any of the numeric spaces, please indicate it by filling in a zero (0")
Asylum Traders
0.15*25600 25600+3840
Purchases journal — March 2025
Doc
no | pay Details Fol VAT Input Inventory Trade payables
R R R
LG Dealers 3840 25600 29440
7
,Question 8
Answer saved Yasub Traders received a loan of R180 000 from AXY Bank, and the full amount was deposited into the bank account. Yasub Traders has an
Marked out of unfavourable bank balance of R127 000.
600
Prepare the BAE incorporating the information from the above transaction in the table below by indicating the net effect (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 after the full stop (eg: 50.56)
3. When an element decreases, use a negative sign in front of the amount (eg: -1000.01)
4. When an element increases, the amount will be without any sign (eg: 1000.01)
5. Only show the amount, do not show the “R" (eg: 1000)
6. 1f no amount should be recorded in any of the numeric spaces, please indicate it by filling in a zero ("
Assets = Equity + Liabilities
53000 0 53000
Bank account debit Not applicable Bank account debit and Loan account credit
!
,Joe Traders is not a registered VAT vendor. On 1 July 2023, Joe Traders bought machinery on credit from Malebo
Machines for R72 000. BB Logistics delivered the machinery at an additional cost of R5 500. Malebo Machines sent a
technician to install the machinery and test its operationality for R2 400. Joe Traders paid the delivery and installation
costs with electronic funds transfers. The interest charged on the outstanding amount for the year ended 30 June 2024
was R18 000.
Depreciation is calculated using the straight-line method on machinery over a useful life of 5 years.
Required:
What will the depreciation on the machinery be that is recorded in the statement of profit or loss and other
comprehensive income for the year ended 30 June 2024?
NB: Instructions
1. Do not type the amount with any spaces as separators for thousands (eg: 12141)
2. Round off to the nearest Rand (eg: 50.56 is 51)
3. Only show the amount, do not show the R (eg: 12141)
Answer: 15980
, Question 6
Answer saved
Marked out of Indicate whether the following statement is true or false:
100 According to the diminishing balance method depreciation is written off over the expected useful life of the asset.
Select one:
O True
@® False
and the entity uses the perpetual inventory system.
On 7 March 2025, Asylum Traders purchased inventory of R25 600 (VAT exclusive) on account from LG Dealers.
Required:
Record the transaction provided above in the applicable subsidiary journal of Asylum Traders.
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. If no amount should be recorded in any of the numeric spaces, please indicate it by filling in a zero (0")
Asylum Traders
0.15*25600 25600+3840
Purchases journal — March 2025
Doc
no | pay Details Fol VAT Input Inventory Trade payables
R R R
LG Dealers 3840 25600 29440
7
,Question 8
Answer saved Yasub Traders received a loan of R180 000 from AXY Bank, and the full amount was deposited into the bank account. Yasub Traders has an
Marked out of unfavourable bank balance of R127 000.
600
Prepare the BAE incorporating the information from the above transaction in the table below by indicating the net effect (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 after the full stop (eg: 50.56)
3. When an element decreases, use a negative sign in front of the amount (eg: -1000.01)
4. When an element increases, the amount will be without any sign (eg: 1000.01)
5. Only show the amount, do not show the “R" (eg: 1000)
6. 1f no amount should be recorded in any of the numeric spaces, please indicate it by filling in a zero ("
Assets = Equity + Liabilities
53000 0 53000
Bank account debit Not applicable Bank account debit and Loan account credit
!
,Joe Traders is not a registered VAT vendor. On 1 July 2023, Joe Traders bought machinery on credit from Malebo
Machines for R72 000. BB Logistics delivered the machinery at an additional cost of R5 500. Malebo Machines sent a
technician to install the machinery and test its operationality for R2 400. Joe Traders paid the delivery and installation
costs with electronic funds transfers. The interest charged on the outstanding amount for the year ended 30 June 2024
was R18 000.
Depreciation is calculated using the straight-line method on machinery over a useful life of 5 years.
Required:
What will the depreciation on the machinery be that is recorded in the statement of profit or loss and other
comprehensive income for the year ended 30 June 2024?
NB: Instructions
1. Do not type the amount with any spaces as separators for thousands (eg: 12141)
2. Round off to the nearest Rand (eg: 50.56 is 51)
3. Only show the amount, do not show the R (eg: 12141)
Answer: 15980
, Question 6
Answer saved
Marked out of Indicate whether the following statement is true or false:
100 According to the diminishing balance method depreciation is written off over the expected useful life of the asset.
Select one:
O True
@® False
