Companies Ledger accounts

How many provisional tax payments will companies need to make?

• 1

• 2

• 3

• 4

What is the double entry for recording the tax expense at the end of the year?

• Debit Income tax

  Credit SARS: Income Tax

• Debit Bank

  Credit SARS: Income Tax

• Debit Income tax

  Credit Bank

• Debit SARS: Income tax

  Credit Income Tax

When shares are sold the double entry will be?

• Debit Bank

  Credit Retained income

• Debit Bank

  Credit Ordinary share capital

• Debit Ordinary share capital

  Credit Bank

• Debit Retained income

  Credit Bank

How will the average price of a share be calculated?

• Shareholders equity / no of shares in issue

• Retained income / no of shares in issue

• Ordinary share capital / no of shares in issue

• Ordinary share capital x no of shares in issue

Which two accounts will close to the appropriation account?

• Income tax and Dividends on Ordinary shares

• SARS: Income tax and Dividends on Ordinary shares

• Income tax and Shareholders for Dividends

• SARS: Income tax and Shareholders for Dividends

Which two accounts can be seen as liabilities?

• Income tax and Dividends on Ordinary shares

• SARS: Income tax and Dividends on Ordinary shares

• Income tax and Shareholders for Dividends

• SARS: Income tax and Shareholders for Dividends