Accounting 100

Payable Ragdoll Supplies

Amount of Trade inventories purchased on 2Oct of R5 386 should be R3 586

Provide the correcting journal

• Dr: Payable 1 800

  Cr: Inventories 1 565

  Cr: VAT input 255

• Dr: Payable 1 800

  Cr: Inventories 1 565

  Cr: VAT input 235

• Dr: Payable 1 800

  Cr: Inventories 1 800

• Dr: Payable 1 200

  Cr: Inventories 1 043

  Cr: VAT input 157

Amount of trade inventories (1 540) returned on 3 October does not include VAT

Provide the correcting journal

• Dr: Inventories 201

  Cr: VAT input 201

• Dr: Inventories 231

  Cr: VAT input 231

• Dr: Payable 201

  Cr: VAT input 201

• Dr: Payable 231

  Cr: VAT input 231

What is the balance to be paid on 3 November as per the remittance advice for Payable Ragdoll Supplies ?

(No R sign, no spaces between digits)

(a)  

Regarding trade inventories purchased from Payable WoofWoof on 23 Oct:

(Refer to the general ledger)

Amount recorded on books: R390

Actual cost is R930

Was Inventories over-stated or under-stated and at what amount?

• Over-stated, R 540

• Under-stated, R540

• Under-stated, R470

• Over-stated, R470

Regarding trade inventories purchased from Payable WoofWoof on 23 Oct:

(Refer to the general ledger)

Amount recorded on books: R390

Actual cost: R930

Was VAT Input over-stated or under-stated and at what amount?

• Over-stated, R70

• Under-stated, R70

• Over-stated, R81

• Under- stated, R81

Inventories returned to Payable WoofWoof to the value of R38 have been entered in records of Wow-Bow as trade inventories purchased

Provide the amount that should correct this error made by Wow-Bow

(No R sign, no spaces)

(a)  

What is the balance to be paid to Payable WoofWoof as per the remittance advice

(No R sign, no spaces between numbers)

(a)  

What is the balance of the Trade payables that should be shown on the SFP of Wow-Bow?

(No R sign, no spaces between digits)

(a)  

What is the balance of the Trade receivables that should be shown on the SFP of Wow-Bow?

(No R sign, no spaces between digits)

(a)  

A vehicle can travel up to 2 900 700km in its total useful life

CV@ end of 2023: R 1000 000

400 700km has been traveled up to end of 2023

The vehicle travelled 2 300 000m during 2024

Calculate the depreciation for 2024.

• R920 000

• R792 912

• R700 000

• R920