WorksheetsGrade 12 Company Ledger Accounts
Total questions: 8
Worksheet time: 4mins
The correct entry to record income tax expense at the end of the financial year is:
DR SARS: Income Tax
CR Income Tax
DR Income Tax
CR SARS: Income Tax
DR Bank
CR SARS: Income Tax
DR SARS: Income Tax
CR Bank
The correct entry to record provisional income tax payments to SARS is:
DR Bank
CR SARS: Income Tax
DR Income Tax
CR Bank
DR Income Tax
CR SARS: Income Tax
CR SARS: Income Tax
CR Bank
The correct entry to show the issue of new shares is:
DR Ordinary Shareholders Capital & CR Bank
DR Bank & CR Retained Earnings
DR Bank & CR Ordinary Shareholders Capital
DR Retained Earnings & CR Ordinary Shareholders Capital
70 000 shares were repurchased at 550 cents. The average issue price was R4.75
DR Bank R385 000
CR Ordinary Share Capital R385 000
DR Bank R385 000
CR Ordinary Share Capital R332 500
CR Retained Earnings R52 500
DR Ordinary Share Capital R332 500
DR Retained Earnings R52 500
CR Bank R385 000
DR Ordinary Share Capital R385 000
CR Bank R385 000
An interim dividend was declared and paid. The correct entry is:
DR Shareholders for Dividend
CR Bank
DR Ordinary Share Dividend
CR Bank
DR Ordinary Share Dividend
CR Shareholders for Dividend
DR Bank
CR Ordinary Share Dividend
A final dividend was declared/reccommened by the directors. The correct entry to show this is:
DR Shareholders for Dividend
CR Ordinary Share Dividend
DR Ordinary Share Dividend
CR Appropriation Account
DR Ordinary Share Dividend
CR Shareholders for Dividend
DR Ordinary Share Dividend
CR Bank
Outstanding Audit Fees are recorded as follows:
DR Audit Fees
CR Bank
DR Audit Fees
CR Accrued Income
DR Audit Fees
CR Accrued Expenses
DR Bank
CR Audit Fees
Directors fees paid in advance are recorded as follows:
DR Income Received in Advance
CR Directors Fees
DR Bank
CR Directors Fees
DR Accrued Expenses
CR Directors Fees
DR Directors Fees
CR Accrued Expenses
