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WorksheetsAccounting 100
Total questions: 13
Worksheet time: 14mins
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
True or false: An impairment loss is recognized when the Carrying value is greater than the Receivable amount?
True
False
Calculate the Impairment loss to be recognized for the year ended 2024
Accounting Ltd is a VAT vendor.
The company bought a delivery vehicle at a cost of R1 564 000 excluding VAT on 1 Aug 2024. An invoice showing an amount of R33 350 was received from a VAT vendor regarding transportation of the vehicle to the entity's premises on the same day. A cost of R20 000 excl VAT was incurred to celebrate the acquisition of the vehicle (also same day).
On 30 November 2024, An accident resulted in minor damage to the vehicle and a Recoverable amount of R 1 080 000
Useful life is 8 years - straight line method
Year end: 31 DECEMBER
R270 292
R236 656
R251 125
R446 625
Definition of a liability as per the Conceptual framework
A present legal obligation of the entity to transfer economic resources as a result of past event
A present obligation of the entity to transfer economic resources as a result of past event
An obligation of the entity to transfer economic resources
A present economic resource controlled by an entity as a result of a past event
