The correct answer is B) R 243000
Explanation and calculation
Gross profit = net sales - cost of goods sold- carriage on purchases
= (450000-6000) - (30000 + (195000-3000)-36000)-15000
= R 243000
Thus the correct answer is b) R 243000
D a loss of R800 none of the above (3) The following balances appeared in the...
Information Amount owing to creditors on 01 March 2016 Credit purchases for the month Goods returned to creditors Payments to creditors R 30 000 40 000 1 500 40 000 m 2 Additional information Discount received from creditors for prompt settlement of accounts amounted to R300. A credit note received from a creditor for an overcharge on goods purchased was not recorded, R500. The correct balance in the Creditors control account as at 31 March 2016 is ________. A R27...
The financial result of a business is evident in the ______________. A Statement of Comprehensive Income B Statement of Financial Position C Statement of Cash Flows D Assets section of the Statement of Financial Position 1.3 _____________ account is not an example of an expense account. A Trading inventory deficit B Interest on loan C Discount allowed D Motor vehicles 1.4 Which one of the following does not match the correct source document to the kind of transaction? A B...
The following information was extracted from the Statement of Changes in Equity of Ace Traders on 28 February 2019, the end of the financial year 1.8 700 000 Capital balance (01 March 2018) 260 000 Additional capital contributed on 01 June 2018 102 000 Drawings for the year Net profit for the year 1 080 000 Capital balance (28 February 2019) The net profit for the year is A R222 000 R18 000 C R53 800 none of the above...
(Intel) inside CORE I5 Windows 7 1.10 Trade and other payables in the Statement of Financial Position as at 28 February 2019 amounts to R97 000 R67 000 R96 000 none of the above The net profit for the year is R222 000 R18 000 R53 800 none of the above Questions 1.9 and 1.10 are based on the following information; The following balances, amongst others, appeared in the Post-Closing Trial Balance of Bally Stores on 28 February 2019, the...
The flying langes in Equity of Ace Traders on 25 Februar Oving information was extracted from the Statement of Changes in Equity of Ace bruary 2019, the end of the financial year: 700 000 260 000 102000 Hade and other payah amounts to R97 000 R67 000 R96000 none of the Capital balance (01 March 2018) Additional capital contributed on 01 June 2010 Drawings for the year Net profit for the year Capital balance (28 February 2019) 1 080 000...
All questions need to be answered please. From questions 1 to question 5. ASSIGNMENT 7: FINANCIAL ACCOUNTING Note: 1. Value Added Tax (VAT) must be ignored 2. Use the formats contained in your study guide to answer questions 2 to 5 (20) QUESTION 1 REQUIRED For each of the following questions, write down only the letter of the correct answer e.g. 1.6 C. Do not shovw any calculations. 1.1 he following information relates to an item of inventory sold by...
The following trial balance was extracted from the books of P Brown on 31 December 2017 Debit Credit Capital 1 050 000 Inventory 1/01/2017 359 625 Net Purchases 3 246 339 Net Sales 5 545 050 Import duties on purchases 859 161 Discount allowed and received 174 858 60 114 Salaries 575 142 Accounts receivable 643 125 Accounts payable 690 807 Bad debts written off 68 250 Allowance...
The following extracts were made from the books and records of Sandy Dandy for the year ended 31 December 2005: 1. Cash book summary Receipt Payments RR Opening balance 13 600 Cash sales 36 280 Interest 890 470 Additional capital 25 000 introduced Rental of premises 2 220 Trade creditors(all for 48 875 purchases) Telephone and postage 2 160 Trade debtors (all in 77 470 respect of sales) Office furniture 2 900 (purchased 1 July 2005) Carriage inwards 4980 Drawings...
Cash book summaryOpening balanceCash salesInterestAdditional capital introducedRental of premisesTrade creditors (all for purchases)Telephone and postageTrade debtors (all in respect of sales)Office furniture (purchased 1 July 2005)Carriage inwardsDrawingsPrinting and stationerySalaries (Office)InsuranceClosing balancesR36 28089025 00077 470R13 6004702 22048 8752 1602 9004 98016 67545014 8003 84028 670139 640139 640Extracts from ledger balancesOpening balancesClosing balances(01/01/2005)(31/12/2005)Trade debtorsTrade creditorsCapital account Sandy DandyStockAccrualsTelephoneRentCarriage inwardsPrepaymentRentInsuranceOffice furniture and equipmentOffice furniture and equipmentAccumulated depreciationR9 6808 1901 8009 8001104901801 7306 2303 430R10 9309 7707 2452201902 220Additional information Office furniture and...
Opening balanceCash salesInterestAdditional capital introducedRental of premisesTrade creditors (all for purchases)Telephone and postageTrade debtors (all in respect of sales)Office furniture (purchased 1 July 2005)Carriage inwardsDrawingsPrinting and stationerySalaries (Office)InsuranceClosing balancesR36 28089025 00077 470R13 6004702 22048 8752 1602 9004 98016 67545014 8003 84028 670139 640139 640Extracts from ledger balancesOpening balancesClosing balances(01/01/2005)(31/12/2005)Trade debtorsTrade creditorsCapital account Sandy DandyStockAccrualsTelephoneRentCarriage inwardsPrepaymentRentInsuranceOffice furniture and equipmentOffice furniture and equipmentAccumulated depreciationR9 6808 1901 8009 8001104901801 7306 2303 430R10 9309 7707 2452201902 220Additional information Office furniture and equipment is...