Membership

fees of Gizmo Soccer Club was R400 per year for 20.1 and R480 per year for

20.2. On 31 December 20.1, it was noted that 12 members did not pay their

membership fees for 20.1 and 3 members paid their membership fees for the 20.2

on 31 December. The membership fees of 6 members, which was in arrears on 31 December

20.1, must be written off as irrecoverable.  The financial year-end of Gizmo Soccer Club is

31 December.

The

membership fees account in the general ledger of Gizmo Soccer Club will be

credited with credit losses of … on 31 December 20.2.

Instructions:

1. Use a full stop to indicate any decimals (eg: 1000.01)

2.  Round off to the nearest Rand (eg: 50.56 is 51)

3.  Only show the amount, do not show the R (eg: 12141.72)

Indicate whether the following statement is true or false:

That portion of a long-term loan or obligation to be repaid within the next 12 months, must be disclosed as a non-current liability in the statement of financial position.

Joe Traders is not a registered VAT vendor. On 1 July 2023,

Joe Traders bought machinery for R76 450 on credit from Malebo Machines.

BB Logistics delivered the machinery at an additional cost of R3 670.

Malebo Machines send a technician who installed the machinery and tested its operationality

for R4 480. Joe Traders paid the delivery cost and installation cost with

electronic funds transfers. The interest charged on the outstanding amount for

the year ended 30 June 2024 was R7 850.

What will the depreciation on the machinery be that is recorded in the statement of profit or loss and other comprehensive income for the year ended 30 June 2024?

NB: Instructions

1. Do not type the amount with any spaces as separators for thousands (eg: 12141)

2. Round off to the nearest Rand (eg: 50.56 is 51)

3. Only show the amount, do not show the R (eg: 12141)