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FAC1501-25-EX06
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No entity which grants credit to its customers
runs the risk of having some of those customers not paying their debts, since people know that they have a responsibility to pay even if it is late.
Sibasa Traders sells different product streams. Not all product streams were profitable during the 2021 financial year. At 31 August 2021, the financial year-end of Sibasa Traders, the following information was obtained from the entity’s accounting records:
R
| |
Net sales: Laptops
|
300 000
|
Net sales: Tablets
|
200 000
|
Net sales: Games
|
50 000
|
Net purchases: Laptops
|
70 000
|
Net purchases: Tablets
|
115 000
|
Net purchases: Games
|
65 000
|
Interest paid
|
12 750
|
Carriage on purchases: Laptops
|
17 000
|
Carriage on purchases: Tablets
|
16 600
|
Carriage on purchases: Games
|
12 500
|
Advertising
|
11 500
|
Water and electricity
|
15 000
|
Calculate the amount that will be transferred from the trading account to the profit or loss account for the Games product line for the year ended 31 August 2021.
NB: Instructions
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Only show the amount, do not show the R (eg: 12141.72)
3. If the total amount calculated is a loss, please enter the amount as a negative (eg: -12141.72), if the amount calculated is a profit, please enter the amount as a positive (eg: 12141.72)
Stokvel Traders (a registered VAT vendor) manufactures and sells luxury goods. Stokvel Traders further provides certain marketing and advertising services to clients in the tourism industry. The periodic inventory system and control accounts are in use.
The following balances and totals were extracted from the financial records of Stokvel Traders for the year ended 31 March 2022:
|
R
|
Sales
|
1 230 045
|
Services rendered
|
230 000
|
Rent received
|
95 000
|
Insurance
|
76 800
|
Advertising
|
43 700
|
Water and electricity
|
36 800
|
Telephone expenses
|
25 350
|
|
|
Additional information:
Stokvel Traders sublets a portion of its office space
to Tourists International for a monthly fee of R10 925 (VAT inclusive).
SA Destinations, made a direct deposit to the amount
of R3 335 in to the bank account of Stokvel Traders for marketing
consultation services to be delivered during April 2022. The transaction was
recorded as income in the accounting records.
The insurance was paid on 1 April 2021 for a period of
16 months.
On 30 March 2022,
Stokvel Traders received an invoice for the water and electricity usage for March
2022 to the amount of R4 300 (VAT exclusive). This transaction has not yet
been recorded.
What is the amount that will be reported as prepaid expenses in the statement of Financial position as at 31 March 2022?
NB: Instructions
1. Do not type the amount with any spaces as separators for thousands (eg: 12141.72)
2. Only show the amount, do not show the R (eg: 12141.72)