Indicate by choosing the correct option whether the following statement is true or false: 

It is sometimes better to start by preparing the statement of profit or loss and other comprehensive income, statement of changes in equity and statement of financial position if you want to convert a single-entry system into a double entry system where

subsidiary journal are kept.

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

Joe Traders bought machinery on credit from Malebo Machines for R83 000. BB Logistics delivered the machinery at an additional cost of R2 200. Malebo Machines sent a technician who installed the machinery and tested its operationality for R5 800. Joe Traders paid the delivery and installation costs with

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

the year ended 30 June 2024 was R11 000.

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)

Sales is R125 000. Mark-up of 45%

on selling price. What is the cost of sales amount?

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)

State whether the following statement is true or false:

That portion of a long-term loan or obligation to be repaid within the next 18 months, must be disclosed as a current liability in the statement of financial position.

Membership

fees of Gizmo Soccer Club was R1 200 per year for 20.1 and R1 300 per year for

20.2. On 31 December 20.1, it was noted that 4 members did not pay their

membership fees for 20.1 and 9 members paid their membership fees for the 20.2

on 31 December. The financial year end of Gizmo Soccer Club is 31 December.

The

amount to be disclosed as current liabilities in statement of financial

position as at 31 December is …

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)

Sales is R95 000. Mark-up on selling price is 30%. What is the gross profit amount?

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)

Indicate by choosing the correct option whether the following statement is true or false: 

The one advantage of using a single-entry system is that financial statement results can be compared on a yearly basis.