Lola has prepared his financial statements for the year ended 30 April 2021, which showed a profit for the year of R150 000, current assets of R96 000, non-current assets of R200 000 and a total assets figure of R296 000. He has since discovered that the closing inventory amount, he used was overstated by R25 000.

The revised total assets amount will be R321 000.

Lunas

Art Club provides you with the following information for the 20.2 financial

year. Lunas Art Club had 47 members at the end of the 20.2 financial year. Membership

fees amounts to R220 per month. On 1 January 20.2, five new members joined the club and paid an entrance fee of R100 each. The

entrance fees received was capitalised to the accumulated fund account. Membership fees received in advance on 31 December 20.1 was R15 840. The financial year-end of

Lunas Art Club is 31 December.

The

amount of membership fees received for the current financial year is …

Instructions:

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

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

Use the information provided below to calculate the cost of sales:

Instructions:

1. Use

a 

2. 

Round off to the 

The accountant for Gizmo Traders provides you with the following information for the financial years ended 31 May 20.2; 31 May 20.3 and 31 May 20.4:

The gross profit percentage on sales for the year ended 31 May 20.2 is …

Instructions:

1. Use a full stop to indicate any decimals (eg: 70.01)

2.  Round off to the second decimal after the full stop (eg: 50.56)

3.  Don't show the % sign only the numbers (eg: 70.01% is 70.01)