FAC1502 Assessment 4 - Statement of Changes in
Equity & Questions and Answers
Question 1
Tyamo Traders is a registered VAT vendor and applies the principles of the
perpetual inventory system. The following information was extracted from the
financial records of Tyamo Traders on 30 June 2024.
TYAMO TRADERS
EXTRACT FROM THE TRIAL BALANCE AS AT 30 JUNE 2024
Debit Credit
R R
Capital: S Tyamo (1 July 310 000
2023)
Drawings 22 000
Loan receivable 341 200
Inventory: Trading 35 600
Additional information:
The following information must still be taken into account for the year ended 30 June
2024:
a) During the current financial year, the owner contributed an amount of R44 000.
The accountant mistak
b)Revenue for the year amounted to R348 800
c)Cost of sales for the year amounted to R245 600
d)Distribution, administrative and other expenses for the year amounted to R68 200
Required:
Prepare the Statement of changes in equity for the year ended 30 June 2024
Instructions for numeric responses:
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Round off to the second decimal after the full stop (eg: 50.56)
3. All amounts that will be deducted from the balance must be recorded with a
negative sign in front of
4. When no amount needs to be entered in a column, then indicate this by entering
"0" in the column.
Tyamo Traders
Statement of changes in equity for the year
ended 30 June 2024
Balance as at Answer Capital (R)
R
Balance as at 1 July 2023 310000
Capital contribution 44000
Comprehensive Income for the 35000
Less drawing -22000
, Balance at 30 June 2024 367000
Question 2
The following balances were extracted from the subsidiary journals of General Spaza
Shop as at 28 Februa
R
Cash receipts journal
VAT input 2 760
Sales column 299 920
Cash payments journal
Purchases column 430 560
VAT output 3 160
Purchases journal
Purchases column 280 000
Sales journal
Sales column 500 800
Purchases returns
journal
Purchases returns 24 000
column
Sales returns journal
Sales returns column 19 200
On 1 February 20.2, the VAT input account had a debit opening balance of R71 760
and the VAT output a The VAT rate applicable is 15%.
Using the above information, compile the VAT input account in the general ledger as
at 28 February 20.
Instructions:
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Round off to the second decimal after the full stop (eg:
50.56)
3. Only show the amount, do not show the R (eg: 12141.72)
4. Keep the ledger entries strictly according to the information
given.
GENERAL SPAZA
SHOP
GENERAL LEDGER
Balance b/d 71760
Trade receivables CRJ 2760
Sales CPJ 64584
Trade Payable PJ 42000
181104
Question 3
K Swa Traders (not a registered VAT vendor) makes use of the periodic inventory
system and a mark-up o
(a) Bought inventory for R16 750 on account
(b) The owner takes inventory for personal use with a cost price of R750.
(c) Inventory was sold for cash for R7 275.
Equity & Questions and Answers
Question 1
Tyamo Traders is a registered VAT vendor and applies the principles of the
perpetual inventory system. The following information was extracted from the
financial records of Tyamo Traders on 30 June 2024.
TYAMO TRADERS
EXTRACT FROM THE TRIAL BALANCE AS AT 30 JUNE 2024
Debit Credit
R R
Capital: S Tyamo (1 July 310 000
2023)
Drawings 22 000
Loan receivable 341 200
Inventory: Trading 35 600
Additional information:
The following information must still be taken into account for the year ended 30 June
2024:
a) During the current financial year, the owner contributed an amount of R44 000.
The accountant mistak
b)Revenue for the year amounted to R348 800
c)Cost of sales for the year amounted to R245 600
d)Distribution, administrative and other expenses for the year amounted to R68 200
Required:
Prepare the Statement of changes in equity for the year ended 30 June 2024
Instructions for numeric responses:
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Round off to the second decimal after the full stop (eg: 50.56)
3. All amounts that will be deducted from the balance must be recorded with a
negative sign in front of
4. When no amount needs to be entered in a column, then indicate this by entering
"0" in the column.
Tyamo Traders
Statement of changes in equity for the year
ended 30 June 2024
Balance as at Answer Capital (R)
R
Balance as at 1 July 2023 310000
Capital contribution 44000
Comprehensive Income for the 35000
Less drawing -22000
, Balance at 30 June 2024 367000
Question 2
The following balances were extracted from the subsidiary journals of General Spaza
Shop as at 28 Februa
R
Cash receipts journal
VAT input 2 760
Sales column 299 920
Cash payments journal
Purchases column 430 560
VAT output 3 160
Purchases journal
Purchases column 280 000
Sales journal
Sales column 500 800
Purchases returns
journal
Purchases returns 24 000
column
Sales returns journal
Sales returns column 19 200
On 1 February 20.2, the VAT input account had a debit opening balance of R71 760
and the VAT output a The VAT rate applicable is 15%.
Using the above information, compile the VAT input account in the general ledger as
at 28 February 20.
Instructions:
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Round off to the second decimal after the full stop (eg:
50.56)
3. Only show the amount, do not show the R (eg: 12141.72)
4. Keep the ledger entries strictly according to the information
given.
GENERAL SPAZA
SHOP
GENERAL LEDGER
Balance b/d 71760
Trade receivables CRJ 2760
Sales CPJ 64584
Trade Payable PJ 42000
181104
Question 3
K Swa Traders (not a registered VAT vendor) makes use of the periodic inventory
system and a mark-up o
(a) Bought inventory for R16 750 on account
(b) The owner takes inventory for personal use with a cost price of R750.
(c) Inventory was sold for cash for R7 275.
