Suppose the following international transactions took place between South Africa and the rest of the world...

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Suppose the following international transactions took place between South Africa and the rest of the world in 2021. a) A South African company received goods worth of R10,000 from an European-based company. In return, the South Africa company made the payment for the goods by depositing R10,000 in company's bank account in South Africa. b) The South African Airways (SAA) received R5000 as flight ticket from British tourists to South Africa. The payment was made by depositing the same amount to SAA's bank account in London. c) VW South Africa which is a branch of VW International paid a dividend of R7000 to its parent company in Germany. The payment of the dividend was made by the VW South Africa transferring the same amount into VW International's bank account with Standard Bank of South Africa. d) South Africa family spent R2000 during holiday visit in London. The payment was made through the transfer of the same amount to an account in a South African bank. Code: BCE412 NOVEMBER 2021 Page 3 of 2 e) A citizen of South Africa working in Paris transferred a part of his earnings worth R10 000 to South African relatives as a gift. As a consequence, her deposits in a French bank decreased. f) An English investor bought shares in MTN and Vodacom worth R15000. The payment was made by the investor transferring this amount from his bank account in the UK to MTN and Vodacom bank account in the UK. g) South African firms sold goods worth R20 000 to the rest of the world and received the payment via electronic fund transfer. Enter the above transactions in South African balance of payment accounts. When answering this question, you are required to do the following: a) Show how individual transactions should be record using the double-entry method. (7) b) Draw up the balance of payment statement with a clear indication of all major balances (such as the current account balance and capital account balance) (13) Suppose the following international transactions took place between South Africa and the rest of the world in 2021. a) A South African company received goods worth of R10,000 from an European-based company. In return, the South Africa company made the payment for the goods by depositing R10,000 in company's bank account in South Africa. b) The South African Airways (SAA) received R5000 as flight ticket from British tourists to South Africa. The payment was made by depositing the same amount to SAA's bank account in London. c) VW South Africa which is a branch of VW International paid a dividend of R7000 to its parent company in Germany. The payment of the dividend was made by the VW South Africa transferring the same amount into VW International's bank account with Standard Bank of South Africa. d) South Africa family spent R2000 during holiday visit in London. The payment was made through the transfer of the same amount to an account in a South African bank. Code: BCE412 NOVEMBER 2021 Page 3 of 2 e) A citizen of South Africa working in Paris transferred a part of his earnings worth R10 000 to South African relatives as a gift. As a consequence, her deposits in a French bank decreased. f) An English investor bought shares in MTN and Vodacom worth R15000. The payment was made by the investor transferring this amount from his bank account in the UK to MTN and Vodacom bank account in the UK. g) South African firms sold goods worth R20 000 to the rest of the world and received the payment via electronic fund transfer. Enter the above transactions in South African balance of payment accounts. When answering this question, you are required to do the following: a) Show how individual transactions should be record using the double-entry method. (7) b) Draw up the balance of payment statement with a clear indication of all major balances (such as the current account balance and capital account balance) (13)

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a A South African company received goods worth of R 10 000 from an European based company In return the South Africa company made the payment for the ... View the full answer