Use the information provided below, for C City for the financial year ended 31 December 20.8, to answer questions 12 and 13: C City runs a business. He wants to apply a double entry system for the very first time and he needs your assistance. After an investigation, you ascertained the following information regarding his small business: On 1 January 20.8 C City had the following assets and liabilities: R Land and building...150 000 Inventory...... 6 800 Bank. 9 500 Trade receivables control. 3 960 Trade payable control... 10 200 An analysis of his cash journals revealed the following: Receipts Payments R Received from debtors...146 960 R Creditors and suppliers of merchandise.78 000 Refund from creditors. 450 Debtors cheques dishonoured. 560 Rent income. 2 550 Water and electricity.. 1 500 Interest on positive bank balance. 125 Telephone expenses. 900 Wages.. 3 500 Drawings..... 6 700 You also ascertain the following: (a) H Head, a debtor who owed R568 was written off during the year as irrecoverable. (b) Settlement discount granted amounted to R496 and settlement discount received amounted to R1 250. (c) On 31 December 20.8, C City valued inventory at R 5 500, debtors owed him R5 900 and he owed creditors R12 500. 12. The amount for net sales to be disclosed as revenue in the statement of profit or loss and other comprehensive income for the year ended 31 December 20.8? (1) R148 908 (2) R149 404 (3) R148 809 (4) R146 960 (5) R149 635

13. Amount to be disclosed as cost of sales in the statement of profit or loss and other comprehensive income for the year ended 31 December 20.8? (1) R79 300 (2) R78 000 (3) R81 150 (4) R69 900 (5) R78 050

tion provided below, for c City for the financial year en iswer questions 12 and 13: ess. He wants to apply a double entry system for the very first time and ssistance. After an investigation, you ascertained ertained the following information 20.8 C City had the following assets and liabilities: ASSIGNMENT 02 (continued) Use the information pro 31 December 20.8, to answer ques C City runs a business. He needs your assistance. regarding his small business: On 1 January 20.8 C City had th 150 000 6 800 Land and building..... 9 500 Inventory.....................................*** 3960 Bank 10 200 Trade receivables control........... Trade payable control....... An analysis of his cash journals revealed the following: Payments Receipts Creditors and suppliers of merchandise.78 000 Received from debtors..................146 960 560 Refund from creditors................... 450 Debtors cheques dishonoured............. 1 500 Rent income............ 2 550 Water and electricity.. 900 Interest on positive bank balance.... 125 Telephone expenses..... 3 500 Wages.......... Drawings.............. 6 700 You also ascertain the following: (a) H Head, a debtor who owed R568 was written off during the year as irrecoverable. (b) Settlement discount granted amounted to R496 and settlement discount received amounted to R1 250. (c) 12. On 31 December 20.8, C City valued inventory at R5500, debtors owed him R5 900 and he owed creditors R12 500. The amount for net sales to be disclosed as revenue in the statement of profit or loss and other comprehensive income for the year ended 31 December 20.8? (1) R148 908 (2) R149 404 (3) R148 809 (4) R146 960 (5) R149 635 FAC1502/101/3/2020 ASSIGNMENT 02 (continued) e 13. Amount to be disclosed as cost of sales in the statement of profit or loss and other comprehensive income for the year ended 31 December 20.8? (1) R79 300 (2) R78 000 (3) R81 150 (4) R69 900 (5) R78 050 Use the information provided below, for Canoeing Club for the financial year ended 31 March 20.8, to answer questions 14 and 15: PRE-ADJUSTMENT TRIAL BALANCE AS AT 31 MARCH 20.8 R Accumulated fund.. Membership fees received......... Membership fees in arrears - 1 April 20.7.. Membership fees prepaid - 1 April 20.7...... Donations received............... 12 540 31 000 4000 5 000 3 500 56.40