1) S Africa is the owner of SA Traders. On 1 January 2022, he tells you that the assets of the business are R346 330 and the value of the liabilities is R83 997. Calculate the total value of equity of SA Traders as at 1 January 2022

NB: Instructions

1. Do not type the amount with any spaces as separators for thousands (eg: 12141.72)

2. Use a full stop to indicate any decimals (eg: 1000.01)

3. You must enter cents even if it is 0 (eg .00)

4. Only show the amount, do not show the R (eg: 12141.72)

5. If the net effect on the accounting equation is a decrease, please enter the amount as a negative (eg: -12141.72)

Answer: ??

2) Mr S Africa is the owner of SA Traders. On 31 March 2021, the following list of balances was extracted from the accounting records of SA Traders:

• Computer equipment - R327 480
• Trade payables - R64 960
• Short-term loan - R112 490
• Prepaid expenses - R11 830
• Favourable bank balance - R31 943

Determine the net worth of SA Traders as at 31 March 2021 by making use of the basic accounting equation.

NB: Instructions

1. Do not type the amount with any spaces as separators for thousands (eg: 12141.72)

2. Use a full stop to indicate any decimals (eg: 1000.01)

3. You must enter cents even if it is 0 (eg .00)

4. Only show the amount, do not show the R (eg: 12141.72)

5. If the net effect on the accounting equation is a decrease, please enter the amount as a negative (eg: -12141.72)

Answer: ??

3)

On 1 September 2021, Mrs A Zulu opened a new clothing store, SA Clothing. She will not only sell various clothing items but will also provide services repairing clothing items for clients. SA Clothing is not registered as a VAT vendor and makes use of the periodic inventory system.

On 30 September 2021, SA Clothing paid an amount of R8 475 for rent with an electronic funds transfer.

Which account will be debited, and which account will be credited in the general ledger of SA Clothing?

Select one:

a.

Debit the rent paid account with R8 475, and credit the trade payables account with R8 475

b.

Debit the bank account with R8 475, and credit the rent paid account with R8 475

c.

Debit the rent paid account with R8 475, and credit the bank account with R8 475

d.

Debit the trade payables account with R8 475, and credit the rent paid account with R8 475