QUESTION 5 The following information for the year ended 28 February 2015 relates to Zimba Traders: R Trading inventory (01 March 2014) 42 000 Trading inventory (28 February 2015) 50 000 Purchases 734 000 Sales 1 196 000 Carriage on purchases 18 000 Import duties 10 000 The cost of sales for the year ended 28 February 2015 amounts to ___________: A R754 000 B R744 000 C R452 000 D none of the above (3) 1.7

QUESTUION 5 Which of the following errors will not be revealed by a trial balance? A. Posting stationery purchased to the wrong side of stationery account. B. A wrong amount for wages was entered on the correct side of the trial balance. C. The balance of the bank account in the ledger was incorrectly calculated. D. No entry had been made for goods taken by the owner for his personal use.

QUESTION 6 The receipt of a loan (if the bank balance is favourable) ____________. A decreases assets and increases liabilities B decreases liabilities and increases assets.

C increases both liabilities and equity D increases both assets and liabilities

QUESTION 7 The value of inventory on 28 February 2016, using the weighted average cost method of inventory valuation, from the following information is ____________. February Units Unit cost price 01 14 24 28 Opening inventory Purchases Purchases Sales for February 35 000 45 000 20 000 79 000 R10 R12 R14 A R252 000 B R292 000

C R245 700 D none of the above

QUESTION 8 The following information in respect of Garnet Traders, for the year ended 30 June 2014 is available: Sales R 36 000 Gross Profit R 17 000 Opening inventory R 5 000 Closing inventory R 10 000

Garnet Traders uses the periodic inventory system. The purchases figure for the entity is _____________ ? A R 24 000 B R 29 000 C none of the above D cannot be determined by the information above