Question II. Multiple choices Crazee Dealers mark-up percentage on cost on a dining room set is 35%, Crazee Dealers sells a dining room set for R15 525 (15% VAT inclusive) what is the cost price of the dining room set? a. (1) 3500,00 (2) 13 500,00 (3) 10 350,00 (4) 10 000,00 (5) 2 025,00 b. Which of the following will not be used to calculate the cost of merchandise and is closed off to the profit or loss account? (1) (2) (3) (4) (5) Freight inwards Purchases Assembly costs of merchandise Import duties Freight outwards C. A debtor of Crazee Dealers cheque was dishonoured due to insufficient funds in her account. In which joumal of Crazee Dealers will you record the dishonoured cheque? (1) (2) (3) (4) (5) The cash receipts journal The cash payments journal The general journal The purchases joumal The sales joumal on c inclusive of 15%). On 28 February 20.8, Vice Traders settled their account and Gromit Dealers granted a 5% settlement discount. (a) The bank account in the general ledger will be debited with R7 647,50 (b) The settlement discount granted account in the general ledger will be debited with R350,00 The VAT output account in the general ledger will be debited with R52,50 The trade receivables account (Vice Traders) in the general ledger will be credited with R8 050,00 (e) The VAT input account in the general ledger will be debited with R52,50. Which of the following altematives are the correct entry for the payment on 28 February 20.8? (1) a, b, c, d and e. (2) a, b, c and d. (3) a, c, d and e. a, cand d a, b, d and e. e. At the end of Crazee Dealers financial year, trade receivables is R100 000. Allowance for credit as trade and other receivables in the losses was R5 000. Crazee Dealers will disclose statement of financial position (1) 100 000 (2) 105 000 (3) 5 000 (4) 110 000 (5) 95 000