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Seaside Patio Furniture pays regular hourly rates for the fi…

Seaside Patio Furniture pays regular hourly rates for the first 40 hours worked and time and a half thereafter. The weekly payroll record shown below gives the total hours worked and the hourly rate for Robert Garcia. Fill in the regular earnings, the overtime rate, the overtime earnings, and the total earnings. Payroll Record SEASIDE PATIO FURNITURE Weekly Payroll Week Ending May 12, 20___ ​ ​ ​ Regular Earnings ​ Overtime Earnings ​ ​ Total Hours Rate/ ​ Hours Rate/ ​ Total Name Hours Worked Hour Amount Worked Hour Amount Earnings ​ ​ ​ ​ ​ ​ ​ ​ ​ Garcia, R. 42 40 $12.90 ______ 2 ______ ______ ______ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

QUESTION 2 ADJUSTMENTS IN THE GENERAL JOURNAL (30MARKS)  …

QUESTION 2 ADJUSTMENTS IN THE GENERAL JOURNAL (30MARKS)   The following information appeared in the books of CD Traders.  The year ended 28 February 2021.   REQUIRED:     Use only the information that are relevant to complete the General Journal. Show which account must be debited and which account must be credited in the General Journal of CD Traders on 28 February 2021.   Take note: Journal Narrations must be shown.     CD TRADERS EXTRACT FROM THE TRAIL BALANCE ON 28 FEBRUARY 2021   DEBIT CREDIT Balance Sheet accounts section     Vehicles 120 000   Equipment 85 000   Accumulated depreciation on vehicles   44 000 Accumulated depreciation on equipment   35 000 Fixed deposit: ABSA Bank 50 000   Trading Stock 58 550   Loan from AB Bank   100 000 Nominal Sheet accounts section     Sales   417 400 Cost of sales 310 600   Debtors allowances 3 250   Insurance 3 400   Bad debts 310   Interest on fixed deposit   840 Bank charges 405   Fee income   24 320 Consumable stores 2 780   Discount allowed 520   Interest on overdraft 1 350   Salaries and wages 44 000   Interest on loan 5 000   Rent Income   12 600 Stationery 1 350   Water and Electricity 1 650   Telephone 2 850   Advertising 3 300    

QUESTION 1 DEPRECIATION (40 MARKS)       Jan van…

QUESTION 1 DEPRECIATION (40 MARKS)       Jan van Wyk owns a courier service, Speedy Transporters.  Currently he owns one delivery vehicle, a KIA K2700 Workhorse, which he bought for R180 000 on 1 December 2019.  According to the depreciation policy of the business depreciation on vehicles is to be written off at a rate 20% on the cost price method.  Jan was negligent and forgot to keep the fixed asset register for this vehicle up to date. He asks you for help.   Take note:  The current financial year of the business ends 28 February 2021.     REQUIRED:   1.1 Complete the fixed asset register for the KIA K2700 Workhorse delivery vehicle on the answer sheet provided by:   1.1.1 Providing the missing information marked A – D.                                                                                      (5) 1.1.2 Completing the table with the record of depreciation by calculation the depreciation, accumulated depreciation and carrying value for the two years ending 28 February 2021.                                                                                                                                                                    (11) 1.2 Jan also owns business equipment (a cell phone and a laptop).  Use the information provided to answer the questions that follow.   Take note: The current financial year of the business ends 28 February 2021.     Extract from the PRE-ADJUSTMENT TRIAL BALANCE on 28 February 2021:   DEBIT CREDIT Balance sheet account section     Equipment R10 500   Accumulated depreciation on equipment (1 March 2020)   R2 000     The following transactions and adjustments have NOT yet been recorded: ·         Buy another laptop for R6 000 on 1 September 2020. ·         Depreciation on equipment is to be written off at a rate of 15% on the diminishing balance      method.   1.2.1 Calculate the total depreciation on equipment on 28 February 2021.  Show all your calculations. (9) 1.2.2 Record the total depreciation on equipment for the year (as calculated in 1.2.1) in the General Journal on 28 February 2021.                                                                                                     (4)       1.3 Jan’s father, Janneman owns a farm.  He has written off depreciation to the value of R7 000 on his Bantam Bakkie for the current financial year.  However, he does not understand how this transaction will influence his Assets, Owner’s equity and Liabilities.  He asked you to help him by showing the effect of the transaction on the accounting equation.  Also provide a reason for the effect.  Show an increase with a +, a decrease with a – and no effect with a 0.   Follow the example as provided on the answer sheet.      (6) 1.4 On which type fixed asset will we NOT write off depreciation?  Provide a reason for your answer.                                                                                                                                                        (3) 1.5 The diminishing balance method is more realistic than the Cost price method.  Explain this statement. (2)     [40]

INSTRUCTIONS   1. Read the following instructions ca…

INSTRUCTIONS   1. Read the following instructions carefully and make sure you follow them.     2. An ANSWER BOOK is provided in which you must answer all the relevant questions.   3. Show ALL calculations to earn part marks.     4. MAKE SURE YOU UPLOAD THE CORRECT ANSWER SHEET!!! INCORRECT UPLOADS =0   MAKE SURE YOU SAVE YOUR FILES CORRECTLY: ACCN GR10E T03 SBA006 YOUR SURNAME YOUR NAME YOUR DOCUMENT MUST BE IN PDF FORMAT.     5. You may use a non-programmable calculator.   6. If you choose to complete the test by hand, make sure it is neat and legible.  Illegible handwriting = 0.     SBA 006 AB ENG FINAL.docx     SBA 006 AB ENG FINAL.pdf