Income Earned Assignment | Homework For You

Use the information provided below, for Siyeza Traders for the financial year ended
28 February 20.8, to answer questions 1 to 3.
Siyeza Traders is an enterprise that sell motor vehicles in the ordinary course of business at a
mark-up of 45% on cost. During the current financial period, Siyeza Traders sold eight motor
vehicles for a cash price of R80 000 each (15% VAT inclusive). Round your answer off to the
nearest Rand.

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Homework For You
1. Income earned from the sale of motor vehicles will be classified under … in the statement
of profit or loss and other comprehensive income.
(1) Other income
(2) Profit on sale of motor vehicle
(3) Revenue
(4) Gains
(5) Finance income

2. Income earned from the sale of motor vehicles will be disclosed in the statement of profit
or loss and other comprehensive income as an amount of … .
(1) R640 000
(2) R441 379
(3) R544 000
(4) R556 520
(5) R352 000

3. Which of the following statement is correct?
(1) VAT on cash sales will be debited to the VAT output account.
(2) VAT on cash sales will be debited to the VAT input account.
(3) VAT on cash sales will be credited to the VAT output account.
(4) VAT on cash sales will be credited to the VAT input account.
(5) VAT output account will be transferred to the debit side of the VAT control account.Get Finance homework help today

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