Grade 12 - More Exercises Answers
Financial Documents, tariffs, accounts, bills, rates.
1.1
The date is July, 2, 2008
1.2
Number of statement is 712.
1.3
This amount shows that there is a deficiency in funds. The account is overdrawn.
Mr Nobody borrows money from the bank. There is a Debit balance.
1.4
Balance A = R(8,120.85 + 18,550.00) = R10.429.15
Balance B = R(10,429.15 - 780.00) = R9,649.15
Balance A has a positive sign because Mr. Nobody's salary is more thatn the "borrowed"
money. Balance B is also positive because there is Credit Balance.
1.5
Debit entries have negative signs because money is withdrawn from the Bank and thus
the Balance will become smaller.
1.6
Insurance expenses = R(780.00 + 1,248.50) = R2,028.50
1.7
Telephone expenses = R(359.48 + 345.28) = R704.76
1.8
Balance C on 06.04 = R522.97 - R880.45 = R357.48-
Once again there is a Debit Balance.
1.9
Total for shopping at Bestbuy Shop = R(1,256.85 + 1,378.84) = R2,635.69
1.10
Balance D on 05.15 = R3,823.34- + 4,000.00 = R176.66
There is a Credit Balance on 05.15. The Debit Balance has been cancelled.
1.11
Balance = R3,361.60- + (99.00-) = R3,460.60-
13.4
1.12
Interest = R3,460.60 x ———— = R38.93
100 x 12
1.13
Closing Balance = R3,460.60- - 38.93 = R3,466.53-
2.1
The physical address is: 14 Meandering Street, Ourtown 01248
2.2
Date: 29/09/2000
2.3
The amount "Payment received" is paid into the account and therefore has to be deducted
from the account.
2.4
The volume used = 32253 - 32106 = 147 kl
Amount payable = R(6 x 0 + 44 x 0.85 + (147 - 50) x 1.25) = R158.65
VAT = R158.65 X 14% = R158.65 x 0.14 = R22.21
Total payable = R158.65 + 22.21 = R180.86
2.5
Electricity used = 105982 - 105048 = 943 kWh or units
2.6
VAT on Sewage = R161.70 x 14% = R161.70 x 0.14 = R22.64
1870
2.7
Monthly rates = R——— = R155.83
12
2.8
Total amount payable = R1,705.83
2.9
Last date for payment is 14/10/2000
15
2.10
Interest = R 1705.83 x ——— = R21.32
100 x 12
3.1
Overtime 1.5 tariff = R85.00 x 1.5 = R127.50
Overtime 1.5 wages = R12 x 85.00 = R1,530.00
3.2
Overtime 2 tariff = R85.00 x 2 = R170.00
1105.00
Number of hours on Overtime 2 = ———— = 6.5
170
3.3
Gross monthly income = R(14,316.00 + 1,530.00 + 1,105.00) = R16,951.00
3.4
UIF = R1% of 16,951.00 = R0.01 x 16951.00 = R169.51
214.74
100
3.5
Percentage of Pension deduction = ————— x
—— % = 1.5%
14316.00
1
3.6
Annual gross income = R16,951.00 x 12 = R203,412.00
Tax = R40210 + (203412 - 195000) x 0.3 = R42,733.60
Deduct primary rebate = R8,280.00
Tax payable = R34,453.60
Monthly deduction = R2,871.13
3.7
Net salary = R16,951.00 - 5,960.28 = R10,990.72
4.1
UIF = R1% of 9,250.00 = R9250.00 x 0.01 = R92.50
231.25
100
4.2
Percentage of Pension deduction = ————— x
—— % = 2.5%
9250.00
1
4.3
Annual income = R9,250.00 x 12 = R111,000.00
4.4
Income tax = R111,000.00 x 0.18 = R19,980.00
Deduct primary rebate = R8,280.00
Tax payable = R11,700.00
Monthly deduction = R975.00
4.5
Net salary = R9,250.00 - 1,298.75 = R7,951.25
5.1
Tax = R62710 + (360000 - 270000) x 0.35 = R94,210.00
Deduct primary rebate = R8,280.00
Tax payable = R85,930.00
Monthly deduction = R7,160.83
5.2
Tax payable = tax + primary rebate = R4,567.00 + 8,280.00 = R12,847.00
Tax payable = Income x 18% = Income x 0.18
12847
Income = ——— = R71,372.22
0.18
5.3
Income for 10 months = R14,602.00 x 10 = R146,020.00
Income for 2 months = R16,200.00 x 2 = R32,400.00
Total income = R178,420.00
Tax = R21,960.00 + (178,420 - 122,000)X 25% = R36,065.00
Deduct primary rebate R8,280.00
Total income tax payable = R27,785.00
Monthly dediction = R2,315.42
5.4
William's annual income = R15,340.00 x 12 = R184,080.00
Tax = R21,960.00 + (184,080 - 122,000) x 25% = R37,480.00
Deduct primary rebate R8,280.00
Tax payable = R29,200.00
OR Monthly deduction = R2,433.33
Total deducted = R2,600.00 x 12
He paid R2,600 - 2,433.33 in excess per month
= R31,200.00
i.e. R166.67
He paid in excess.
He receives R31,200.00 - 29,200.00 He receives R166.67 x 12
i.e. R2,000.00
i.e. R2000.0
6.1
6.2
Cashier's name is Naomi Fields
Number of items bought = 23
6.3
Date of purchases is 14/06/25 or 2014/06/25
6.4
Volume of carry bags is 24 l
6.5
Items marked with an # are items that are exempted from VAT, i.e. no VAT is charged on
these items.
6.6
0.75 kg of carrots cost R11.45 OR
0.75 kg of carrots cost R11.45
1
11.45
cost
11.45
c
11.45
1 kg of carrots cost R ——— X ———
——— :
——— = — : c =
——
0.75
1
mass
0.75
1
0.75
i.e. R15.27
c = R15.27
6.7
R36.00 / kg : 0.96 kg therefore costs R36.00 x 0.96 = R34.56
The cost of the peaches is correct
6.8
6 eggs cost R9.99 OR
18 eggs cost R29.99
29.99
6
18 eggs cost R9.99 x 3
6 eggs cost R——— X
——
1
18
i.e. R29.97
i.e. R9.9966
3 cartons of 6 eggs each is thus cheaper than 1 carton of 18 eggs.
OR 6 eggs cost R9.99 OR
18 eggs cost R29.99
9.99
1
29.99
1
1 egg costs R——— X —
1 egg costs R——— X —
1
6
1
18
i.e. R1.665
i.e. R1.66611
18 eggs cost R1.665 x 18
6 eggs cost R1.66611 x 6
i.e. R29.97
i.e. R9.9966 or R10.00
The carton of 6 eggs is therefore slightly cheaper than the carton containing 18 eggs
6.9
10 children will drink 10 x 150 ml, i.e. 1500 ml or then 1,5 litres
6 x 250 ml = 1,5 litres and it costs R22,49
2 1 litre cartons cost R29.98 and thus 1,5 litres will cost R22,49 but 500 ml will be unused
It is cheaper to buy the pack containing 6 x 250 ml each.
6.10
The total of the items that are not exempted from VAT is R146.60 and this amount also
Thus, cost + VAT = R146.60 or c + 0.14c = 146.60
1.14c = 146.60
c = 128.60
The cost of the items before VAT is added is R128.60