The following balances appeared in the records of Bulk Traders, a general dealer trading in Windhoek...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The following balances appeared in the records of Bulk Traders, a general dealer trading in Windhoek CBD on 28th February 2022: Equipment at cost price Vehicles at cost price Accumulated depreciation - Equipment (01 March 2021) Accumulated depreciation - Vehicle (01 March 2021) Inventory (01 March 2021) Debtors (Accounts Receivable) Provision (Allowance) for bad debts Cash in Bank Capital contribution Drawings Creditors (Accounts Payable) Purchases Purchases returns Salaries and wages Rent expense Advertising Insurance Electricity Sundry expenses Sales Sales returns iii. iv. The following additional information is provided: i. ii. V. N$ 3 000 12 000 1 500 5 856 61 200 13 000 400 30 000 78 000 24 000 41 000 157 000 5 044 11 440 3 480 1 200 960 1 280 240 190 000 3 000 Inventory on hand on 28 February 2022, was valued at N$ 80,000. Depreciation for the year is to be accounted for as follows: a. - Equipment, 5% per annum on cost using straight line method b. - Vehicles, 20% per annum on reducing balance method Insurance prepaid as at 28 February 2022, amounts to N$ 160. The Provision (Allowance) for bad debts balance at year end should be N$ 1,000 in total. Rent of N$ 1,000 for the period 01 September 2021 to 28 February 2022 has not been paid and this has not been recorded in the books. Required: a. Prepare the statement of profit or loss and other comprehensive income for the year ended 28 February 2022, and (12 marks) b. A Statement of Financial Position as at 28 February 2022. (13 marks) The following balances appeared in the records of Bulk Traders, a general dealer trading in Windhoek CBD on 28th February 2022: Equipment at cost price Vehicles at cost price Accumulated depreciation - Equipment (01 March 2021) Accumulated depreciation - Vehicle (01 March 2021) Inventory (01 March 2021) Debtors (Accounts Receivable) Provision (Allowance) for bad debts Cash in Bank Capital contribution Drawings Creditors (Accounts Payable) Purchases Purchases returns Salaries and wages Rent expense Advertising Insurance Electricity Sundry expenses Sales Sales returns iii. iv. The following additional information is provided: i. ii. V. N$ 3 000 12 000 1 500 5 856 61 200 13 000 400 30 000 78 000 24 000 41 000 157 000 5 044 11 440 3 480 1 200 960 1 280 240 190 000 3 000 Inventory on hand on 28 February 2022, was valued at N$ 80,000. Depreciation for the year is to be accounted for as follows: a. - Equipment, 5% per annum on cost using straight line method b. - Vehicles, 20% per annum on reducing balance method Insurance prepaid as at 28 February 2022, amounts to N$ 160. The Provision (Allowance) for bad debts balance at year end should be N$ 1,000 in total. Rent of N$ 1,000 for the period 01 September 2021 to 28 February 2022 has not been paid and this has not been recorded in the books. Required: a. Prepare the statement of profit or loss and other comprehensive income for the year ended 28 February 2022, and (12 marks) b. A Statement of Financial Position as at 28 February 2022. (13 marks)
Expert Answer:
Answer rating: 100% (QA)
Salution Apply equilibrium off on yaxis KN Sing N Car 0 mg NSino caso mg xaiss EOM on N Sino ... View the full answer
Related Book For
Income Tax Fundamentals 2019
ISBN: 9781337703062
37th Edition
Authors: Gerald E. Whittenburg, Steven Gill
Posted Date:
Students also viewed these accounting questions
-
The company provides for an allowance for bad debts equivalentto 3% of total receivables. Receivables balance is P2,000,000. Theallowance for bad debts has a balance of P45,000 and P50,000 at...
-
The following balances appeared in the books of Fabice on 30 June 207: $ Machinery and equipment ........................................... 108,000 Motor vehicles...
-
The following balances appeared in the general ledger accounts of Fenton Table Rentals Corporation at April 1, 2019. Required: 1 Prepare journal entries to record the April transactions shown on the...
-
To add new components or tools into the NetBeans IDE, one can use . a. The JFrame tool b. Plugins c. The PHP tool d. JavaFX
-
For each of the following transactions, state which accounts (s) would be debited and credited in a job order costing system: 1. Purchased materials on account, $12,890 2. Charged direct labor to...
-
A gas of unknown molecular mass was allowed to effuse through a small opening under constant-pressure conditions. It required 105 s for 1.0 L of the gas to effuse. Under identical experimental...
-
Carbon and Short plc both operate in the same industry with the same business risk. Their earnings, capital structure, share prices and other data are as follows: Kitson holds 1000 worth of shares in...
-
Kathy Burnett works for Triumph Industries. Her pay rate is $13.44 per hour and she receives overtime pay at one and one-half times her regular hourly rate for any hours worked beyond 40 in a week....
-
During its first year of operations, Concord Corporation had these transactions pertaining to its common stock. Jan. 1 0 Issued 2 6 , 7 0 0 shares for cash at $ 5 per share. July 1 Issued 5 8 , 5 0 0...
-
Spectrum Sound, Inc. manufactures compact disc players with unusual features in its St. Louis Division. The divisional sales manager has estimated the following demand-curve data. Quantity Sold per...
-
At the beginning of Year 1, ABC Company purchased a piece of equipment for $1,000. This equipment was expected to last 10 years at which time ABC hoped to sell the equipment for $200. At the...
-
What was an effective part of the content of the speech? What was the most effective part of the delivery of the speech? How could content be improved? How could delivery be improved?
-
Guchi and Pluto are in a statistics class. At the end of the semester, after 5 exams, Guchi has a mean of 60 and standard deviation of 20 for exams. Pluto has a mean of 60 and standard deviation of 5...
-
The following time series data show the number of lightning strikes in a particular county for the most recent seven months. Month 1 2 3 4 5 6 7 Value 21 10 17 91 16 20 12 (a) Compute MSE using the...
-
6. Describe five operations management decisions below that are taken at Republic Bank [10 marks] Goods and services Quality management Process and capacity design Location Layout design and strategy
-
Microsoft stock is trading for $20.40 right now. 1. How much would you likely pay for a call option on Microsoft with a strike price of $21.00? What is the intrinsic value and speculative value on...
-
8(4) Many indicators show that temperatures areincreasing,and climate patterns are changing on a global scale. What is NOT a likely result of these changes
-
Suppose the market is semistrong form efficient. Can you expect to earn excess returns if you make trades based on? a. Your brokers information about record earnings for a stock? b. Rumors about a...
-
Determine from the tax table in Appendix A the amount of the income tax for each of the following taxpayers for 2018: erls) Allen Boyd Caldwell ble Income Income Tax Filing Status $21,000 24,545...
-
Nancy has active modified adjusted gross income before passive losses of $75,000. She has a loss of $5,000 on a rental property she actively manages. How much of the loss is she allowed to take...
-
Linda underpaid her taxes for the current year by $4,000 due to negligence. a. Calculate Linda's accuracy-related penalty for negligence. $________ b. Assume that the underpayment of taxes by Linda...
-
Can you think of any drawbacks in providing interim financial statements for users? R3
-
A year ago Pod Limited bought 225,000 1 fully paid ordinary shares of Pea Limited for a consideration of 500,000. Pea Limiteds share capital and share premium were each the same as at todays date....
-
Segmental information relating to Dali pic for the year to 31 December 2012 is shown below. Required: Analyse the performance of each of the three main business segments for the year and comment on...
Study smarter with the SolutionInn App