The trial balance of Rosia Fashion Centre contained the follo wing accounts at 30 November 2019,...

 

Transcribed Image Text:

The trial balance of Rosia Fashion Centre contained the follo wing accounts at 30 November 2019, the end of the company's fiscal year. Rosia Fashion Centre Trial Balance as at 30 November 2019 Debit Credit Cash R 87 000 Accounts Receivable 277 000 Inventory 447 000 Supplies 62 000 Equipment 1330 000 Accumulated Depreciation-Equipment 230 000 Bank loans 510,000 Accounts Payable 485 000 Share Capital-Ordinary 500,000 Retained Eamings 380,000 Dividends 80,000 Sales Revenue (cash sales: 45% of total sales) 7552 000 Customer returns and allowances 128 000 Cost of Goods Sold 4974 000 Salaries and Wages Expense 1 360,000 Advertising Expense 244 000 Utilities Expense 140,000 Maintenance and Repairs Expense 121 000 Freight-Out 167 000 Rent Expense 240 000 Totals R9 657 00 R9 657 000 Additional information. The following financial adjustment data is available: I Supplies on hand totalled R21 000. I. Depreciation is R115 000 on the equipment. Interest of R40,000 is accrued on bank loans at No vember 30. Inventory on hand is 445 200. II. IV. You are required to: a) complete the worksheet to assist in the finalisation of financial statements for the reporting period ended 30 November 2019. Use the worksheet you buy from stationery shop selling LEDGERS and Journals. [32 Marks] b) prepare, with dates, adjusting journal entries (in the general journal form). Provide narration. Use the pre-designed general journal pages. [5 marks] c) prepare a statement of profit or loss for the financial reporting period ended 30 November 2019. Get the format right. Label you financial statement [8 marks] d) prepare the statement of changes in equity for the year ended 30 November 2019. e) Prepare the statement of financial po sition as of 30 September 2019. f) Prepare closing journal entries to close all nominal ledger accounts. Use pages from the general journal book you buy from the accounting stationery shp. The trial balance of Rosia Fashion Centre contained the follo wing accounts at 30 November 2019, the end of the company's fiscal year. Rosia Fashion Centre Trial Balance as at 30 November 2019 Debit Credit Cash R 87 000 Accounts Receivable 277 000 Inventory 447 000 Supplies 62 000 Equipment 1330 000 Accumulated Depreciation-Equipment 230 000 Bank loans 510,000 Accounts Payable 485 000 Share Capital-Ordinary 500,000 Retained Eamings 380,000 Dividends 80,000 Sales Revenue (cash sales: 45% of total sales) 7552 000 Customer returns and allowances 128 000 Cost of Goods Sold 4974 000 Salaries and Wages Expense 1 360,000 Advertising Expense 244 000 Utilities Expense 140,000 Maintenance and Repairs Expense 121 000 Freight-Out 167 000 Rent Expense 240 000 Totals R9 657 00 R9 657 000 Additional information. The following financial adjustment data is available: I Supplies on hand totalled R21 000. I. Depreciation is R115 000 on the equipment. Interest of R40,000 is accrued on bank loans at No vember 30. Inventory on hand is 445 200. II. IV. You are required to: a) complete the worksheet to assist in the finalisation of financial statements for the reporting period ended 30 November 2019. Use the worksheet you buy from stationery shop selling LEDGERS and Journals. [32 Marks] b) prepare, with dates, adjusting journal entries (in the general journal form). Provide narration. Use the pre-designed general journal pages. [5 marks] c) prepare a statement of profit or loss for the financial reporting period ended 30 November 2019. Get the format right. Label you financial statement [8 marks] d) prepare the statement of changes in equity for the year ended 30 November 2019. e) Prepare the statement of financial po sition as of 30 September 2019. f) Prepare closing journal entries to close all nominal ledger accounts. Use pages from the general journal book you buy from the accounting stationery shp.

Answer rating: 100% (QA)

Rosia Fashion Center Adjusting Enteries Worksheet Trans Particulars Debit in R Credit in R For the m... View the full answer