S. Mahlangu's farm books indicate that on 1 March 2021 the value of fertilizer stocks on-hand...
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S. Mahlangu's farm books indicate that on 1 March 2021 the value of fertilizer stocks on-hand was R32 000. On 16 September 2021, the farm sold fertilizer to the value of R22 000 to Farm Supply and offered him a 5% discount for paying immediately by an EFT. On 14 October 2021, the farm purchased fertilizer to the value of R150 000 on credit from Farmers' Co-op. The Farmers' Co-op account was settled in full on 30 November 2021 by way of an EFT payment. On 28 February 2022, the value of fertilizer stock on-hand was R30 000. You are required to: 2.1 Show the Ledger entries for the above transactions, and 2.2 Close off the fertilizer account to determine the cost of fertilizer used by S. Mahlangu's farm during the 2021/22 financial year. (2) S. Mahlangu's farm books indicate that on 1 March 2021 the value of fertilizer stocks on-hand was R32 000. On 16 September 2021, the farm sold fertilizer to the value of R22 000 to Farm Supply and offered him a 5% discount for paying immediately by an EFT. On 14 October 2021, the farm purchased fertilizer to the value of R150 000 on credit from Farmers' Co-op. The Farmers' Co-op account was settled in full on 30 November 2021 by way of an EFT payment. On 28 February 2022, the value of fertilizer stock on-hand was R30 000. You are required to: 2.1 Show the Ledger entries for the above transactions, and 2.2 Close off the fertilizer account to determine the cost of fertilizer used by S. Mahlangu's farm during the 2021/22 financial year. (2)
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Answer A Post your adjusting journal entries to the general ledger and prepare the Adjusted Trial Balance as of December 31 Adjusted Trial Balance Accounts Receivable 2175000 Allowance for Doubtful Ac... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0324659139
11th edition
Authors: Loren A. Nikolai, John D. Bazley, Jefferson P. Jones
Posted Date:
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