Below find a preadjusting trial balance of James Bond Entity until 3- December 2019. The accountant...

  

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Below find a preadjusting trial balance of James Bond Entity until 3- December 2019. The accountant asked for your assistance with the preparation of the financial statements of James Bond Entity for the reporting period ended 31 December 2019: Sales Purchases Freight in Returns Inwards Return outwards Credit losses/ Bad debts Rent expense Stationery Employee Benefit expenses Water and electricity Depreciation Inventory (1 January DR N$ 1 872 000 12 000 40 000 37 450 74 450 120 000 245 000 58 300 46 000 200 000 CR N$ 2 724 000 15 000 ADDITIONAL INFORMATION: 1. On 3 October 2019 Receivable Namibre (Pty) Ltd's debt was written off as irrecoverable. (This write-off has already been appropriately recognised.) On 31 December 2019 the liquidator of Receivable Namibre (Pty) Ltd's insolvent estate deposited an amount of N$50 000 directly into James Bond Entity's bank account by means of an EFT. This amount is James Bond Entity's portion of a liquidation distribution made to Receivable Namibre (Pty) Ltd's payables. 2. An inventory count of Trading Inventory on hand on 31 December 2019 determined that the cost of Trading Inventory on hand amounted to N$15 000. 3. An inventory count of stationery on hand on 31 December 2019 determined that the cost of stationery on hand amounted to N$13 000. 4. The December 2019 payroll still needs to be accounted for. The following amounts were extracted from the payroll for December 2019: Gross salaries: N$84 000 Net salaries: N$52 000 (5 1. The water and electricity account for December 2019 to the amount of N$5 300 was received on 10 January 2020 from Payable City of Windhoek and is payable before 20 January 2020. Required: The gross profit figure for James Bond Entity amounts to 4 Below find a preadjusting trial balance of James Bond Entity until 3- December 2019. The accountant asked for your assistance with the preparation of the financial statements of James Bond Entity for the reporting period ended 31 December 2019: Sales Purchases Freight in Returns Inwards Return outwards Credit losses/ Bad debts Rent expense Stationery Employee Benefit expenses Water and electricity Depreciation Inventory (1 January DR N$ 1 872 000 12 000 40 000 37 450 74 450 120 000 245 000 58 300 46 000 200 000 CR N$ 2 724 000 15 000 ADDITIONAL INFORMATION: 1. On 3 October 2019 Receivable Namibre (Pty) Ltd's debt was written off as irrecoverable. (This write-off has already been appropriately recognised.) On 31 December 2019 the liquidator of Receivable Namibre (Pty) Ltd's insolvent estate deposited an amount of N$50 000 directly into James Bond Entity's bank account by means of an EFT. This amount is James Bond Entity's portion of a liquidation distribution made to Receivable Namibre (Pty) Ltd's payables. 2. An inventory count of Trading Inventory on hand on 31 December 2019 determined that the cost of Trading Inventory on hand amounted to N$15 000. 3. An inventory count of stationery on hand on 31 December 2019 determined that the cost of stationery on hand amounted to N$13 000. 4. The December 2019 payroll still needs to be accounted for. The following amounts were extracted from the payroll for December 2019: Gross salaries: N$84 000 Net salaries: N$52 000 (5 1. The water and electricity account for December 2019 to the amount of N$5 300 was received on 10 January 2020 from Payable City of Windhoek and is payable before 20 January 2020. Required: The gross profit figure for James Bond Entity amounts to 4

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To calculate the gross profit figure for James Bond Entity we need to consider the sales purchases r... View the full answer