Covid Ltd has provided you with the following general ledger account balances: 31 March 2022 31...
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Covid Ltd has provided you with the following general ledger account balances: 31 March 2022 31 March 2021 S $ 890 000 380 000 1 800 79 800 2.900 40 000 52 200 45 000 Dr Sales Cost of goods sold Doubtful debt expense Accounts receivable Allowance for doubtful debts Inventory Accounts payable GST 74 000 2 600 49 500 48 960 10 000 Cr Additional information: Covid Ltd uses the direct method for reporting cash flows from operating activities. The GST rate is 15%. Required: (i) Complete the general ledger accounts provided in the answer booklet. (ii) Prepare the cash flows from operating activities (CFOA) section of the Statement of Cash Flows for the year ended 31 March 2022 for Covid Ltd. QUESTION 1 (i) General ledger accounts: Net of GST GST Net of GST $GST inclusive GST Inventory S Accounts receivable GST receivable/payable Accounts payable SGST inclusive Net of GST Net of GST GST S S GST SGST inclusive $ GST inclusive Question 1 continued: Allowance for doubtful debts $ S Covid Ltd has provided you with the following general ledger account balances: 31 March 2022 31 March 2021 S $ 890 000 380 000 1 800 79 800 2.900 40 000 52 200 45 000 Dr Sales Cost of goods sold Doubtful debt expense Accounts receivable Allowance for doubtful debts Inventory Accounts payable GST 74 000 2 600 49 500 48 960 10 000 Cr Additional information: Covid Ltd uses the direct method for reporting cash flows from operating activities. The GST rate is 15%. Required: (i) Complete the general ledger accounts provided in the answer booklet. (ii) Prepare the cash flows from operating activities (CFOA) section of the Statement of Cash Flows for the year ended 31 March 2022 for Covid Ltd. QUESTION 1 (i) General ledger accounts: Net of GST GST Net of GST $GST inclusive GST Inventory S Accounts receivable GST receivable/payable Accounts payable SGST inclusive Net of GST Net of GST GST S S GST SGST inclusive $ GST inclusive Question 1 continued: Allowance for doubtful debts $ S
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Related Book For
Accounting
ISBN: 978-0176509743
Volume 1, 2nd canadian Edition
Authors: Carl warren, James Reeve, Jonathen Duchac, Sheila Elworthy,
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