TeaTime: Pre-adjustment trial balance (Extract)

as at 31 July 2020

Sales Income R73 0000 Cost of Sales Expense R35 0000

Additional information

A customer ordered 6 porcelain tea sets, with a cost of R23 00 each, on 29 July 2020. The total selling price amounted to R38 500. The tea sets were delivered to the customer’s premises on 31 July 2020. Since the payment has not yet been received, no entries were processed by the bookkeeper to record this information.

Show the figures that should be reported for the items listed in the statement of comprehensive income. If no amount would be reported for an item, insert a zero.

• Use a full stop as a decimal separator, not a comma.
• Do not insert R in front of your answer. For example, if the answer is R16.70, you would type 16.70 into the input box.
• Round all answers to two decimal places.
• Do not leave any of the input boxes empty. If the answer is 0 or you don't know the answer, type 0 into the input box. Blank input boxes might result in an incorrect addition of your marks by Vula.

Statement of comprehensive income of TeaTime

for the year ended 31 July 2020

Sales Income R Blank 1. Calculate the answer by read surrounding text. Cost of Sales Expense

You have been provided with the following information:

TeaTime: Pre-adjustment trial balance (Extract)

as at 31 July 2020

Trade Receivables R32 0000 Allowance for doubtful debts R8 00

Additional information

1. TeaTime has recently been informed that a debtor who had purchased 4 porcelain tea sets, with a selling price of R50 00 each, has gone insolvent and will only be able to pay 23 cents for every Rand owing. No entries have been processed to record this information.
2. On 31 July 2020, the accountant reliably estimated that 5% of the trade receivables balance was unlikely to be settled. No entries have been processed to record this information.

• Use a full stop as a decimal separator, not a comma.
• Do not insert R in front of your answer. For example, if the answer is R16.70, you would type 16.70 into the input box.
• Round all answers to two decimal places.
• Do not leave any of the input boxes empty. If the answer is 0 or you don't know the answer, type 0 into the input box. Blank input boxes might result in an incorrect addition of your marks by Vula.

The bad debts debts expense arising from additional information point 1 amounts to R Blank 1. Calculate the answer by read surrounding text. .

The bad debts debts expense arising from additional information point 2 amounts to R.