1 The following figures are from the 2004 Godzilla Store books. Land and Buildings 90,000 Loan 20,000...
Question:
1
The following figures are from the 2004 Godzilla Store books.
Land and Buildings 90,000
Loan 20,000
Accumulated income 10,000
Drawings 12,000
Uniform 13,000
Net profit 14,000
Debtors 13,000
Creditors 16,000
Telephone 11 000
Machinery 13,000
Motor vehicle expenses 12,000
Administrative expenses 18,000
Installations and accessories 30,000
Water and electricity 10,000
Using financial statement elements, group the accounts under the respective elements and Calculate the amount of Capital that is missing.
2
Cymot Cash and Carry, owned by James K and Jones K, made the following transactions for January 2014.
2. Started a business with N$50,000 in the business bank account, 25% of which was a loan from Bank of africa
4. Goods sold on credit
6. Machinery purchased for cash N$20,000.
8. Water and electricity paid N$3,000.
9. Goods purchased on credit N$16,000.
11. Repair of company machinery for an amount of N$6,000
14. The owner took property N$6,000 for personal use.
16. Debtors who owed N$1,800 were declared unable to pay.
| Date | Assets | Assets | Equity | Equity | Passive | Passive |
| account | Effect (+/-) $ | Account | Effects (+/-) $ | accounts | Effects (+/-) | |
Required: Copy the above table format into your answer book and classify each transaction into the table of accounting equations showing the effects of each transaction on the accounting equation.
3
The following is information for Clifton Trading Company which has a fiscal year end of 31 November 19 x 5. Based on the following information, you are requested to prepare a debtors report and creditors control account.
Sales – Cash 344 890
Sales – Credit 268 187
Purchases – Credit 496 600
Purchases – Cash 14,440
Total Customer Collections 600 570
Total payments to suppliers 503 970
Discount allowed to all credit customers 5520
Bad debts written off 780
Credit notes issued to credit customers 4 140
Discount received from credit providers 3 510
Balance in the accounts receivable ledger offset against the balance in the accounts receivable ledger 70
Refunds issued to customers in cash 5,070
Increase in the provision for bad debts 90
Credit notes received from credit providers 1 480
Expert Answer:
Question 1 Grouping the accounts under their respective elements Assets Land and Buildings 90000 Debtors 13000 Machinery 13000 Installations and accessories 30000 Liabilities Loan 20000 Creditors 1600... View the full answer
