The following is a trail balance of ACC Limited for the year ended 31 December 2014:...

 

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The following is a trail balance of ACC Limited for the year ended 31 December 2014: BALANCE SHEET ACCOUNTS Capital Drawings Land and buildings (at cost) Vehicles (at cost) Furniture (at cost) Bank Debtors R 250 000 4400 180 000 120 000 15 000 5900 40 140 Stock (1/01/2014) Creditors Accumulated Depreciation: Vehicles Accumulated Depreciation: Furniture NOMINAL ACCOUNTS Sales Sales returns Commission Income Rent received Purchases Purchases Returns Bad Debts/credit losses Insurance Packing material Salaries 4 000 50 750 26 000 3 000 252 145 615 670 1950 170 550 550 230 2750 800 38 500 Water and electricity Additional information: 1. Inventory on 31 December 2014: Trading inventory Packing Material R6 500 R175 3300 2. Debtor Jacob is insolvent. His debt of R140 has been written off as irrecoverable 3. Provision must be made for depreciation as follows: a. Vehicles 20% on diminishing balance method/reducing balance. b. Furniture 10% Straight Line method. 4. A Debtor, Mr Fletcher who wed R230 finally managed to pay his debt that was previously written off as irrecoverable in 2010. This was not considered in the above trail balance. REQUIRED: Prepare the Statement of Comprehensive Income for ACC Limited for the year ended 31 December 2014. The following is a trail balance of ACC Limited for the year ended 31 December 2014: BALANCE SHEET ACCOUNTS Capital Drawings Land and buildings (at cost) Vehicles (at cost) Furniture (at cost) Bank Debtors R 250 000 4400 180 000 120 000 15 000 5900 40 140 Stock (1/01/2014) Creditors Accumulated Depreciation: Vehicles Accumulated Depreciation: Furniture NOMINAL ACCOUNTS Sales Sales returns Commission Income Rent received Purchases Purchases Returns Bad Debts/credit losses Insurance Packing material Salaries 4 000 50 750 26 000 3 000 252 145 615 670 1950 170 550 550 230 2750 800 38 500 Water and electricity Additional information: 1. Inventory on 31 December 2014: Trading inventory Packing Material R6 500 R175 3300 2. Debtor Jacob is insolvent. His debt of R140 has been written off as irrecoverable 3. Provision must be made for depreciation as follows: a. Vehicles 20% on diminishing balance method/reducing balance. b. Furniture 10% Straight Line method. 4. A Debtor, Mr Fletcher who wed R230 finally managed to pay his debt that was previously written off as irrecoverable in 2010. This was not considered in the above trail balance. REQUIRED: Prepare the Statement of Comprehensive Income for ACC Limited for the year ended 31 December 2014.