The inexperienced bookkeeper of Thembi Stores prepared the Profit and Loss account for the financial year...

 

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The inexperienced bookkeeper of Thembi Stores prepared the Profit and Loss account for the financial year ended 28 February 2023 As the internal auditor, you discovered that certain year-end adjustments were not taken into account. You also Bagged some errors REQUIRED 11 Prepare the Trading account on 28 February 2023 to reflect the correct Sales and Cost of Sales figures 12 Prepare the correct Profit and Loss account for the year on 28 February 2023 INFORMATION The Profit and Loss account below was prepared by the inexperienced bookkeeper. It includes some errors and omissions. Dr 2023 Feb 28 GENERAL LEDGER OF THEMBI STORES FINAL ACCOUNTS SECTION Profit and Loss account (F2) Salaries & wages Telephone Insurance Sundry expenses Commission Income Discount allowed Depreciation Net profit 2023 107 390 Feb 28 10 450 9 100 37 910 12 890 1 240 18 300 262 620 449 910 Trading account Rent income Discount Received Equipment Interest on fixed deposit 10 20 Cr 246 750 74 800 2:360 122 000 4 000 449 910 The inexperienced bookkeeper of Thembi Stores prepared the Profit and Loss account for the financial year ended 28 February 2023 As the internal auditor, you discovered that certain year-end adjustments were not taken into account. You also Bagged some errors REQUIRED 11 Prepare the Trading account on 28 February 2023 to reflect the correct Sales and Cost of Sales figures 12 Prepare the correct Profit and Loss account for the year on 28 February 2023 INFORMATION The Profit and Loss account below was prepared by the inexperienced bookkeeper. It includes some errors and omissions. Dr 2023 Feb 28 GENERAL LEDGER OF THEMBI STORES FINAL ACCOUNTS SECTION Profit and Loss account (F2) Salaries & wages Telephone Insurance Sundry expenses Commission Income Discount allowed Depreciation Net profit 2023 107 390 Feb 28 10 450 9 100 37 910 12 890 1 240 18 300 262 620 449 910 Trading account Rent income Discount Received Equipment Interest on fixed deposit 10 20 Cr 246 750 74 800 2:360 122 000 4 000 449 910

Answer rating: 100% (QA)

11 THEMBI STORES Trading account for the year ended 28th Feb 2023 Dr Cr Particulars Amount Particula... View the full answer