Homework Answers
| Profit and loss account for the year ended 31 december 2012 | |||
| Particulars | Amount | Particulars | Amount |
| Sales | 12000 | ||
| Cost of sale | 8000 | ||
| Advertisement Cost | 1500 | Interest Received | 650 |
| Delivery expense | 850 | ||
| Office wages | 3000 | ||
| Interest on over draft | 200 | ||
| Rent expense | 900 | Loss | 1800 |
| 14450 | 14450 | ||
| Balance sheet as on 31 december 2012 | |||
| Liabilities | Amount | Assets | Amount |
| Capital Opening | 30350 | Land and Building | 35000 |
| less: Drawing | -500 | Shop fittings | 1000 |
| Less: Loss for the year | -1800 | ||
| Closing Capital | 28050 | Stock | 4700 |
| Debtors | 1450 | ||
| Bank Over draft | 2000 | cash float | 100 |
| Creditors | 500 | ||
| Mortgage | 11700 | ||
| 42250 | 42250 | ||
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Sales Cost of sales Interest received Advertising costs Delivery erpenses Office wages Interest on overdraft Rent...
Sales Cost of sales Interest received Advertising costs Delivery erpenses Office wages Interest on overdraft Rent...
Sales Cost of sales Interest received Advertising costs Delivery erpenses Office wages Interest on overdraft Rent expense Capital Drawings Stock Bank Overdraft Cash float Debtors (Accounts Receivable)1450 Creditors (accounts Payable) Shop Fittings Land and Buildings Mortgage 12 000 8 000 650 1 500 850 3 000 200 900 30350 500 4 700 2 000 100 500 1 000 35 000 11 700 REQUIRED Prepare the Financial Statements for the period ended 31 December 2012
Sales Cost of sales Interest received Advertising costs Delivery expenses Office wages Interest on overdraft Rent...
Sales Cost of sales Interest received Advertising costs Delivery expenses Office wages Interest on overdraft Rent expense Capital Drawings Stock Bank Overdraft Cash float 12 000 8 000 650 1500 850 3 000 200 900 30350 500 4 700 2 000 100 1 450 500 1000 35 000 11 700 Debtors (Accounts Creditors (accounts Payable) Shop Fittings Land and Buildings Mortgage Recelvable) REQUIRED Financial statement(cash flow) Prepare the Financial Statements for the period ended 31
Sales Cost of sales Interest received Advertising costs Delivery expenses Office wages Interest on overdraft Rent...
Sales Cost of sales Interest received Advertising costs Delivery expenses Office wages Interest on overdraft Rent expense Capital Drawings Stock Bank Overdraft Cash float 12 000 8 000 650 1500 850 3 000 200 900 30350 500 4 700 2 000 100 1 450 500 1000 35 000 11 700 Debtors (Accounts Creditors (accounts Payable) Shop Fittings Land and Buildings Mortgage Recelvable) REQUIRED Financial statement(cash flow) Prepare the Financial Statements for the period ended 31
Sales Cost of sales Interest received Advertising costs Delivery epenses Office wages Interest on overdraft 12...
Sales Cost of sales Interest received Advertising costs Delivery epenses Office wages Interest on overdraft 12 000 8 000 650 1 500 850 3 000 200 900 30350 500 4 700 2 000 100 1 450 500 1 000 35 000 11 700 financial statements(balance Rent rpensa sheet,cash flow,incomeaa statement,statement of Stoei Capital Bank Overdraft Cash float Debtors (Accounts Receivable) Creditors (accounts Payable Shop Fittings Land and Buildings Mortgage changes in equty REQUIRED Prepare the Financial Statements for the period...
Sales Cost of sales Interest received Advertising costs Delivery epenses Office wages Interest on overdraft 12...
Sales Cost of sales Interest received Advertising costs Delivery epenses Office wages Interest on overdraft 12 000 8 000 650 1 500 850 3 000 200 900 30350 500 4 700 2 000 100 1 450 500 1 000 35 000 11 700 financial statements(balance Rent rpensa sheet,cash flow,incomeaa statement,statement of Stoei Capital Bank Overdraft Cash float Debtors (Accounts Receivable) Creditors (accounts Payable Shop Fittings Land and Buildings Mortgage changes in equty REQUIRED Prepare the Financial Statements for the period...
2 000 Cost of sales Interest recelved Advertising cos Delivery expenses Office wages Interest on overdra...
2 000 Cost of sales Interest recelved Advertising cos Delivery expenses Office wages Interest on overdra Rent expense Capital 550 1 500 900 30350 500 4700 financial sheet(cash flow,statement of changes in equity) Stock Bank Overdrat Cash foat Debtors (Accounts Racelvable Creditors (accounts Payable Shop Fittings Land and Buildings Mortgage 100 1 450 1 000 35 000 11 700 REQUIRED Prepare the Financial Statements for the period ended 31 December 2012
Additional information and adjustments The rent for March 2019 has already been received. The value of...
Additional information and adjustments The rent for March 2019 has already been received. The value of inventories according to physical stocktaking as at 28 February 2019 are as follows: * Trading inventory R86 000 * Stationery R500 2. 3. An invoice received for an advertisement was erroneously debited to sundry expenses account, R2 400. 4. The telephone account for February 2019 has not yet been paid, R900. 5. Bank charges, which appeared on the bank statement for February 2019, were...
(25 Marks) Adjustments and Additional Information QUESTION 6 FINANCIAL STATEMENT AND DISPOSAL OF ASSET A. Rent...
(25 Marks) Adjustments and Additional Information QUESTION 6 FINANCIAL STATEMENT AND DISPOSAL OF ASSET A. Rent for March 2017 has been received in advance. 6.1 STATEMENT OF COMPREHENSIVE INCOME (20 marks) Use the following information extracted from the accounting records of IBHUBESI TRADING to prepare the Statement of Comprehensive Income for the year ended 28 February 2017. B. Write off a debtor's outstanding account of R430 as irrecoverable. C. Adjust the provision for bad debts to 5% of trade debtors....
Mr Stephens, trading as Clean View, operates a window-cleaning business with the financial year ending on...
Mr Stephens, trading as Clean View, operates a window-cleaning business with the financial year ending on 28 February. The following balances were brought forward on 1 February 2007: Advertising expense account Bank balance Capital account Cleaning liquid (stock account) Creditors Debtors Drawings Equipment Fees received Motor vehicles Petrol expense account Rags (stock account) Salaries and wages expense account 200 13 500 27 400 9 500 1 500 4 000 21 000 2 700 69 000 15 000 2 900 1...
Ms Sade is a trader operating under the name of 'SA Traders'. She informs you that...
Ms Sade is a trader operating under the name of 'SA Traders'. She informs you that she consistently adds 33% to the cost of all goods which she sells in order to arrive at selling prices. She presents you with the following financial statements for the years ended 31 March 2000 and 2001. INCOME STATEMENT 2001 2000 Sales net Less cost of sales Gross profit Discount received 471 100 360 900 110 200 1 700 111 900 93 420 18...
Sales Cost of sales Interest received Advertising costs Delivery erpenses Office wages Interest on overdraft Rent expense Capital Drawings Stock Bank Overdraft Cash float Debtors (Accounts Receivable)1450 Creditors (accounts Payable) Shop Fittings Land and Buildings Mortgage 12 000 8 000 650 1 500 850 3 000 200 900 30350 500 4 700 2 000 100 500 1 000 35 000 11 700 REQUIRED Prepare the Financial Statements for the period ended 31 December 2012
Sales Cost of sales Interest received Advertising costs Delivery expenses Office wages Interest on overdraft Rent expense Capital Drawings Stock Bank Overdraft Cash float 12 000 8 000 650 1500 850 3 000 200 900 30350 500 4 700 2 000 100 1 450 500 1000 35 000 11 700 Debtors (Accounts Creditors (accounts Payable) Shop Fittings Land and Buildings Mortgage Recelvable) REQUIRED Financial statement(cash flow) Prepare the Financial Statements for the period ended 31
Sales Cost of sales Interest received Advertising costs Delivery expenses Office wages Interest on overdraft Rent expense Capital Drawings Stock Bank Overdraft Cash float 12 000 8 000 650 1500 850 3 000 200 900 30350 500 4 700 2 000 100 1 450 500 1000 35 000 11 700 Debtors (Accounts Creditors (accounts Payable) Shop Fittings Land and Buildings Mortgage Recelvable) REQUIRED Financial statement(cash flow) Prepare the Financial Statements for the period ended 31
Sales Cost of sales Interest received Advertising costs Delivery epenses Office wages Interest on overdraft 12 000 8 000 650 1 500 850 3 000 200 900 30350 500 4 700 2 000 100 1 450 500 1 000 35 000 11 700 financial statements(balance Rent rpensa sheet,cash flow,incomeaa statement,statement of Stoei Capital Bank Overdraft Cash float Debtors (Accounts Receivable) Creditors (accounts Payable Shop Fittings Land and Buildings Mortgage changes in equty REQUIRED Prepare the Financial Statements for the period...
Sales Cost of sales Interest received Advertising costs Delivery epenses Office wages Interest on overdraft 12 000 8 000 650 1 500 850 3 000 200 900 30350 500 4 700 2 000 100 1 450 500 1 000 35 000 11 700 financial statements(balance Rent rpensa sheet,cash flow,incomeaa statement,statement of Stoei Capital Bank Overdraft Cash float Debtors (Accounts Receivable) Creditors (accounts Payable Shop Fittings Land and Buildings Mortgage changes in equty REQUIRED Prepare the Financial Statements for the period...
2 000 Cost of sales Interest recelved Advertising cos Delivery expenses Office wages Interest on overdra Rent expense Capital 550 1 500 900 30350 500 4700 financial sheet(cash flow,statement of changes in equity) Stock Bank Overdrat Cash foat Debtors (Accounts Racelvable Creditors (accounts Payable Shop Fittings Land and Buildings Mortgage 100 1 450 1 000 35 000 11 700 REQUIRED Prepare the Financial Statements for the period ended 31 December 2012
Additional information and adjustments The rent for March 2019 has already been received. The value of inventories according to physical stocktaking as at 28 February 2019 are as follows: * Trading inventory R86 000 * Stationery R500 2. 3. An invoice received for an advertisement was erroneously debited to sundry expenses account, R2 400. 4. The telephone account for February 2019 has not yet been paid, R900. 5. Bank charges, which appeared on the bank statement for February 2019, were...
(25 Marks) Adjustments and Additional Information QUESTION 6 FINANCIAL STATEMENT AND DISPOSAL OF ASSET A. Rent for March 2017 has been received in advance. 6.1 STATEMENT OF COMPREHENSIVE INCOME (20 marks) Use the following information extracted from the accounting records of IBHUBESI TRADING to prepare the Statement of Comprehensive Income for the year ended 28 February 2017. B. Write off a debtor's outstanding account of R430 as irrecoverable. C. Adjust the provision for bad debts to 5% of trade debtors....
Mr Stephens, trading as Clean View, operates a window-cleaning business with the financial year ending on 28 February. The following balances were brought forward on 1 February 2007: Advertising expense account Bank balance Capital account Cleaning liquid (stock account) Creditors Debtors Drawings Equipment Fees received Motor vehicles Petrol expense account Rags (stock account) Salaries and wages expense account 200 13 500 27 400 9 500 1 500 4 000 21 000 2 700 69 000 15 000 2 900 1...
Ms Sade is a trader operating under the name of 'SA Traders'. She informs you that she consistently adds 33% to the cost of all goods which she sells in order to arrive at selling prices. She presents you with the following financial statements for the years ended 31 March 2000 and 2001. INCOME STATEMENT 2001 2000 Sales net Less cost of sales Gross profit Discount received 471 100 360 900 110 200 1 700 111 900 93 420 18...
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