Question

Question 6 [26] The following information relates to Scorpius Dealers: Partial pre-adjustment trial balance for the year endi

0 0
Add a comment Improve this question Transcribed image text
Answer #1
BALANCE SHEET OF SCORPIOUS DEALERS
AS AT 31ST DECEMBER 2019
EQUITY Amount
Capital
Capital    145,000.00
(-)drawings    (25,000.00)
(+)Profit for the year      56,546.00    176,546.00
Current Liabilities
Trade payable      34,640.00
Outstanding Insurance premium            800.00      35,440.00
   211,986.00
ASSETS Amount
Fixed Assets
Land & B/g    110,530.00
Vehicles        5,870.00
(-) Accumulated dep      (2,610.00)
(-)dep      (1,174.00)        2,086.00
Equipment        3,040.00
(-) Accumulated dep          (440.00)
(-)dep          (260.00)        2,340.00
Current Assets
Trade Receivables      40,180.00
(-)Bad debts          (180.00)
(-)Provision for D/D          (400.00)      39,600.00
Rent Income Accrued and due        5,200.00
Bank      24,480.00
Stock      27,750.00
   211,986.00
Add a comment
Know the answer?
Add Answer to:
Question 6 [26] The following information relates to Scorpius Dealers: Partial pre-adjustment trial balance for the...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Question 6 [26] The following information relates to Scorpius Dealers: Partial pre-adjustment trial balance for the...

    Question 6 [26] The following information relates to Scorpius Dealers: Partial pre-adjustment trial balance for the year ending 31 December 2019 R R Balance sheet section Capital 145 000 Drawings 25 000 Land and buildings 110 530 Vehicles 5 870 Accumulated depreciation: Vehicles 2 610 Equipment 3 040 Accumulated depreciation: Equipment 440 Trading inventory (1 January 2019) 27 000 Trade receivables 40 180 Bank 24 480 Trade payables 34 640 Additional information 1. A physical stocktake was performed on 31...

  • Question 5 [35] The following information relates to The Swallower: Pre-adjustment trial balance for the year...

    Question 5 [35] The following information relates to The Swallower: Pre-adjustment trial balance for the year ending 30 April 2020 RL R Balance sheet section Capital 252 610 Drawings 23 400 Land and buildings 270 000 Vehicles 64 000 Accumulated depreciation: Vehicles 20 560 20 400 6 410 10 000 30 260 14 700 2 340 16 780 421 680 Furniture and fittings Accumulated depreciation: Furniture and fittings Fixed deposit Trading inventory (1 May 2019) Trade receivables Bank Trade payables...

  • Question 5 [31] - RESBAKHOW WITH ATTAILES INFORMATION ON EXTRA PAGE STATEMENT OF PROFIT OR LOSS...

    Question 5 [31] - RESBAKHOW WITH ATTAILES INFORMATION ON EXTRA PAGE STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME The following information relates to Iball Industries Pre-adjustment trial balance for the year ending 31 May 2020 R R Statement of financial position section Capital 615 231 Drawings 5 500 Land and buildings 353 000 Vehicles 145 560 Accumulated depreciation: Vehicles 30 560 Furniture and fittings 65 310 Accumulated depreciation: Fumiture and fittings 9310 Fixed deposit 110 000 Trading inventory...

  • QUESTION 5 STATEMENT OF FINANCIAL POSITION The trial balance, adjustments and additional information provided below were...

    QUESTION 5 STATEMENT OF FINANCIAL POSITION The trial balance, adjustments and additional information provided below were extracted from the accounting records of Klicks Traders on 29 February 2016, the end of the financial year. REQUIRED Use the trial balance and additional information to prepare the Statement of Financial Position of Klicks Traders as at 29 February 2016. The Statement of Comprehensive Income and notes to the financial statements are not required. Credit (R) 240 950 138 000 54 000 6...

  • (20) QUESTION 3 The trial balance, adjustments and additional information given below were extracted from the...

    (20) QUESTION 3 The trial balance, adjustments and additional information given below were extracted from the accounting records of Mkhize Traders on 28 February 2017, the end of the financial year. FINANCIAL STATEMENTS REQUIRED Prepare the Statement of Financial Position of Mkhize Traders as at 28 February 2017. The notes to the financial statements are not required. Where applicable, show calculations in brackets. INFORMATION CONCHA TRADERS PRE-ADJUSTMENT TRIAL BALANCE ON 28 FEBRUARY 2017 Credit (R) Debit (R) Balance sheet accounts...

  • The following information was obtained from the Pre-adjustment mal Balance of Super Traders as at 30...

    The following information was obtained from the Pre-adjustment mal Balance of Super Traders as at 30 June 2019, the end of the financial year Monicles R300 000 Equipment Accumulated depreciation on vehicles (01 July 2018) Accumulated depreciation on equipment (01 July 2018) R200 000 R120000 Depreciation is calculated as follows: On vehicles at 20% per year using the diminishing balance method On equipment at 10 per year on cost The total carrying value of property, plant and equipment as atone...

  • Please help me to do the profit and loss statement and balance sheet. Trial balance of...

    Please help me to do the profit and loss statement and balance sheet. Trial balance of Corria Plc for the year ending 31st March 2019 £000 £000 Cr Dr 10,000 2,000 12,855 96,350 18,900 Share capital Share premium Retained earnings Sales Receivables and payables Discounts allowed and received 5% loan Cost of sales 26,400 450 725 20,000 59,390 4,370 2,315 6,320 800 Inventory at 31 March 2019 Bank Selling and distribution costs Irrecoverable debt Allowance for receivables 480 50,000 Buildings...

  • QUESTION THREE Benji Walker developed keep fit programmes which he also conducted to select groups of...

    QUESTION THREE Benji Walker developed keep fit programmes which he also conducted to select groups of people. The following details appeared in the pre-adjustment trial balance of Keep-fit Services as at 31 December 2019, the end of the financial year. Credit - R Debit - R 490 000 100 000 140 000 List of accounts Equipment at cost Accumulated depreciation: Equipment Vehicles at cost Accumulated depreciation: Vehicles Inventory: consumables Trade receivables Allowances for credit losses 20 000 53 000 130...

  • Students MUST ANSWER QUESTION 1 Section A: QUESTION 1 (Compulsory) The following trial balance of McEvoy...

    Students MUST ANSWER QUESTION 1 Section A: QUESTION 1 (Compulsory) The following trial balance of McEvoy Ltd was extracted as at 31st December 2019: E 145,000 4,550 Dr Cr e 380,000 Freehold Land 250,000 Freehold property at cost Freehold property accumulated depreciation Machinery at cost 15,000 Machinery accumulated depreciation Trade Receivables 18,845 14.250 Trade Payables Inventory at 1st January 2019 19,500 Distribution expenses 34,500 Administration expenses 39,000 Bank balance 16,655 Deposit Interest received 3,500 Sales Revenue 602,000 Sales Returns 5,700...

  • Assessment 1 - Part 2 Humbro Ltd Trial Balance as at 31st December 2016 £000 £000...

    Assessment 1 - Part 2 Humbro Ltd Trial Balance as at 31st December 2016 £000 £000 5,500 550 7,500 5,250 1,100 8,000 3,000 1,700 10,000 17,750 4,700 Ordinary Shares of £1 each Ordinary Shares dividend paid Trade Receivables Trade Payables Administration Expenses 10% Debentures Inventory at 1st January 2016 Distribution Costs Purchases Revenue Retained Profit at 1 January 2016 I Land and Buildings at cost Plant and Machinery at cost Fixture and Fittings at cost Commission Received Bank Land and...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT