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Cash Receipts Journal Bank Sales Cost of Sales Debtors Control Sundry 232 500 48 300 32 200 151 200 Cash Payments Journal Bank Inventory Wages Sundry Creditors Control ? 118 550 21 000 6600 80 225 Debtors Journal Debtors Control Cost of Sales Sales 87 000 ? 58 000 Creditors Journal Creditors Control 122 675 Inventory 53 175 Sundry 69 500 Balances as at 1 February 2020 Bank Debtors control Creditors control R69 725 R29 165 R36 285 Required: Post...
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Question 4.PNGBank Sales Cost ofSalesDebtorsControl Sundry232 500 48 300 32 200 ? 151 200Cash Payments JournalBank Inventory CreditorsControl Wages Sundry118 550 21 000 ? 6 600 80 225Debtors JournalDebtors Control Sales Cost of Sales? 87 000 58 000Creditors JournalCreditors Control Inventory Sundry122 675 53 175 69 500Balances as at 1 February 2020Bank R69 725Debtors control R29 165Creditors control R36 285Required:Post the transactions for February 2020 to the following ledger accounts and then balancethese accounts:4.1. Bank (5)4.2. Debtors control (5)4.3. Creditors...
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Value Added Tax (VAT) must be ignored.
QUESTION 2 VALUE ADDED TAX (VAT) The totals of the journals provided below were extracted from the records of Musi Traders, a registered VAT vendor, for June 2016. Musi Traders commenced operations on 01 June 2016. VAT is levied at 14%. None of the products sold by Musi Traders are zero-rated or VAT exempt. REQUIRED Post to the following accounts in the General Ledger: 2.1 VAT Input 2.2 VAT Output 2.3 Debtors Control...
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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...
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The following transactions occurred in June 2018 for Borderline Ltd JuneReceved a cheque for S1 200 from Roar Ltd in full settlement of its account and deposited it in the bank account Sold inventory for $905(before any discounts have been applied) to Jones Ltd on credit (the company was given a trade discount of $80, then the normal credit terms) COGS was $420 Paid rent for June S1 500, chq no. 561 (Assume the rent is GST free) Purchased inventory...
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ni w two Question 3 [42] Bueve Brummer opened a stationery store, Ursa Major Traders. The following transactions took place during March 2020. All inventory is marked up at 35% on cost. The entity is not registered for VAT. Bueve Brummer, the owner, deposited R50 000 as capital in the entity's bank account. Purchased inventory on credit from Wild Malva, R10 553. Received invoice 8563. Sold inventory on credit to a new customer, Big Dog, R22 275 (invoice 17). Purchased...
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(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....
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Financial Reporting and Analysis Case Study (1).pdf
P. Gumede is the proprietor of PG Stores. He commenced trading on 01 March 2017. At the end of the second year of trading, his bookkeeper resigned unexpectedly and Mr Gumede found that the financial statements for the year ended 28 February 2019 were incomplete.
He requires your assistance in completing them. The pre-adjustment trial balance, adjustments and additional information that were extracted from the accounting records as at 28 February 2019 are...
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(a) QUESTION 5 FINANCIAL STATEMENTS (20 MARKS) The following trial balance, adjustments and additional information were extracted from the accounting records of Usman Traders on 29 February 2016, the end of the financial year. REQUIRED Prepare the Statement of Comprehensive Income of Usman Traders for the year ended 29 February 2016. Use the following format: The following must be taken into account: The net profit according to the Profit and loss account amounted to R500 000 on 29 February 2016....
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(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...
Cash Receipts Journal Bank Sales Cost of Sales Debtors Control Sundry 232 500 48 300 32 200 151 200 Cash Payments Journal Bank Inventory Wages Sundry Creditors Control ? 118 550 21 000 6600 80 225 Debtors Journal Debtors Control Cost of Sales Sales 87 000 ? 58 000 Creditors Journal Creditors Control 122 675 Inventory 53 175 Sundry 69 500 Balances as at 1 February 2020 Bank Debtors control Creditors control R69 725 R29 165 R36 285 Required: Post...
Value Added Tax (VAT) must be ignored.
QUESTION 2 VALUE ADDED TAX (VAT) The totals of the journals provided below were extracted from the records of Musi Traders, a registered VAT vendor, for June 2016. Musi Traders commenced operations on 01 June 2016. VAT is levied at 14%. None of the products sold by Musi Traders are zero-rated or VAT exempt. REQUIRED Post to the following accounts in the General Ledger: 2.1 VAT Input 2.2 VAT Output 2.3 Debtors Control...
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...
The following transactions occurred in June 2018 for Borderline Ltd JuneReceved a cheque for S1 200 from Roar Ltd in full settlement of its account and deposited it in the bank account Sold inventory for $905(before any discounts have been applied) to Jones Ltd on credit (the company was given a trade discount of $80, then the normal credit terms) COGS was $420 Paid rent for June S1 500, chq no. 561 (Assume the rent is GST free) Purchased inventory...
ni w two Question 3 [42] Bueve Brummer opened a stationery store, Ursa Major Traders. The following transactions took place during March 2020. All inventory is marked up at 35% on cost. The entity is not registered for VAT. Bueve Brummer, the owner, deposited R50 000 as capital in the entity's bank account. Purchased inventory on credit from Wild Malva, R10 553. Received invoice 8563. Sold inventory on credit to a new customer, Big Dog, R22 275 (invoice 17). Purchased...
(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....
(a) QUESTION 5 FINANCIAL STATEMENTS (20 MARKS) The following trial balance, adjustments and additional information were extracted from the accounting records of Usman Traders on 29 February 2016, the end of the financial year. REQUIRED Prepare the Statement of Comprehensive Income of Usman Traders for the year ended 29 February 2016. Use the following format: The following must be taken into account: The net profit according to the Profit and loss account amounted to R500 000 on 29 February 2016....
(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...