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Use the trial balance, additional information and adjustments piven below to prepare the Statement of Comprehemive...
QUESTION 3 REQUIRED Use the trial balance, additional information and adjustments given below to prepare the Statement of Comprehensive Income of Selfie Limited for the year ended 28 February 2018 SELFIE UIMITED Credit Balance sheet accounts section 416 000 Retained earnings Land and buildings at cost Equipment at cost 480 000 213 000 175 000 88 000 Debtors control Provision for bad debts 3 000 14 600 65 000 50000 Creditors control Loan: Pano Bank (18% pa.) Nominal accounts section...
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 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 trial balance and additional information were extracted from the accounting records of Lancet Traders on 28 February 2018, the end of the financial year. REQUIRED Prepare the Statement of Comprehensive Income of Lancet Traders for the year ended 28 February 2018 from the information provided below. Use the following format: Sales Cost of sales Gross profit Other operating income Gross operating income Operating expenses Operating profit Interest income Interest expense Net profit for the year INFORMATION LANCET TRADERS...
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...
(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....
Please answer the question using the information provided on both pictures. (20 Marks) QUESTIONS The trial balance, adjustments and additional information were extracted from the accounting records of Allied Traders on 28 February 2018, the end of the financial year REQUIRED Prepare the Statement of Comprehensive Income for the year ended 28 February 2018. INFORMATION ALLIED TRADERS PRE-ADJUSTMENT TRIAL BALANCE AS AT 28 FEBRUARY 2018 Debit (R) Credit (R) Balance Sheet Accounts Section Capital Drawings Land and buildings Vehicles at...
statement of comprehensive income P. Prince had a lifelong dream of starting a business. From a young age he started saving cash so that he could have enough capital. His dream came true on 01 March 2017 when he started a business trading as Royal Traders. The trial balance and additional information given below were extracted from the accounting records of his business, Royal Traders, on 28 February 2018, the end of the first financial year. REQUIRED Prepare the Statement...
(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....
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...