24 Marks Question 1 All-in-One Trading started operating on the 01 January 2018. The following is the Trial Balance for the period ending on 31 December 2018. TRIAL BALANCE AS AT 31 DECEMBER 2018 Account Name Motor Vehicle Cost Furniture and Fittings - Cost Sales Purchases Machinery Cost CR (N$) DR (N$) 250 000 120 500 385 200 165 800 24 900 68 700 Accounts Receivable 88 300 Accounts Payable Returns Outward Returns Inward Stationery Expense11 300 Salaries and Wages 1 800 750 91 450 45 600 1 980 Rent Expense Carriage Inward 61 200 Bank Cash Advertising Carriage outward 3 000 300 600 11 680 Bank Charges Provision for bad debts 10 800 Bad debts 450 Page 14 of 16 Interest Income Interest Expense Short-term Loan: 12% Capital TOTAL 2 500 2 990 50 200 200 000 800 000 800 000 The following errors were recorded throughout the financial year of 31 December 2018: a) A debtor that was owing N$ 450 was erroneously written-off as bad debts; b) Carriage inward of N$ 800 was erroneously recorded on purchases account: c) Cash receipt of N$ 1 200 was recorded as bank receipt, d) A cheque received from Ms. Namibia in full settlement of her account was recorded in accounts payable, NS 3 200; e) Bank charge of N$ 500 was recorded as interest expense; f) Interest on loan was not provided for 31 December 2018; g) A cheque received from Mr. AFE of NS 3 600 in full settlement of his account was omitted from the books (he was owing N$ 4 000); h) Cash of NS 3 000 was paid to a supplier who we owed NS 3 500 in full settlement of our account was omitted from the books; i) Stationery purchased of N$ 300 was erroneously recorded as advertising: ) Advertisement of N$ 600 was erroneously recorded as Rent Expense; k) Interest income of NS 2 500 recorded as current financial year income instead on next financial year income. Required: Journalise the above transactions as at 31 December 2018. Page 15 of 16