Answered step by step
Verified Expert Solution
Question
1 Approved Answer
4. Write off the account of debtor H. Hilton, R1 000 5. Charged a debtor RR100 interest on his overdue account. The entry to record
4. Write off the account of debtor H. Hilton, R1 000 5. Charged a debtor RR100 interest on his overdue account. The entry to record this has not yet been made. 6. Provision for bad debts must be R1 500 7. Water and electricity account for February 2018 is still unpaid, R1 300. 8. Rent has not been paid up to 31 March 2018 9. Interest on loan for February 2018 has not yet been paid. 10. The insurance total includes an annual premium of R2 400 that was paid for the period 01 June 2017 10 31 May 2018. 11. The bank statement for February 2018 reflected service fees of R200 that has not yet been recorded. 12. Commission income at R10 per unit for 500 units of inventory sold during February 2018 is still due from a supplier. 13. Provide depreciation s follows On equipment at 10% per annum using the fixed instalment method. On vehicles at 20% per annum on the carrying/book value. FORMAT FOR THE STATEMENT OF COMPREHENSIVE INCOME OF BIG BOY TRADERS FOR THE YEAR ENDED 28 FEBRUARY 2018 Sales Cost of sales Gross profit Operating incomes Gross income Operating expenses Operating profit before interests Interest income 4. Write off the account of debtor H. Hilton, R1 000 5. Charged a debtor RR100 interest on his overdue account. The entry to record this has not yet been made. 6. Provision for bad debts must be R1 500 7. Water and electricity account for February 2018 is still unpaid, R1 300. 8. Rent has not been paid up to 31 March 2018 9. Interest on loan for February 2018 has not yet been paid. 10. The insurance total includes an annual premium of R2 400 that was paid for the period 01 June 2017 10 31 May 2018. 11. The bank statement for February 2018 reflected service fees of R200 that has not yet been recorded. 12. Commission income at R10 per unit for 500 units of inventory sold during February 2018 is still due from a supplier. 13. Provide depreciation s follows On equipment at 10% per annum using the fixed instalment method. On vehicles at 20% per annum on the carrying/book value. FORMAT FOR THE STATEMENT OF COMPREHENSIVE INCOME OF BIG BOY TRADERS FOR THE YEAR ENDED 28 FEBRUARY 2018 Sales Cost of sales Gross profit Operating incomes Gross income Operating expenses Operating profit before interests Interest income
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started