Accounting 1

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DATA PRONIDED Adcilional information 1. Prolaskional servions to tho vaius of res 000 has been rendered by Mr. Bous is a thusted client Mrs Navy, but as the mocountant it on mick kave an inveice in yet to be sutmitiod to Mra. Navy. 2. Defective goodn to the value of 12600 was returned by Mr Spring on 31 August 2002 . Mr Speing opted to have the retund processed on his accotirt. The goode had an orkinal cost of R1 800. 3. An order to repat the roof of the bulling. to the vakue of R7000 was issued an 31 August 2022. Commencement of the maintenance is planned for 1 Odiober 2022. 4. Mrs Jump's estale was finalsed by her itwyer. The fhal dietroution accourt oflers a final settlement of 15c in the rand on her outstanding account of Rg 000 . The payment was recoived on 31 Auguat 2022 in cash. 6. The company purchases fuel on account for the company vehicle. The involce from Petroleum SA has not been recelved yet. The slips supporting the fuel purchases in August 2022 amounts to R3500. 6. The advance to Mr Green of R15000 was debited to the salaries and wages accourt. 7. The partnership agreement states that partners eam 7% interest on their capital accounts and 9.5\% on their current accounts. Mr Green contrbuted R130 000 capital on 31 August 2022 , which was already recorded. 8. The company policy requkes a reported balance on the allowance for credt iosses at 10% of outstanding debtors. 9. The stock count performed on 31 August 2022 reported stationery of P2800 on hand. During this slock take, the superisor discovered a rodert issue in the malerials thore. The malerial loss was calcilated at R1 600 . Opering materials on 1 September 2021 amounted to R22. 400 10. Land is not depreciated. 11. Buldings are depreciated at 2% per year on the straight-ine basis. 12. Vehicles are depreciated at 25% on the reduced balance method. The residual value of the vehicks was set at R50 000 . 13. Equiparent is deprecialed at 12% on the straight-tine basis. Equpment of R15000 was sold on 1 March 2022 . On 1 September 2021 this equipment had accumatated depredation of RE 400. The equipment was replaced with updated lechnolagy to the value of Res 000 on 1 . Aprit 2022. The transacticns on the sale and purchase were recorded. Depteciation has not beet accounted for QUSSTON ONE [MB] Process the general joumals on the additional traneactions. QUESTION TWO [30] Prepare the Statement of Comprehensive Income for the period ended 31 August 2022 of Wing-ft (Pty) Lid. The tax rate on private companies set by the South Arrican Revenue Services is 28%. QUESTION THREE [25] Disclose the property, plant and equipment note in the financial statements of Wing-It (Pty) Ltd for the financial year ended 31 August 2022 . DATA PRONDED Thua Aditibionel lnformetion 1. Prolestional samicate to the velus of R5 000 han been rendered ty Mr. Bisub io a thueled Mra. Nayy. 2. Delective goode to the vahae of R2 500 was retramad ty Mr Spring on 31 Aygiat 2tipe. Mr Speing cpled to have the rehand procassed on his account. The goods had an original cout of R1 BOC. 3. An order to repart the roof of tha builiteng, to the value of R 000 was issued on 31 Ausust 2022. Commencoment of the maintenance is planened for 1 October 2022. 4. Mrs Jump's estate was fhalised by her lawyer. The final dialthution acoourt oflers a liral actiement of 15c in the rand on her outstanding account of Re9 000 . The payment was recelved on 31 Auguat 2022 in cash. 5. The compary purchases fuel on accourt for the compary vehicle. The irvolce fram Petroleum SA has not been received yet. The slips supporling the fuel purchases in August 2022 amounts to R3500. 6. The atvance lo Mr Green of R 15000 was debled to the salares and wages account. 7. The partnership agreement states that partiners earn The interest on their capital accourits and 9,5\% on their current accounts. Mr Green contribuled R130 000 capital on 31 August 20e2, which was alresdy fecorded. 8. The company policy requires a reported balance on the allowance for credt lasses at 10% of outstanding debtors. 9. The alock count performed on 31 August 2022 feported statorery of Re e00 on hand. During this stock lake, the supervisor discovesed a rodert issue in the materials store. The material ioss was calculated at R1 600 . Opening materials on 1 Septeriber 2021 amouried Is R22 400. 10. Lend is not depreciated. 11. Buildngs are deprecialad at 2 sh pes year on the straight-line basis. 12. Vehicles are depreciated at 25% on the reducied balance method The residual value of the veticles was set at R50 000 . on 1 March 2022 Dn 1 September 2021 this equipment had accurntaled depcesaxich of R8 400 . The equperert was teplaced with updated technology to the value of Res o0d on 1 . Aqni 2022 . The transactens of the saie and purchase weie tecorded byprecation hars rich been acopunled for Whth retarence to the date-net provided, cadreas the following questione: DATA PRONIDED Adcilional information 1. Prolaskional servions to tho vaius of res 000 has been rendered by Mr. Bous is a thusted client Mrs Navy, but as the mocountant it on mick kave an inveice in yet to be sutmitiod to Mra. Navy. 2. Defective goodn to the value of 12600 was returned by Mr Spring on 31 August 2002 . Mr Speing opted to have the retund processed on his accotirt. The goode had an orkinal cost of R1 800. 3. An order to repat the roof of the bulling. to the vakue of R7000 was issued an 31 August 2022. Commencement of the maintenance is planned for 1 Odiober 2022. 4. Mrs Jump's estale was finalsed by her itwyer. The fhal dietroution accourt oflers a final settlement of 15c in the rand on her outstanding account of Rg 000 . The payment was recoived on 31 Auguat 2022 in cash. 6. The company purchases fuel on account for the company vehicle. The involce from Petroleum SA has not been recelved yet. The slips supporting the fuel purchases in August 2022 amounts to R3500. 6. The advance to Mr Green of R15000 was debited to the salaries and wages accourt. 7. The partnership agreement states that partners eam 7% interest on their capital accounts and 9.5\% on their current accounts. Mr Green contrbuted R130 000 capital on 31 August 2022 , which was already recorded. 8. The company policy requkes a reported balance on the allowance for credt iosses at 10% of outstanding debtors. 9. The stock count performed on 31 August 2022 reported stationery of P2800 on hand. During this slock take, the superisor discovered a rodert issue in the malerials thore. The malerial loss was calcilated at R1 600 . Opering materials on 1 September 2021 amounted to R22. 400 10. Land is not depreciated. 11. Buldings are depreciated at 2% per year on the straight-ine basis. 12. Vehicles are depreciated at 25% on the reduced balance method. The residual value of the vehicks was set at R50 000 . 13. Equiparent is deprecialed at 12% on the straight-tine basis. Equpment of R15000 was sold on 1 March 2022 . On 1 September 2021 this equipment had accumatated depredation of RE 400. The equipment was replaced with updated lechnolagy to the value of Res 000 on 1 . Aprit 2022. The transacticns on the sale and purchase were recorded. Depteciation has not beet accounted for QUSSTON ONE [MB] Process the general joumals on the additional traneactions. QUESTION TWO [30] Prepare the Statement of Comprehensive Income for the period ended 31 August 2022 of Wing-ft (Pty) Lid. The tax rate on private companies set by the South Arrican Revenue Services is 28%. QUESTION THREE [25] Disclose the property, plant and equipment note in the financial statements of Wing-It (Pty) Ltd for the financial year ended 31 August 2022 . DATA PRONDED Thua Aditibionel lnformetion 1. Prolestional samicate to the velus of R5 000 han been rendered ty Mr. Bisub io a thueled Mra. Nayy. 2. Delective goode to the vahae of R2 500 was retramad ty Mr Spring on 31 Aygiat 2tipe. Mr Speing cpled to have the rehand procassed on his account. The goods had an original cout of R1 BOC. 3. An order to repart the roof of tha builiteng, to the value of R 000 was issued on 31 Ausust 2022. Commencoment of the maintenance is planened for 1 October 2022. 4. Mrs Jump's estate was fhalised by her lawyer. The final dialthution acoourt oflers a liral actiement of 15c in the rand on her outstanding account of Re9 000 . The payment was recelved on 31 Auguat 2022 in cash. 5. The compary purchases fuel on accourt for the compary vehicle. The irvolce fram Petroleum SA has not been received yet. The slips supporling the fuel purchases in August 2022 amounts to R3500. 6. The atvance lo Mr Green of R 15000 was debled to the salares and wages account. 7. The partnership agreement states that partiners earn The interest on their capital accourits and 9,5\% on their current accounts. Mr Green contribuled R130 000 capital on 31 August 20e2, which was alresdy fecorded. 8. The company policy requires a reported balance on the allowance for credt lasses at 10% of outstanding debtors. 9. The alock count performed on 31 August 2022 feported statorery of Re e00 on hand. During this stock lake, the supervisor discovesed a rodert issue in the materials store. The material ioss was calculated at R1 600 . Opening materials on 1 Septeriber 2021 amouried Is R22 400. 10. Lend is not depreciated. 11. Buildngs are deprecialad at 2 sh pes year on the straight-line basis. 12. Vehicles are depreciated at 25% on the reducied balance method The residual value of the veticles was set at R50 000 . on 1 March 2022 Dn 1 September 2021 this equipment had accurntaled depcesaxich of R8 400 . The equperert was teplaced with updated technology to the value of Res o0d on 1 . Aqni 2022 . The transactens of the saie and purchase weie tecorded byprecation hars rich been acopunled for Whth retarence to the date-net provided, cadreas the following questione