Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

(Accounting) can i please get help with question 1.1 and 1.2. Make use of the information below and draw up the following: PRE-ADJUSTMENT TRIAL Adjustments

(Accounting) can i please get help with question 1.1 and 1.2.

image text in transcribedimage text in transcribed Make use of the information below and draw up the following: PRE-ADJUSTMENT TRIAL Adjustments to be effected on 28 February 2019 The following was found as per physical count. 1. 1. Trading Stock R80 300 1. 2. Packing Material R700 2. Depreciate equipment at 10% p.a. on the diminishing balance method. 3. Write of further credit losses of R2000. 4. Adjust allowance for credit losses to 5% of trade debtors. 5. Provide for the outstanding interest on loan. 6. Provide rates at 2% on value of land and buildings. 7. Final dividends of 5 cents per share was declared on 28 February 20.2 8. Income tac is calculated at 40% of net profit . REQUIRED: 1.1. STATEMENT OF FINANCIAL POSITION for ABC Traders 28 Feb 2019 1.2 Notes to the statement of financial position, specifically the property, plant and equipment note (15)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Students also viewed these Accounting questions