Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Additional information and adjustments Physical stocktaking on 2 9 February 2 0 2 4 revealed the following inventories: 1 . 1 Trading inventory, R 2

Additional information and adjustments
Physical stocktaking on 29 February 2024 revealed the following inventories:
1.1 Trading inventory, R200000
1.2 Stationery, R600
Rent has been paid up to 31 January 2024. Make the necessary adjustment.
A debtor who owed R2000 was declared insolvent. His account must now be written off
The provision for bad debts must be decreased by R8400.
Provide for the outstanding interest on the loan from Mi Bank, R15600.
The telephone account for February 2024 was due to be paid on 02 March 2024, R1800.
According to the bank statement service fees of R600 were levied by the bank. This has
not been recorded.
Received 60000 from H. Lino whose account was previously written off. No entry was
made for this.
A debtor whose account was overdue for one month must be charged interest at 12% p.a
on the account balance of R10000.
Provide for depreciation as follows:
10.1 On vehicles at 20% per annum using the diminishing balance method.
10.2 On equipment at 10% per annum on cost.
image text in transcribed

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

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Management Accounting For Beginners

Authors: Nicholas Apostolides

1st Edition

0815351224, 978-0815351221

More Books

Students also viewed these Accounting questions

Question

5. Suppose that 0 Answered: 1 week ago

Answered: 1 week ago