Additional information and adjustments The bookkeeper did not record the following debit entries that appeared on the
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Additional information and adjustments
The bookkeeper did not record the following debit entries that appeared on the February
bank statement:
Bank charges R
Interest on overdraft
R
The financial yearend inventory count revealed the following inventories:
Trading inventory
R
Stationery
R
Vehicles are to be depreciated at per year.
Depreciation on equipment amounted to
Provide for R outstanding interest on the fixed deposit. Interest is not capitalised. The
investment in fixed deposit was made on March and it matures on February
The loan was obtained from Zap Bank on February Provide for the outstanding interest
for February R Interest is not capitalised. Repayments excluding interest totalling
R are expected to be made during the financial year ended February
The tenant has already paid the rent of for the first month of the next financial year.
The municipal rates statement for the year ended February reflected that was
paid in advance for the next financial year.
A debtor who owed R was declared insolvent. Her account must now be written off.
A provision for bad debts of must be created.
The net profit for the year ended February after taking the above into account,
amounted to
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