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ASSIGNMENT 02 (continued) Use the information provided below for c City for the 31 December 20.8, to answer questions 12 and 13: C City runs

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ASSIGNMENT 02 (continued) Use the information provided below for c City for the 31 December 20.8, to answer questions 12 and 13: C City runs a business. He wants to doble entry system for the very first time and he your assistance. After an investigation, you ascertained the following information regarding his small business: On 1 January 20.8 C City had the following assets and liabilities: Payments 150 000 6 800 9 500 Land and building. 3 960 Inventory 10 200 Bank.... Trade receivables control.... Trade payable control. An analysis of his cash journals revealed the following: Receipts Creditors and suppliers of merchandise.78 000 560 Received from debtors............ 450 Refund from creditors..... 1 500 Debtors cheques dishonoured.... Rent income. 2 550 Water and electricity..... 900 Interest on positive bank balance.... Telephone expenses.... 350 Wages....... 6 70 Drawings..... . .. 146 960 125 You also ascertain the following: a) H Head, a debtor who owed R568 was written off during the year as irrecoverable. 5) Settlement discount granted amounted to R496 and settlement discount rer amounted to R1 250. On 31 December 20.8, C City valued inventory at R5500, debtors owed him R5 S he owed creditors R12 500. The amount for net sales to be disclosed as revenue in the statement of profit or other comprehensive income for the year ended 31 December 20.8? (1) R148 908 (2) R149 404 (3) R148 809 4) R146 960 5) R149 635 31 March 20.8, to a PRE-ADJUSTMENT TE arch 20.8, to answer questions questions 14 and 15: for Canoeing Club for the financial year ended USTMENT TRIAL BALANCE AS AT 31 MARCH 20.8 provided below, for Canoeing Club for the Accumulated fund. Membership fees received o fees te arrears Membership fees bership fees in arrears - 1 April 20 7 Membership fees prepaid - 1 April 20.7 Donations received.. Aprill 2 12 540 31 000 4 000 5 000 3500 Additional information Entrance fee and donations received must be capitalized. 58 040 (b) Membership fees: In arrears at 31 March 20.8 .... ..R2 500 Received in advance at 31 March 20.8. ......R2 000 Five new members joined the club during the year. Each new member paid entrance fe of R200 and this entrance fee was included in membership fees received (c) Half of the membership fees that were in arrears on 1 April 20.7, must be written off irrecoverable. e) Canoeing Club has a deficit of R6 300 for the year ended 31 March 20.8. Amount to be disclosed as membership fees in the income and expenditure statemer the year ended 31 March 20.8? (1) R37 500 (2) R33 500 (3) R34 500 (4) R28 500 (5) R31 500 ASSIGNMENT 02 (continued) Use the information provided below for c City for the 31 December 20.8, to answer questions 12 and 13: C City runs a business. He wants to doble entry system for the very first time and he your assistance. After an investigation, you ascertained the following information regarding his small business: On 1 January 20.8 C City had the following assets and liabilities: Payments 150 000 6 800 9 500 Land and building. 3 960 Inventory 10 200 Bank.... Trade receivables control.... Trade payable control. An analysis of his cash journals revealed the following: Receipts Creditors and suppliers of merchandise.78 000 560 Received from debtors............ 450 Refund from creditors..... 1 500 Debtors cheques dishonoured.... Rent income. 2 550 Water and electricity..... 900 Interest on positive bank balance.... Telephone expenses.... 350 Wages....... 6 70 Drawings..... . .. 146 960 125 You also ascertain the following: a) H Head, a debtor who owed R568 was written off during the year as irrecoverable. 5) Settlement discount granted amounted to R496 and settlement discount rer amounted to R1 250. On 31 December 20.8, C City valued inventory at R5500, debtors owed him R5 S he owed creditors R12 500. The amount for net sales to be disclosed as revenue in the statement of profit or other comprehensive income for the year ended 31 December 20.8? (1) R148 908 (2) R149 404 (3) R148 809 4) R146 960 5) R149 635 31 March 20.8, to a PRE-ADJUSTMENT TE arch 20.8, to answer questions questions 14 and 15: for Canoeing Club for the financial year ended USTMENT TRIAL BALANCE AS AT 31 MARCH 20.8 provided below, for Canoeing Club for the Accumulated fund. Membership fees received o fees te arrears Membership fees bership fees in arrears - 1 April 20 7 Membership fees prepaid - 1 April 20.7 Donations received.. Aprill 2 12 540 31 000 4 000 5 000 3500 Additional information Entrance fee and donations received must be capitalized. 58 040 (b) Membership fees: In arrears at 31 March 20.8 .... ..R2 500 Received in advance at 31 March 20.8. ......R2 000 Five new members joined the club during the year. Each new member paid entrance fe of R200 and this entrance fee was included in membership fees received (c) Half of the membership fees that were in arrears on 1 April 20.7, must be written off irrecoverable. e) Canoeing Club has a deficit of R6 300 for the year ended 31 March 20.8. Amount to be disclosed as membership fees in the income and expenditure statemer the year ended 31 March 20.8? (1) R37 500 (2) R33 500 (3) R34 500 (4) R28 500 (5) R31 500

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