Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

begin{tabular}{|l|r|} hline Balance sheet section & multicolumn{1}{c|}{ R } hline Mortgage loan: Nedbank & 333200 hline Bank (favourable) & 482000 hline Debtors'

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

\begin{tabular}{|l|r|} \hline Balance sheet section & \multicolumn{1}{c|}{ R } \\ \hline Mortgage loan: Nedbank & 333200 \\ \hline Bank (favourable) & 482000 \\ \hline Debtors' control & 116500 \\ \hline Trading stock & 209500 \\ \hline Provision for bad debts & 3732 \\ \hline & \\ \hline Nominal accounts section & 4777300 \\ \hline Sales & 21200 \\ \hline Sales returns & 2660705 \\ \hline Cost of sales & 375000 \\ \hline Director's fees & 365540 \\ \hline Salaries and wages \end{tabular} Adartional information: 1. Stock counts on 30 November 2022 revealed the following on hand: Trading stock, R225 500 Additional information: 1. Stock counts on 30 November 2022 revealed the following on hand: Trading stock, R225 500 Packing material, R3 700 2. Provide for interest on loan at 8% per annum. 3. Trade discount of R97 200 was allowed on invoices to certain customers. 4. Adjust the provision for bad debts of debtors to 4%. Required: Prepare the statement of comprehensive and other income for Mudzari Inn Traders for the year ending 30 November 2022. (25) Workings should be shown in brackets where appropriate

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_2

Step: 3

blur-text-image_3

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

Strategic Accounting For Management

Authors: Bob Ryan

1st Edition

1861524625, 9781861524621

More Books

Students also viewed these Accounting questions

Question

Outline five major criticisms of humanistic psychologies.

Answered: 1 week ago