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can you put all that information in general ledger account tables MegaBuild Inc. is a renowned construction company based in Durban. The company specialises in

can you put all that information in general ledger account tables
MegaBuild Inc. is a renowned construction company based in Durban. The company specialises in building luxury apartments and commercial spaces. MegaBuild Inc. has a financial yearend of 31 December. You have been provided with an extract trial balance for the 11 months ended 30 November 2024, as well as transactions for the month of December 2024.
An extract of the trial balance of MegaBuild Inc. as at 30 November 2024:
\table[[Account,\table[[Debit],[(R)]],\table[[Credit],[(R)]]],[Bank Overdraft,,210000],[Loan: Money Bank (12%),,1200000],[Interest expense,132000,]]
The following transactions took place during the month of December 2024:
MegaBuild secured a deal to construct a new 10-floor luxury apartment building. The client paid 20% of the total contract value of R25000000 as a down-payment to MegaBuild. Construction of the new 10-floor luxury apartment will only begin on 01 January 2025.
Construction materials were purchased on credit from BuildMart for R6500000. MegaBuild negotiated a 5% discount if the amount is paid within 15 days. The company paid 50% of the amount owed to BuildMart within the agreed time.
MegaBuild sold one of its older cranes for R800000 cash. The crane originally cost R1200000 and had accumulated depreciation of R500000 up to the date of sale.
On 1 December, Money Bank increased the loan to MegaBuild by a cash amount of R500000. Interest on the loan is paid by MegaBuild on the last day of each month. The loan capital will be repaid in full on 31 December 2025. The loan was initially taken out on 1 January 2019.
MegaBuild earned a monthly rental income of R120000 from one of the company's commercial properties.
Salaries for the month totalled R2000000. However, 10% was deferred to be paid next month.
60
HFAC131-1-Jan-Jun2024-FA1-LVN-V3-20240119
ANNEXURE F: FORMATIVE ASSESSMENT 1
To bolster its operations, the company purchased a second-hand truck on 31 December 2024 for R750000. A deposit of R250000 was immediately made. The remaining R500000 was financed through a loan from East Bank. The bank extended a 4-year loan at an annual interest rate of 7.2%.
REQUIRED:
Prepare the following accounts in the General Ledger of MegaBuild Inc for the month of December 2024. Entry dates are not required, but ensure that the accounts are balanced and appropriately closed off:
3.1 Bank Account
(13 mark)
3.2 Loan Account
3.3 Interest Expense Account
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