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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 December. You have been provided with an extract trial balance for the months ended November as well as transactions for the month of December
An extract of the trial balance of MegaBuild Inc. as at November :
tableAccounttableDebitRtableCreditRBank Overdraft,,Loan: Money Bank Interest expense,
The following transactions took place during the month of December :
MegaBuild secured a deal to construct a new floor luxury apartment building. The client paid of the total contract value of R as a downpayment to MegaBuild. Construction of the new floor luxury apartment will only begin on January
Construction materials were purchased on credit from BuildMart for R MegaBuild negotiated a discount if the amount is paid within days. The company paid of the amount owed to BuildMart within the agreed time.
MegaBuild sold one of its older cranes for cash. The crane originally cost R and had accumulated depreciation of R up to the date of sale.
On December, Money Bank increased the loan to MegaBuild by a cash amount of R Interest on the loan is paid by MegaBuild on the last day of each month. The loan capital will be repaid in full on December The loan was initially taken out on January
MegaBuild earned a monthly rental income of R from one of the company's commercial properties.
Salaries for the month totalled R However, was deferred to be paid next month.
HFACJanJunFALVNV
ANNEXURE F: FORMATIVE ASSESSMENT
To bolster its operations, the company purchased a secondhand truck on December for R A deposit of R was immediately made. The remaining R was financed through a loan from East Bank. The bank extended a year loan at an annual interest rate of
REQUIRED:
Prepare the following accounts in the General Ledger of MegaBuild Inc for the month of December Entry dates are not required, but ensure that the accounts are balanced and appropriately closed off:
Bank Account
mark
Loan Account
Interest Expense Account
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