Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

hi please assist with question no 8 YoCo Stores Pre-adjustment trial balance as at 31 May 20.3 Credit Debit R R Capital... Drawings.. Fixed deposit....

hi please assist with question no 8 image text in transcribed
image text in transcribed
YoCo Stores Pre-adjustment trial balance as at 31 May 20.3 Credit Debit R R Capital... Drawings.. Fixed deposit.... Land and buildings at cost. Furniture at cost. Mortgage.. Bank.. Trading inventory (1 June 20.2). Trade payables control.. Trade receivables control.. Revenue from sales... Purchases... Purchases returns. Rental income. Bank charges 5 000 30 000 150 000 45 000 30 000 4 700 12 000 7 300 5 400 92 100 35 000 825 3 600 100 2 000 150 250 600 12 900 720 450 125 1 395 Insurance. Credit losses.. Settlement discount granted. Municipal tax... Salaries and wages. Carriage on purchases.. Carriage on sales..... Custom duties on purchases.... Packing material... Interest on mortgage. 3 025 Additional information On 1 March 20.3, the owner deposited an additional R50 000 into the bank account of the (a) business. Depreciation on furniture must still be provided for at 20% per annum on the straight-line method. (b) The furniture was bought on 30 June 20.2 The fixed deposit consists of an investment at Dry Bank at 10 % interest per annum, callable at (c) 31 May 20.8. The money was invested on 1 June 20.2. Interest for the year must still be provided for. On 1 January 20.3, the owner took inventory to the amount of R2 500 (cost price). The transaction (d) was not entered in the accounting records. On 31 May 20.3, the following inventory was at hand: (e) Trading inventory, R14 500 Packing material, R95 Create an allowance for credit losses of R400. (f) Included in the amount for insurance is an annual insurance premium amounting to R1 800, which was paid on 1 August 20.2. From 1 January 20.2, part of the building was let to an attorney for R400 per month. (g) (h) The salary of the secretary amounting to R6 000 for May 20.3 has not been paid yet. 50 The mortgage was obtained from XYZ Bank during the previous financial year and bears interest at a rate of 11% per annum, which is payable monthly in arrears. Interest for May 20.3 must still be accounted for. On 31 December 20.3, an amount of R5 000 is repayable on the mortgage The balance of capital at 1 June 20.2 in the statement of changes in equity for the year ended 31 May 20.3 is ... . R (1) 174 990 (2) 50 000 124 990 (3) 278 950 (4) 179 990

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

Step: 3

blur-text-image

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

Health And Safety Environment And Quality Audits A Risk Based Approach

Authors: Stephen Asbury

4th Edition

1032427574, 978-1032427577

More Books

Students also viewed these Accounting questions

Question

3. How has e-commerce transformed marketing?

Answered: 1 week ago