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I need help with this asap FSAO - ACCOAA1/REKOA01 - Accounting A QUESTION 2 (17 MARKS) Benno Traders is involved in the building industry. It
I need help with this asap
FSAO - ACCOAA1/REKOA01 - Accounting A QUESTION 2 (17 MARKS) Benno Traders is involved in the building industry. It stocks and supplies building material and other hardware. All sales and purchases take place on credit at Benno Traders. On 20 June 2020, a municipal water pipe burst on the property. All of the inventory was destroyed, as well as some accounting information. You have been asked to help with the calculation of the value of the inventory that was destroyed. The following applies at Benno Traders: . . A consistent gross profit percentage on cost has been maintained in the past at 25% Benno Traders has opted for the periodic inventory system. Benno Traders is NOT registered for VAT. The financial year end is on 30 June. . The following table was given to you by the accountant, and has been prepared using prior year financial statements, subsidiary ledgers and original source documentation: Item Date Amount Info # 1 2 3 4 5 6 113 400 138 000 102 000 77 626 43 126 552 000 414 000 60 000 45 000 24 000 15 000 Inventory balance Receivables control balance Receivables control balance Payables control balance Payables control balance Payments received from customers Payments made to suppliers Freight (in) Freight (out) Returns (in) Returns (out) 1 30 June 2019 30 June 2019 20 June 2020 30 June 2019 20 June 2020 1 July 2019-20 June 2020 1 July 2019-20 June 2020 1 July 2019 - 20 June 2020 1 July 2019 - 20 June 2020 1 July 2019-20 June 2020 1 July 2019 - 20 June 2020 9 10 11 REQUIRED: Calculate the value of the closing inventories that were destroyed in the flood by preparing the following for Benno Traders at 20 June 2020: Receivables control account Payables control account A trading statementsStep by Step Solution
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