It is the first quarter of 2020 and the first cases of the Corona Virus Disease, COVID-19 have been announced in Namibia. Subsequently the Namibia Graduate School (NBS) at which you are enrolled for a postgraduate diploma has suspended face to face classes and rolled out an online Business Accounting course.Moreover, the company at which you are employed, Ivan & Klopp Business Consulting (IBC) Ltd has also suspended its operations and ordered you and all other employees to work from home. Your immediate supervisor is Ivan who is the company's financial manager. Ivan has arranged all your office equipment to be installed at your house at Okahandja and he requests you to sign an acknowledgement of receipt of the following items of equipment:

Asset

Serial #

Date Purchased

Cost

Laser-jet HP 400 Printer

00000222

1 January 2018

N$15 000

ProBook HP Laptop

00000279

1 April 2019

N$18 900

Soho A office furniture set

78915468

1 January 2015

N$112 800

RUT 240 WIFI device

00000371

1 October 2019

N$900

The immediate task that you have been given is assisting Ivan in the preparation of the financial statements of IBC Ltd for the year ended 31 December 2019. Although this task is ordinarily Ivan's responsibility, he has asked you to help with the adjusting entries that are required for the final extended trial balance. Therefore, Ivan has sent to you the following information:

1.Depreciation must be provided as follows:

Equipment at 25% per annum on the book value.

Motor vehicles at 15% per annum on cost.

2.Revenue for the year includes several credit notes for allowances given to customers for trade discounts, faulty goods or wrong invoices. These credit notes total N$75 325.

3.A debtor's account of N$310 must be written off as irrecoverable and a provision for credit losses of 5% of debtors must be present in the books at year end.

4.Interest on loan is still owing. The loan was granted by Nedbank on 1 September 2019.

5.Interest on investment must still be received. The money was invested on 1 May 2014.

6.The insurance premium for 15 months has been paid N$9 375.

7.The tenant who uses the Western Wing of the administration building of IBC Ltd, paid rent for January to September only N$102 150.

8.On 1 January 2019, there was office stationery on hand amounting to N$1 230. Additional stationery was ordered from Nashua for N$11 230 in February. By 31 December 2019, stationery at hand was only N$955.

9.On the 05^th of January 2020, a client Shoemann CC was declared insolvent by the High Court. He is unable to pay an outstanding debt to IBC Ltd of N$75 000.

10.A company vehicle used by the managing director (MD), Mr. Klopp was involved in a collision along the B1 Highway on the 26^th of February 2020. The insurance has indicated that it will pay N$245 000 which amounts to merely 35 percent of the carrying amount of the vehicle.