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New Horizons Ltd . is an electronic gadget retailer in Johannesburg, South Africa. The company has a 3 0 June financial yearend. As the assistant
New Horizons Ltd is an electronic gadget retailer in Johannesburg, South Africa. The company has a June financial yearend. As the assistant accountant, you are presented with several transactions related to the month of June which must still be recorded: New Horizons Ltd agreed on a deal with TechHub Suppliers, obtaining inventory valued at R The payment terms were n By settling within days, New Horizons Ltd availed a discount. Sales were made on credit to Gadgets R Us amounting to R These goods were procured at a cost of R Gadgets R Us later returned defective goods valued at Roriginal cost: R and were issued credit note CN by New Horizons Ltd Bonuses for the year amounting to R were recognized. of this sum remained unsettled at the month's end, which is due to be paid in the next financial year. Moonlight Ltd a debtor of New Horizons Ltd declared bankruptcy, leaving an outstanding amount of R However, New Horizons Ltd managed to recover R through Moonlight Ltds legal representatives as a settlement. New Horizons Ltd entered into a sixmonth agreement with FastMove Logistics for product deliveries at a fixed monthly fee of R starting from July An advance cash payment covering the entire month period was made in June A building was acquired for R A down payment of was made, with the remaining amount financed through a loan from Invest Bank. New Horizons Ltd disposed of a vehicle, initially costing R and with accumulated depreciation of R for a cash consideration of R An electricity rebill was received from the Municipality. As a result, New Horizons Ltd recognized an additional annual electricity expense of R and paid just half of this adjusted amount REQUIRED: Prepare the general journal entries to document transactions for New Horizons Ltd for the financial year ending June Please note that specific dates and detailed narratives are not necessary. Use the following format: No DetailAccount Debit Credit Account Name SFPSOISCE xxx Account Name SFPSOISCE xxx
New Horizons Ltd is an electronic gadget retailer in Johannesburg, South Africa. The
company has a June financial yearend.
As the assistant accountant, you are presented with several transactions related
to the month of June which must still be recorded:
New Horizons Ltd agreed on a deal with TechHub Suppliers, obtaining inventory
valued at R The payment terms were n By settling within
days, New Horizons Ltd availed a discount.
Sales were made on credit to Gadgets R Us amounting to R These goods
were procured at a cost of R Gadgets R Us later returned defective goods
valued at Roriginal cost: R and were issued credit note CN
by New Horizons Ltd
Bonuses for the year amounting to R were recognized. of this sum
remained unsettled at the month's end, which is due to be paid in the next financial
year.
Moonlight Ltd a debtor of New Horizons Ltd declared bankruptcy, leaving an
outstanding amount of R However, New Horizons Ltd managed to recover
R through Moonlight Ltds legal representatives as a settlement.
New Horizons Ltd entered into a sixmonth agreement with FastMove Logistics for
product deliveries at a fixed monthly fee of R starting from July An
advance cash payment covering the entire month period was made in June
A building was acquired for R A down payment of was made, with
the remaining amount financed through a loan from Invest Bank.
New Horizons Ltd disposed of a vehicle, initially costing R and with
accumulated depreciation of R for a cash consideration of R
An electricity rebill was received from the Municipality. As a result, New Horizons
Ltd recognized an additional annual electricity expense of R and paid just
half of this adjusted amount REQUIRED:
Prepare the general journal entries to document transactions for New Horizons
Ltd for the financial year ending June Please note that specific dates and
detailed narratives are not necessary. Use the following format:
No DetailAccount Debit Credit
Account Name SFPSOISCE xxx
Account Name SFPSOISCE xxx
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