On December 31, 2017 the following Trial Balance was extracted from the books of R Whyte Details Accounts Dr Cr Capital 151,350 Acc Prov for Depreciation Fixtures and Fittings Jan 2017 4,500 Acc Prov for Depreciation Motor Vehicle Jan 2017 4,950 Creditors 40,500 Commission Received 5,400 Rent Received 18,000 Sales 61,500 Purchases 17,400 Office Expenses 18,600 Miscellaneous Expenses 1,110 Salary and Wages 11,700 Carriage inwards 150 Telephone Expense 360 Rent expense 3,150 Electricity Expense 1,710 Discounts allowed 240 Return Inwards 600 Stock, January 1, 2017 5,400 Debtors 58,500 Cash at Bank 35,100 Drawings 13,380 Land 58,800 Fixtures and Fittings 25,500 Motor Vehicle 34,500 286,200 286,200 The following additional information has been made available Electricity expense accrued $9,700 $2,150 for Rent Received relates to 2018 Office expenses prepaid $1,700 Depreciation is to be provided for as follows Motor Vehicle at 25 of cost Fixtures and Fittings at 30 reducing balance method Stock at December 31, 2017 was valued at $15,200 Required From the information provided, list three (3) items that should be classified as Non Current Assets (3 marks) From the information provided, list four (4) items that should be classified as Current Assets (4 marks) From the information provided, list three (3) items that should be classified as Current liabilities (3 marks)

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Posted on Oct 01, 2024

On December 31, 2017 the following Trial Balance was extracted from the books of R. Whyte.

Details/Accounts	Dr	Cr
Capital	-	151,350
Acc. Prov. for Depreciation: Fixtures and Fittings Jan. 2017	-	4,500
Acc. Prov. for Depreciation: Motor Vehicle Jan. 2017	-	4,950
Creditors	-	40,500
Commission Received	-	5,400
Rent Received	-	18,000
Sales	-	61,500
Purchases	17,400	-
Office Expenses	18,600	-
Miscellaneous Expenses	1,110	-
Salary and Wages	11,700	-
Carriage inwards	150	-
Telephone Expense	360	-
Rent expense	3,150	-
Electricity Expense	1,710	-
Discounts allowed	240	-
Return Inwards	600	-
Stock, January 1, 2017	5,400	-
Debtors	58,500	-
Cash at Bank	35,100	-
Drawings	13,380	-
Land	58,800	-
Fixtures and Fittings	25,500	-
Motor Vehicle	34,500	-
	286,200	286,200

The following additional information has been made available:

Electricity expense accrued $9,700.
$2,150 for Rent Received relates to 2018.
Office expenses prepaid $1,700.
Depreciation is to be provided for as follows: Motor Vehicle at 25% of cost; Fixtures and Fittings at 30% reducing balance method.
Stock at December 31, 2017 was valued at $15,200.

Required:

From the information provided, list three (3) items that should be classified as Non-Current Assets (3 marks)
From the information provided, list four (4) items that should be classified as Current Assets (4 marks)
From the information provided, list three (3) items that should be classified as Current liabilities (3 marks)