Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

page 1(accounting) Barney Traders - owned by Mr. Barney, a sole trader - sells superhero memorabilia, model ships and earoplanes. The business's year end is

page 1(accounting)

image text in transcribed
Barney Traders - owned by Mr. Barney, a sole trader - sells superhero memorabilia, model ships and earoplanes. The business's year end is 28 February. Where applicable, assume that all parties are VAT Vendors. VAT of 14% is included where applicable. The perpetual inventory system is used. The following balances appeared in the books on 30 June 2018: BARNEY TRADERS TRIAL BALANCE AS AT 30 JUNE 2018 R R Real accounts Fol Debit Credit Capital B1 640 000 Bank B2 69 500 Accounts receivable B3 380 000 VAT control B4 2 600 Inventory B5 68 000 Accounts payable B6 306 000 Petty cash B7 5 000 Land and buildings B8 1 500 000 Drawings B9 2 600 Equipment B10 24 000 Vehicle B11 290 000 Page 6 of 10 Introduction to Business Accounting - ACC1142 Test 1 Mortgage Bond: Brilliant Bank B12 1 250 000 Office furniture B13 6 000 Nominal accounts Sales N1 213 000 Cost of sales N2 70 715 Rent expense N3 38 596 Salaries and wages N4 60 000 Stationery N5 2 780 Water and electricity N6 12 800 Cellphone N7 6 320 Insurance N8 5 056 Bank charges N9 1 250 Bad debts N10 6 750 Commission income N11 30 017 Interest expense N12 31 250 2 511 117 2 511 117 The following subsidiary joumals have been prepared: BARNEY TRADERS CASH RECEIPTS JOURNAL FOR THE MONTH ENDING 31 JULY Sundaries Doc. Cost of VAT Account No. Date Details Bank Sales sales Control Receivables Fol. Amount Details 8010 Ms Elaine 83 600 (3 860) (540) 88 000 Battiss R011 Cash 79 200 69 474 48 000 9 726 R012 12 Mr. E Bobby 112 000 1 12 000 B/S05 16 Mr. Barney 45 000 B1 45 000 Capital R013 19 Mrs. X Bool 44 000 44 000 RD14 22 Cash 105 600 92 632 64 000 12 968 B/S05 27 Ms. O Sakara 96 000 96 000 RO1 20 Mr. L Best 29 260 (1 350) 190 30 800 594 660 156 896 112 000 21 964 370 800 45 000 B2 Ni N2 B 83

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

Financial Statements

Authors:

1st Edition

1423223853, 9781423223856

More Books

Students also viewed these Accounting questions

Question

For any events A and B in a sample space, we have (A B) = AB.

Answered: 1 week ago

Question

13. Give four examples of psychological Maginot lines.

Answered: 1 week ago