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Please help me with Question 1 and Question 2. Question 1 (10 marks) The following is an extract of the Trial Balance of Boom Traders
Please help me with Question 1 and Question 2.
Question 1 (10 marks) The following is an extract of the Trial Balance of Boom Traders as at 30 June 2022: Required: 1.1 Calculate the current liabilities to be disclosed in the Statement of Financial Position. (2) 1.2 Calculate the non-current assets to be disclosed in the Statement of Financial Position. (2) 1.3 Calculate the current assets to be disclosed in the Statement of Financial Position. (2) 1.4 Calculate the net profit to be disclosed in the Statement of Profit or Loss and Other Comprehensive Income. (2) 1.5 Calculate the total equity to be disclosed in the Statement of Financial Position. (2) Question 2 (10 marks) The following information was extracted from the General Ledger (GL), as well as the bank account and bank statement, of Crazy8 Ltd. The following transactions were identified after the bank statement was scrutinised: - A deposit of R8 900, made on 30 December 2022, does not appear on the bank statement. - The bank erroneously recorded a direct deposit of R15 700 as R17 500, in the company's bank account. - The following cheques did not appear on the bank statement: Required: 2.1 Prepare the bank reconciliation statement of Crazy8 Ltd on 31 December 2022. (8) 2.2 Assume a cheque deposit was received from a debtor. The cheque was returned by the bank and marked 'Return to Drawer (R/D) ', due to insufficient funds. Explain the process that must be followed to deal with this dishonoured cheque. (2)Step by Step Solution
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