Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please note there are 5 questions that have to be answered in detail. i have to make sure a cover all the steps and not

please note there are 5 questions that have to be answered in detail. i have to make sure a cover all the steps and not assume.
image text in transcribed
image text in transcribed
A a. 1 REQUIRED: State the double entry (including the amount) in the books of Plet Stores for the discount in the transaction below. INFORMATION: Plet Stores received R3 420 from a debtor after deducting 5% discount for prompt payment of account. a. 2 REQUIRED: Use the information provided below to prepare the correct Debtors Control account. Do not balance the account. INFORMATION: The following transactions of Leeds Traders took place during March 2023: - Credit sales according to the Sales Journal: R320 000 - Goods retumed by debtors: R72 000 - Cash receipts from debtors and discounts allowed: Additional information that must be considered: - The Debtors Control account reflected a debit balance of R252 000 on 01 March 2023. - Credit sales of R78 000 to a debtor was erroneously recorded in the Sales journal as R87.000. - The credit balance of R8 000 of a debtor in the debtors ledger with a must be transferred to her - account in the creditor's ledger. a. 3 REQUIRED: Use the information provided below to calculate the cost of sales for the financial year ended 28 February 2023. INFORMATION: The following balances/totals, amongst others, appeared in the trial balance of Adelle Stores on 28 February 2023, the end of the financial year: Additional information: A physical count of merchandise on 28 February 2023 revealed an inventory figure of R140 000 . a. 4 REQUIRED: Use the information provided below to calculate the value of closing inventory of Product Y as at 31 March 2023 using the weighted average cost method. Express the average cost per unit to the nearest cent. INFORMATION: The following information was extracted from the books of Cannon Traders on 31 March 2023 in respect of Product : a. 5 REQUIRED: Use the following information to record the required closing entry in the general journal in respect of Rent Income as at 28 February 2023, the end of the financial year. INFORMATION: The Rent Income account of MU stores reflected a total of R52 000 on 28 February 2023, the end of the financial year. Rent has been received up to 31 March 2023

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

CIA Part 3 Business Knowledge For Internal Auditing 2021

Authors: MUHAMMAD ZAIN

1st Edition

B09B23JKZ8, 979-8739475527

More Books

Students also viewed these Accounting questions