Question 1 24 Marks All-In-One Trading started operating on the 01 January 2018. The following is the Trial Balance for the period ending on 31 December 2018. TRIAL BALANCE AS AT 31 DECEMBER 2018 Account Name DR (N$) CR (N$) Motor Vehicle - Cost 250 000 Furniture and Fittings - Cost 120 500 Sales 385 200 Purchases 165 800 Machinery - Cost 24 900 Accounts Receivable 68 700 Accounts Payable 88 300 Returns Outward 1 800 Returns Inward 750 Stationery Expense 11 300 Salaries and Wages 91 450 Rent Expense 45 600 Carriage Inward 1 980 Bank 61 200 Cash 3 000 Advertising 300 Carriage outward 600 Bank Charges 11 680 Provision for bad debts 10 800 Bad debts 450 Page 15 of 16 Interest Income 2 500 Interest Expense 2 990 Short-term Loan: 12% 50 200 Capital 200 000 TOTAL 800 000 800 000 The following errors were recorded throughout the financial year of 31 December 2018: a) A debtor that was owing N$ 450 was erroneously written-off as bad debts; b) Carriage inward of N$ 800 was erroneously recorded on purchases account; c) Cash receipt of N$ 1 200 was recorded as bank receipt; d) A cheque received from Ms. Namibia in full settlement of her account was recorded in accounts payable, N$ 3 200; e) Bank charge of N$ 500 was recorded as interest expense; f) Interest on loan was not provided for 31 December 2018; g) A cheque received from Mr. AFE of N$ 3 600 in full settlement of his account was omitted from the books (he was owing N$ 4 000); h) Cash of N$ 3 000 was paid to a supplier who we owed N$ 3 500 in full settlement of our account was omitted from the books; i) Stationery purchased of N$ 300 was erroneously recorded as advertising; j) Advertisement of N$ 600 was erroneously recorded as Rent Expense; k) Interest income of N$ 2 500 recorded as current financial year income instead on next financial year income. Required: Journalise the above transactions as at 31 December 2018. Page 16 of 16 Question 2 27 Marks Use the information in QUESTION 1 above to prepared the corrected Trial Balance as at 31 December 2018. Question 3 14 Marks Use the information in QUESTION 2 (as pre-adjusted trial balance) to record the following adjustments. Additional Information: i) Inventory as at 31 December 2018 was valued at N$ 40 600 ii) Monthly salary bill amount to N$ 9 145; iii) Monthly rent expense is equal to N$ 4 500; iv) Advertising is in arrears with N$ 400; v) Provision for doubts full debts is to be increased to N$ 11 500; vi) Stationery on hand amount to N$ 600 Required: Journalise the above adjustments as at 31 December 2018. Question 4 35 Marks (help with this question) Use the information in QUESTION 3 above (after adjusting the trial balance) as prepare the following: i) Statement of Comprehensive income as at 31 December 2018 ii) Statement of Financial Position as at 31 December 2018