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QUESTION TWO Answer question 2 in exel form The trial balance of Nixit Ltd was prepared by the junior bookkeeper for the financial year ended
QUESTION TWO Answer question in exel form
The trial balance of Nixit Ltd was prepared by the junior bookkeeper for the financial year ended
August
Additional information:
a Depreciation has not been recorded on property, plant and equipment. Motor vehicles are
depreciated on the reducing balance method at Computer equipment of R was
purchased on February replacing older items initially purchased for R on
November Office equipment of R was purchased on December
Computer equipment and office equipment depreciates on the straightline basis at and
respectively.
b Mr Roy returned faulty goods of R Nixit Traders applies a markup on finished
products.
c The company allows a discount for accounts settled within days. Mrs Redkin
purchased goods of R on a day account on August The account was paid
on August but the bookkeeper neglected to record the discount in all affected
accounts.
d The water and electricity account of R was received on September
e Artwork of R was donated to Nixit Limited but not recorded.
f Professional work completed but not yet invoiced at yearend amounts to R
g A delivery truck was purchased on December for R with an estimated
residual value of R No vehicles were sold during the year.
h Rental for September was paid on August
i The company is taxed at
Required:
Prepare the Statement of Comprehensive Income of Nixit Limited for the year ended August
Detail all calculations.
QUESTION THREE draw a flow chart
Using a flow chart illustrate the accounting proces
END OF QUESTION PAPER
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