Section C Answer all the questions in this section. QUESTION 1 [30 marks] The following list of balances was extracted from the books of

Question

23 users unlocked this solution today!

  

 

 

Section C Answer all the questions in this section. QUESTION 1 [30 marks] The following list of balances was extracted from the books of LTC at 31 March 2020 Carnage in Carnage out Purchases Motor vehicles Sales Office equipment Wages and salaries Lighting and heating Rent expense Vehicle running costs Telephone expenses General office expenses Accounts receivable Arements navable NS 1520 800 125 600 20 000 17.000 235 700 61.000 $ 400 6200 4 000 7 650 3180 36.200 22440 Motor vehicles Sales Wages and salaries Lighting and heating Rent expense Vehicle running costs Telephone expenses General office expenses i Accounts receivable 17000 235 700 61.000 8 400 6 200 4.000 7 650 3180 36 200 Accounts payable 22 440 Provision for Depreciation on: Motor vehicle 6.800 Office Equipment 10 000 15.900 Drawings Bank (credit) Cash 7.070 300 Inventory (1 April 2019) 8.000 Returns inwards Returns outwards Owner's Equity 3.300 1800 35 240 Additional information at 31 March 2020: 1 2 Inventory on hand was valued at N510 920 Rent prepaid NS850 Owner's Equity Additional information at 31 March 2020: 1 2 3 4 Inventory on hand was valued at N$10.920 Rent prepaid NS850 General expenses accrued N$454 Depreciation is to be provided for as follows: Motor vehicles-40% reducing balance Office equipment -25% straight line 33 240 An allowance for doubtful debts to be created at 3% of accounts receivable 5 Required (a) b) A statement of comprehensive income for the year ended 31 March 2020, [15 marks) [15 marks] Prepare a statement of finansal position as at 31 March 2020 10