SEMESTER 1020 (39 Marks - 59 Minutes) The following information relates to Crazy Crafts, a business that sells crafts supplies CRAZY CRAFTS PRE-ADJUSTMENT TRIAL BALANCE FOR THE YEAR ENDED 31 DECEMBER 2018 Account name Fol. DR R CR R 136 875.00 100 000.00 25 000.00 200 000.00 Real accounts Capital Vehicles at cost Vehicles - accumulated depreciation Furniture at cost Furniture - accumulated depreciation Long term loan Fixed deposit Bank Inventory Accounts receivable Accounts payable B1 B2 B3 B4 B5 B6 B7 BB B9 B10 B11 40 000.00 48 000.00 10 000.00 20 000.00 80 000.00 100 000.00 80 000.00 450 000.00 525.00 Nominal accounts Sales Interest income Purchases Advertising Bank charges Interest expense Insurance Rent expense Stationery expense Salaries and wages Water and electricity N1 N2 N3 N4 N5 N6 N7 N8 N9 N10 N11 150 000.00 6 500.00 3 000.00 2 800.00 14 400.00 45 500.00 10 200.00 30 000.00 48 000.00 Total 800 400.00 800 400.00 Additional information: . Crazy Crafts uses the periodic method to account for movement in its inventory. The inventory at 31 December 2018 was R10 000.00 The fixed deposit was made on 1 February 2018 and bears interest at a rate of 9% per year. interoox The long-term loan was taken out on 1 March 2018 and bears interest at a rate of 10% per year. Crazy Crafts owns 1 vehicle that was purchased on 1 January 2017. It depreciates motor vehicles over 4 years, using the straight line method. Crazy Crafts depreciates furniture at a rate of 20%, using the diminishing balance method. No new furniture was purchased during the year. Pa 14 CACA 001 - QUESTION BANK- FIRST SEMESTER 2020 Page 15 CACA 001 - QUESTION BANK- FIRST SEMESTER 2020 . . A stale cheque for R1 000.00 in favour of Sam's Stationers for stationery, must be written off. An allowance for doubtful debt of R5 000.00 must be created. The water and electricity account for December 2018 for R2 000.00 has not yet been recorded. A yearly insurance premium was paid on 1 June 2018. Rent was paid for 1 month in advance. . Required: 1. Prepare the post-adjustment trial balance for Crazy Crafts for the year ended 31 December 2018. 2. Prepare the statement of comprehensive income for Crazy Crafts for the year ended 31 December 2018. SEMESTER 1020 (39 Marks - 59 Minutes) The following information relates to Crazy Crafts, a business that sells crafts supplies CRAZY CRAFTS PRE-ADJUSTMENT TRIAL BALANCE FOR THE YEAR ENDED 31 DECEMBER 2018 Account name Fol. DR R CR R 136 875.00 100 000.00 25 000.00 200 000.00 Real accounts Capital Vehicles at cost Vehicles - accumulated depreciation Furniture at cost Furniture - accumulated depreciation Long term loan Fixed deposit Bank Inventory Accounts receivable Accounts payable B1 B2 B3 B4 B5 B6 B7 BB B9 B10 B11 40 000.00 48 000.00 10 000.00 20 000.00 80 000.00 100 000.00 80 000.00 450 000.00 525.00 Nominal accounts Sales Interest income Purchases Advertising Bank charges Interest expense Insurance Rent expense Stationery expense Salaries and wages Water and electricity N1 N2 N3 N4 N5 N6 N7 N8 N9 N10 N11 150 000.00 6 500.00 3 000.00 2 800.00 14 400.00 45 500.00 10 200.00 30 000.00 48 000.00 Total 800 400.00 800 400.00 Additional information: . Crazy Crafts uses the periodic method to account for movement in its inventory. The inventory at 31 December 2018 was R10 000.00 The fixed deposit was made on 1 February 2018 and bears interest at a rate of 9% per year. interoox The long-term loan was taken out on 1 March 2018 and bears interest at a rate of 10% per year. Crazy Crafts owns 1 vehicle that was purchased on 1 January 2017. It depreciates motor vehicles over 4 years, using the straight line method. Crazy Crafts depreciates furniture at a rate of 20%, using the diminishing balance method. No new furniture was purchased during the year. Pa 14 CACA 001 - QUESTION BANK- FIRST SEMESTER 2020 Page 15 CACA 001 - QUESTION BANK- FIRST SEMESTER 2020 . . A stale cheque for R1 000.00 in favour of Sam's Stationers for stationery, must be written off. An allowance for doubtful debt of R5 000.00 must be created. The water and electricity account for December 2018 for R2 000.00 has not yet been recorded. A yearly insurance premium was paid on 1 June 2018. Rent was paid for 1 month in advance. . Required: 1. Prepare the post-adjustment trial balance for Crazy Crafts for the year ended 31 December 2018. 2. Prepare the statement of comprehensive income for Crazy Crafts for the year ended 31 December 2018