Question
State five objectives of accounting. 3. draw up Mogomotsi's statement of financial position from the following information as at 31 December 2012. capital 9,700
State five objectives of accounting.
3. draw up Mogomotsi's statement of financial position from the following information as at 31 December 2012.
capital | 9,700 |
accounts receivable | 1,200 |
van | 3,800 |
accounts payable | 1,600 |
Fixtures | 1,800 |
Inventory | 4,200 |
cash at bank | 300 |
4. A trial balance was extracted from the books of Phax Mohutsiwa. it was found that the debit side exceeded the credit side by P40. the following errors were later discovered.
i) Purchases were overcast by P20.
ii) An amount paid to L. Lesego was debited to the control account as P98 instead of P89.
iii) Sales were undercast by P11.
Required:
Enter the above information in the suspense account and balance it off.
5. Draw up the accounting circles.
6. Consider the following information. The following receipts and issues were recorded.
Date
2 April Purchase 100 units at P55 each.
6 April Issued 400 units
10 April Purchased 600 units at P60 each.
13 April Issued 500 units.
20 April Purchase 500 units at P65 each
25 April Issued 600 units.
10 May Purchased 800 units at P70 each.
12 May Issued 500 units.
13 May Issued 200 units.
15 May Purchase 500 units at P75.
12 June Issued 400 units.
15 June Purchase 300 units at P80 each.
Additional information:
The stock of material on hand on 1 April 2013 was 400 units at P50 per unit.
Required:
Determine the value of closing inventories at 15 June using the LIFO method.
7. State the purpose and source documents of any five books of original entry.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Objectives of accounting 1 Recording Financial Transactions The primary objective of accounting is t...Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started