Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following balances were extracted from Jonso's books on 3 0 April 2 0 1 7 . Jonso is a Sole Trader. Additional information at

The following balances were extracted from Jonso's books on 30 April 2017. Jonso is a Sole Trader.
Additional information at 30 April 2017
Inventory was valued at R32450.
On 16 April 2017 goods had been purchased for R7500 cash. The transaction had not been recorded in the books.
General expenses were accrued, R3500, and prepaid, R1800.
Rent receivable of R4500 was owing.
The rent payable included a payment of R12000 for the six months ended 30 June 2017
a. Depreciation is to be charged on all non-current assets owned at the end of the year as follows:motor vehicles at the rate of 20% per annum using the diminishing (reducing) balance method
b. computers at the rate of 25% per annum using the diminishing (reducing) balance method
c. fixtures and fittings at the rate of 10% per annum, using the straight-line method
Trade receivables of R2700 are irrecoverable. The provision for doubtful debts is to be maintained at 5% on the remaining trade receivables.
REQUIRED:
Prepare the Balance Sheet as at 30 April 2017; after which select the figures matching the transaction using the pull-down menu on your left side below.
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Entrepreneurship

Authors: Andrew Zacharakis, William D Bygrave

5th Edition

9781119563099

Students also viewed these Accounting questions

Question

Define Administration?

Answered: 1 week ago