Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following case study applies to questions 1 6 2 0 : Kim has been running her own pet shop, Pets Party, for the last

The following case study applies to questions 1620:
Kim has been running her own pet shop, Pets Party, for the last year, which she incorporated as a private company. Her post-adjustment trial balance as at 31 December is as follows:
Post adjustment
DEBITS
CREDITS
Statement of Financial position section
Equipment @ cost
20000
Accumulated depreciation
5000
Accounts receivable
25000
Accrued income
12000
Bank
42200
SARS (Taxation liability)
18000
Accounts payable
150000
Inventory
65000
Capital
10000
Nominal accounts section
Telephone expense
3800
Salaries expense
60000
Depreciation expense
5000
Taxation expense
18000
Sales
228000
Purchases
136000
Bad debts expense
10000
Consumables expense
14000
411000
411000 Upon closing off the appropriate accounts to the Trading account, the balance on the Trading Account will be R71000 before it is closed off to the Profit and Loss account. true or false

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Financial Accounting Longman Modular Texts In Business And Economics

Authors: Christopher Waterston, Anne Britton

2nd Edition

058238169X, 978-0582381698

More Books

Students also viewed these Accounting questions

Question

=+ Where, how, why, and when are the products to be bought abroad?

Answered: 1 week ago