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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 :
Kim has been running her own pet shop, Pets Party, for the last year, which she incorporated as a private company. Her postadjustment trial balance as at December is as follows:
Post adjustment
DEBITS
CREDITS
Statement of Financial position section
Equipment @ cost
Accumulated depreciation
Accounts receivable
Accrued income
Bank
SARS Taxation liability
Accounts payable
Inventory
Capital
Nominal accounts section
Telephone expense
Salaries expense
Depreciation expense
Taxation expense
Sales
Purchases
Bad debts expense
Consumables expense
Upon closing off the appropriate accounts to the Trading account, the balance on the Trading Account will be R before it is closed off to the Profit and Loss account. true or false
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