The following information was extracted from accounting records of TKZee Traders as on 28 February 2021 TKZee Traders as at 28 February 2021 ACCOUNT NAME AMOUNT (N$) Capital 66 100 Drawings 16 000 Motor Vehicles (Cost) 100 000 Equipment (Cost) 40 000 Accumulated Depreciation Vehicle 28 02 2020 36 000 Accumulated Depreciation Equipment 28 02 2020 8 000 Nam Bank 15 Loan 20 000 Uis Bank 10 Fixed Deposit 15 000 Trade Receivables 5 200 Inventory 28 02 2020 17 800 Bank (Dr) 4 300 Trade Payables 3 800 Allowance for bad debts 300 Revenue 250 000 Purchases 122 450 Carriage Inwards 550 Carriage outwards 800 Return Outwards 1 200 Returns In 700 Rent Expense 15 600 Stationery 3 800 Insurance Expense 4 800 Bad debts 750 Water and Electricity 10 800 Settlement Discount 180 Bad Debts Recovered 220 The following additional information is also available A customer that owed N$ 800 was written off as bad debts as irrecoverable Sold goods to Martin of N$ 10 000 was recorded as capital Martin paid by cheque in full Owner issue a cheque of $1 200 for his sons wedding contribution A cheque received from Kia was refer to drawer, $1 400 Insurance that was paid bank cheque of N$2 000 was recorded to water and electricity account Returns of N$1 350 from supplier James was omitted from the records This item was acquired by entering into credit purchase agreement Owner withdraw $200 from the business bank account for the purpose of paying for small items as they occur, such as postage and taxi fare Depreciation on Motor vehicle is 10 with residual amount of $2 000 and straight line method was applied Depreciation on Equipment is 10 with no residual and straight line method was applied Received a computer as a donation by FAN United and was value to be $15 800 Computer have 4 years life span on straight line method with no residual value Interest on loan was not provided for 2021 financial year Interest on fixed deposit was not provided for 2021 financial year Closing inventory equal $12 000 REQUIRED TO a) Journalise the above transactions in the books of TKZee Traders as at 28 February 2021

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Posted on Jul 27, 2024

The following information was extracted from accounting records of TKZee Traders as on 28 February 2021.

TKZee Traders as at 28 February 2021

ACCOUNT NAME:	AMOUNT (N$)
Capital	66 100
Drawings	16 000
Motor Vehicles (Cost)	100 000
Equipment (Cost)	40 000
Accumulated Depreciation: Vehicle 28/02/2020	36 000
Accumulated Depreciation: Equipment 28/02/2020	8 000
Nam Bank 15% Loan	20 000
Uis Bank 10% Fixed Deposit	15 000
Trade Receivables	5 200
Inventory - 28/02/2020	17 800
Bank (Dr)	4 300
Trade Payables	3 800
Allowance for bad debts	300
Revenue	250 000
Purchases	122 450
Carriage Inwards	550
Carriage outwards	800
Return Outwards	1 200
Returns In	700

The following additional information is also available:

Sold goods to Martin of N$ 10 000 was recorded as capital. Martin paid by cheque in full.

Insurance that was paid bank cheque of N$2 000 was recorded to water and electricity account.
Returns of N$1 350 from supplier James was omitted from the records. This item was acquired by entering into credit purchase agreement.
Owner withdraw $200 from the business bank account for the purpose of paying for small items as they occur, such as postage and taxi fare.
Depreciation on Motor vehicle is 10% with residual amount of $2 000 and straight line method was applied.
Depreciation on Equipment is 10% with no residual and straight line method was applied.
Received a computer as a donation by FAN United and was value to be $15 800.