The following pre-adjustment trial balance appeared in the books of Central Perk Furniture Store at the end of their financial year. IGNORE VAT. Pre-adjustment trial balance of Central Perk Furniture Store for the year ended 31 March 2020.
") History X CODE Assignment accounting 1b.pdf X + X O O File | C:/Users/methembe/Downloads/Assignment%20accounting%201b.pdf 13 of 15 - + | A) Read aloud | Draw V Highlight Erase 2020 Question 4 [Marks: 30) The following pre-adjustment trial balance appeared in the books of Central Perk Furniture Store at the end of their financial year. IGNORE VAT. Pre-adjustment trial balance of Central Perk Furniture Store for the year ended 31 March 2020. Fol. Debit (R) Credit (R) Statement of financial position section Capital 81 500 000.00 Drawing B2 25 000.00 Land and building B3 $65 000.00 Vehicles 220 987.00 Equipment B5 156 760.00 Accumulated depreciation: Equipment B6 54 320.00 (1 April 2019) Accumulated Depreciation: Vehicles 37 22 580.00 (1 April 2019) Bank 38 22 430.00 Debtors Control BO 35 600.00 Allowance for Credit Losses (1 April 2019) 810 1 780.25 Trading inventory (1 April 2019 B12 27 865.43 Mortgage Loan B13 287 650.00 Creditors Control B14 31 420.00 SARS(UIF/SDL/PAYE) 815 23 290.65 $ 9 Links > > 6:28 2020/09/30") History X CODE Assignment accounting 1b.pdf X + X O O File | C:/Users/methembe/Downloads/Assignment%20accounting%201b.pdf 14 of 15 - + | A> Read aloud | Draw V Highlight Erase Nominal accounts section Fol. Debit (R) Credit (R] Sales N1 1 167 371.07 Sales Returns N2 25 340.87 Purchases N3 520 389.76 Purchases returns N4 76 540.32 Service Income NS 10 987.45 Rent Income NE 63 200.00 Interest on Debtors accounts N7 320.48 Credit losses recovered N8 478.90 Telephone and fax N9 17 430.22 Credit Losses N10 9 650.55 Office refreshments N11 540.76 Cleaning materials N12 5 340 98 Stationery N13 4 498.27 Railage Inwards N14 1 976.54 Insurance N15 50 600.00 Clectricity NIG 12 35G.45 Interest on Creditors Accounts N17 478.67 Advertising N18 26 754.23 Wages and Salaries N19 156 430.28 Entertainment N20 14 560.70 Fuel N21 34 569.43 2 246 939.12 2 246 939.12 Additional Information: 1. Provide for depreciation as follows: On motor vehicles: 15% per annum on reducing balance method. On equipment: 10% on cost. Note a new piece of equipment was purchased on 1 September 2019 costing R54 000. This has been recorded properly. 2. The owner took trading inventory for personal use. The selling price was R4 800 MAT i Links > > 6:28 2020/09/30*) History X CODE Assignment accounting 1b.pdf X + X O O File | C:/Users/methembe/Downloads/Assignment%20accounting%201b.pdf 15 of 15 - + | A Read aloud | Draw V Highlight Erase 2. The owner took trading inventory for personal use. The selling price was R4 800 (VAT is not applicable). The mark up is 50% on cost price. The transaction has not been processed. The periodic inventory system is used by Central Perk Furniture Store The Independent Institute of Education (Pty) Lidl 2020 Page 14 of 15 20 2020 W The telephone and fax invoice for March 2020 of R2 430.15 has not yet been paid. a A debtor, C.Bing who owed R6 500 has been declared insolvent. The business received 35cents on the Rand from the insolvent estate. This transaction must still be recorded. The remaining balance may be written off as irrecoverable. 5. The allowance for credit losses must be adjusted to the amount of R1 600. Insurance expenses for April 2020 have been prepaid. The monthly premium has remained the same for the past 2 years. 7. Rent income for April 2020 of R4 200 has been received in advance. 8. Service income of R5 430 has not been received for March 2020. The stock take revealed the following: Trading inventory - R15 640.32 Cleaning materials - R1 432.76 Stationery - R568.43 Required: Journalise the adjustments (First voucher number = No. 101). Note - The subsidiary journals have been closed off, so all additional transactions are recorded in the general journal. No journal narrations or folio numbers are required. You are not required to journalise the closing transfers. Links > > 6:29 2020/09/30
