Time lent 23:54 Bank 227,600 Inventory, January 1, 2022 120,000 Commission Received 6.200 Discounts 13,000 8.500 Debtors 305,000 Creditors 400,000 Cash 50,000 Loan 1.500.000 8.433.000 8.433.800 The following additional Information as at December 31, 2022 is available: 1) Inventory at December 31, 2022 was valued at $131,000. 1) The sole trader took $30,000 of goods for personal use and this was not recorded in the books. ii) Rent expense is owing for $20,000. iv) Provision for bad debt is to be set up at a rate of 10% on debtors. v) Salaries and wages has been prepaid by $16,000. vi) Commission received is owing for $10,000. vil) Depreciation rates and methods used to depreciate assets are as follows: + B Marked out of 14.00 1. Flag question Dr Cr $ $ 2,200,000 3,500,000 10 11 Capital Sales Purchases 2,000,000 Motor Vehicle at cost 1,500,000 Building-at cost 3,600,000 Drawings 18,000 Rent Expense 108,000 Stationery 45,000 Advertising 100,000 Salaries & Wages 450,000 Returns 7,800 6,500 Bad Debts 63,000 Provision for Bad Debts 35,000 Provision for Depreciation -Motor Vehicle 160,000 -Building 390,000 Carriage Inwards 54,000 16 17 Section B - This section has 7 matching questions. Each question is worth 2 marks. You are required to answer ALL questions. Finish attempt 0 Cost of goods sold for the year is: Choose... Choose.. $1,072,000 $2,003,200 $3,479,200 An Expense and Increase in Provision for Bad Debts $4,500. Provision for bad debts is to be recorded $759.100 Net sales for the year is: as: $67,000 $1,040,000 $1,872,200 $3,483,700 The net book value for motor vehicle is: Total current assets at year-end is: The current liabilities at year-end is: The total for drawings at year end is: $420,000 $3,480,500 $481,500 $1,998,000 $161,000 Other Income and Decrease in Provision for Bad Debts of $4,500. $2.197,600 $260,000 $2,129,000 $48.000 $18,000 Choose.. + Loan 1.500.000 8.433,800 8,433,800 Time feit C23:43 The following additional information as at December 31, 2022 is available: () Inventory at December 31, 2022 was valued at $131.000. II) The sole trader took $30,000 of goods for personal use and this was not recorded in the books. i) Rent expense is owing for $20,000. iv) Provision for bad debt is to be set up at a rate of 10% on debtors. v) Salaries and wages has been prepaid by $16,000. vi) Commission received is owing for $10,000. vil) Depreciation rates and methods used to depreciate assets are as follows: Motor Vehicle 20% Reducing Balance Method Building 5% Straight Line Method Using the trial balance and the additional Information provided, answer the following questions (choose answer from the drop down listing): Net sales for the year is: Choose.. OneDrive Screenshot saved The screenshot was added to your OneDrive