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TWO [25] Eric Ngidi the sole proprietor of a general dealer, Welcome Traders, provided you with the following relevant accounting records for the financial year
TWO [25] Eric Ngidi the sole proprietor of a general dealer, Welcome Traders, provided you with the following relevant accounting records for the financial year ended 28 February 2023. Pre-adjustment trial balance at 28 February 2023 Debit - R Credit - R Land and buildings at cost 600 000 Equipment at cost 135 000 Accumulated depreciation: equipment 33 000 Fixed deposit: Bold Bank (12% per year) 60 000 Accounts receivable (Debtors) 51 630 Allowance for credit losses 2 850 Inventory: merchandise (Trade goods) 105 330 Bank 20 220 Capital: Ngidi 593 550 Drawings 130 500 Long term borrowing: Rabada Finance (16% per year) 60 000 Accounts payable (Creditors) 74 400 Sales 844 500 Cost of sales
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