Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Use the information provided below to prepare the Statement of Comprehensive Income for the year ended 31 December 2022. INFORMATION The information given below was

image text in transcribed

image text in transcribed

Use the information provided below to prepare the Statement of Comprehensive Income for the year ended 31 December 2022. INFORMATION The information given below was extracted from the accounting records of Questor Ltd on 31 December 2022 (the end o the financial vearl. Additional infomation 1. Physioal stocktaking on 31 December 2022 revealed the following inventories: 1.1 Trading inventory, 2210000 12 Stationery R3000 2. The municipal rates increase by 20% each year on 01 July. The rates expense for December 2022 was due to bepaid on 02 January 2023 3. Depreciation must be provided for as follows: 31= On equipment at 15% per annum on cost 3.2 Onvehicles at 20% per annum on the diminishing balance. Note: A vehicle that cost R300 000 was purchased on 010 October 2022. This transaction has been recorded 4. Noentry was made for a debtor who was declared insolvent and was only able to pay R1800, which represented 60% of the amount that she owed. The balance of her account must also be written off: 13 The-insurance totalincludes an insurance premium of RT 200 that was paid for the period 011 May 20221030 Apint 2023 6. An amount of R36-000 was owed for directors fees and was due to be paidon 02 lanuary 2023 T. The provision for bad debts must be lncreased to 26300 8 Prondie for interest on deberitures that is yet to be paid The company tax caiculation based on the profit for the year revealed that an amecht of R31 188-1s-owed to South Afichan Revenue Semices

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Introduction To Government And Not For Profit Accounting

Authors: Martin Ives, Joseph R. Razek, Gordon A. Hosch

5th Edition

0130464147, 978-0130464149

More Books

Students also viewed these Accounting questions

Question

What is the relationship between negative thinking and depression?

Answered: 1 week ago