1 The value of closing inventory is £100,000. 2 On December 1, Fadwa Company borrowed £100,000, at 6% annual interest, from the National Bank. No payment is made up to now. 3 Rent Exp is 30,000, Fadwa has paid her rent until 31 March 2021. Her annual rent is £24,000. 4 Office equipment original value is 100, 000, (Accumulated depreciation 10,000), it has a useful life of ten years and a residual value of £0. It is to be depreciated on a straight-line basis. 5 Fadwa finds that receivables of £100,000 after irrecoverable debts are written off, the allowance for receivables is to be set at ten per cent of the remaining outstanding receivables as at 31 December 2020.( Allowance for receivables up to now is 4000) Required: Make the end-of-period adjustments entries at 31 December 2020.

1 The value of closing inventory is £100,000. 2 On December 1, Fadwa Company borrowed £100,000, at 6% annual interest, from the National Bank. No payment is made up to now. 3 Rent Exp is 30,000, Fadwa has paid her rent until 31 March 2021. Her annual rent is £24,000. 4 Office equipment original value is 100, 000, (Accumulated depreciation 10,000), it has a useful life of ten years and a residual value of £0. It is to be depreciated on a straight-line basis. 5 Fadwa finds that receivables of £100,000 after irrecoverable debts are written off, the allowance for receivables is to be set at ten per cent of the remaining outstanding receivables as at 31 December 2020.( Allowance for receivables up to now is 4000) Required: Make the end-of-period adjustments entries at 31 December 2020.

Name: 1 The value of closing inventory is £100,000.2 On December 1, Fadwa C
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Description: 1 The value of closing inventory is £100,000.2 On December 1, Fadwa Company borrowed £100,000, at 6% annual interest, from the NationalBank. No payment is made up to now.3 Rent Exp is 30,000, Fadwa has paid her rent until 31 March 2021. Her annual r

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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