4 28 8 F. Lourens, a debtor, owed R150. His account was 6 months in arrear and he was charged interest at 16% p.a. without leaving any address. His account was written off on the owner's Joubert Stores was informed that J. Shadie, who owed R128, left town instructions. 15 Charge M. Roelof interest at 15% p.a. on his account of R360 which was 10 months overdue. Owner took goods at cost for own use, R144. 25 Charged interest at 20% p.a. to the following debtors: M. Rossouw R160 C. Mossie [9 months] [6 months] 250 G. Gudarson 460 [3 months] M. Velaphi 450 [16 months] 27 The owner took goods for his personal use. The cost price was R200 and the selling price R260. Write off the following debtors' accounts: hal of Joubert Stores. M. Spick K. Span R. Neat R220 420 375 1 100 P. Tidy 30 The owner withdrew goods from stock for private use. Selling price of the goods was R420 and the mark-up was 50% on cost.
4 28 8 F. Lourens, a debtor, owed R150. His account was 6 months in arrear and he was charged interest at 16% p.a. without leaving any address. His account was written off on the owner's Joubert Stores was informed that J. Shadie, who owed R128, left town instructions. 15 Charge M. Roelof interest at 15% p.a. on his account of R360 which was 10 months overdue. Owner took goods at cost for own use, R144. 25 Charged interest at 20% p.a. to the following debtors: M. Rossouw R160 C. Mossie [9 months] [6 months] 250 G. Gudarson 460 [3 months] M. Velaphi 450 [16 months] 27 The owner took goods for his personal use. The cost price was R200 and the selling price R260. Write off the following debtors' accounts: hal of Joubert Stores. M. Spick K. Span R. Neat R220 420 375 1 100 P. Tidy 30 The owner withdrew goods from stock for private use. Selling price of the goods was R420 and the mark-up was 50% on cost.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Concept explainers
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At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
Question
![55 250
5 250
11
ASK 6.7
over the following transactions in the General Journal of Joubert Stores.
28
30
20
27
15
25
4
8
Joubert Stores: General Journal
F. Lourens, a debtor, owed R150. His account was 6 months in arrear and
he was charged interest at 16% p.a.
Joubert Stores was informed that J. Shadie, who owed R128, left town
without leaving any address. His account was written off on the owner's
instructions.
Charge M. Roelof interest at 15% p.a. on his account of R360 which was
10 months overdue.
Owner took goods at cost for own use, R144.
Charged interest at 20% p.a. to the following debtors:
M. Rossouw R160
C. Mossie
250
G. Gudarson
M. Velaphi
[9 months]
[6 months]
460 [3 months]
450 [16 months]
The owner took goods for his personal use. The cost price was R200 and
the selling price R260.
Write off the following debtors' accounts:
M. Spick
K. Span
R. Neat
R220
420
375
P. Tidy
1 100
The owner withdrew goods from stock for private use. Selling price of the
goods was R420 and the mark-up was 50% on cost.
11](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9488784e-46b4-46de-ae8c-8c4d1069c72b%2Fea42868f-c759-4422-a24c-973202b38ff6%2Fx3kowzn_processed.jpeg&w=3840&q=75)
Transcribed Image Text:55 250
5 250
11
ASK 6.7
over the following transactions in the General Journal of Joubert Stores.
28
30
20
27
15
25
4
8
Joubert Stores: General Journal
F. Lourens, a debtor, owed R150. His account was 6 months in arrear and
he was charged interest at 16% p.a.
Joubert Stores was informed that J. Shadie, who owed R128, left town
without leaving any address. His account was written off on the owner's
instructions.
Charge M. Roelof interest at 15% p.a. on his account of R360 which was
10 months overdue.
Owner took goods at cost for own use, R144.
Charged interest at 20% p.a. to the following debtors:
M. Rossouw R160
C. Mossie
250
G. Gudarson
M. Velaphi
[9 months]
[6 months]
460 [3 months]
450 [16 months]
The owner took goods for his personal use. The cost price was R200 and
the selling price R260.
Write off the following debtors' accounts:
M. Spick
K. Span
R. Neat
R220
420
375
P. Tidy
1 100
The owner withdrew goods from stock for private use. Selling price of the
goods was R420 and the mark-up was 50% on cost.
11
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