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8 FEBRUARY 2021

8 FEBRUARY 2021

FINANCIAL ACCOUNTING
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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Plese help with question 2.2 for accounting in format provided
Q.2.2 STATEMENT OF FINANCIAL POSITION OF JAKARTA TRADERS AS AT 28 FEBRUARY 2021 NOTE R R
Transcribed Image Text:Q.2.2 STATEMENT OF FINANCIAL POSITION OF JAKARTA TRADERS AS AT 28 FEBRUARY 2021 NOTE R R
Question 2 The following Pre-adjustment Trial Balance was taken from the books of Jakarta Traders for the year-ended 28 February 2021 Fol DEBIT CREDIT Statement of financial position section Capital 939 540 Drawings 16 000 Land and buildings 1 100 000 Vehicles 480 000 Accumulated depreciation: Vehicles 120 000 Fixed Deposit: ABC Bank 85 700 Trading inventory 42 740 Petty cash 2 000 Bank 8 920 Debtors Control 27 820 Allowance for credit losses 2 000 Creditors Control 12 140 Long-term loan: XYZ Bank 744 000 Nominal accounts section Sales 1236 000 Sales returns 36 000 Cost of sales 976 000 Rent income 52 000 Interest on fixed deposit 7 840 Telephone 76 080 Interest on long term loan 119 040 Salaries and wages 43 320 Advertising 18 000 Postage and stationery 9 500 Insurance 80 000 Credit losses 10 240 3 122 440 3 122 440 Additional information: According to a physical stock-take the following was on hand on 28 February 2021: o Trading inventory R42 000 Postage and stationery R2 000 Depreciation must be written off on vehicles at 25% per annum according to the diminishing balance method. No vehicles were purchased or sold during the current financial year Salaries and wages for February have not yet been paid, R16 000 Advertising for March has been prepaid R3 600 Rent for March was received in February R4 000 Interest on fixed deposit accrued R1 000 Allowance for credit losses must be increased by 10% of the allowance Q.2.1 Prepare the statement of profit or loss and other comprehensive income for the year ended 28 February 2021 Q.2.2 Prepare the statement of financial position as at 28 February 2021 Show all workings Round off to the nearest Rand Ignore VAT Notes to the Financial statements are not required
Transcribed Image Text:Question 2 The following Pre-adjustment Trial Balance was taken from the books of Jakarta Traders for the year-ended 28 February 2021 Fol DEBIT CREDIT Statement of financial position section Capital 939 540 Drawings 16 000 Land and buildings 1 100 000 Vehicles 480 000 Accumulated depreciation: Vehicles 120 000 Fixed Deposit: ABC Bank 85 700 Trading inventory 42 740 Petty cash 2 000 Bank 8 920 Debtors Control 27 820 Allowance for credit losses 2 000 Creditors Control 12 140 Long-term loan: XYZ Bank 744 000 Nominal accounts section Sales 1236 000 Sales returns 36 000 Cost of sales 976 000 Rent income 52 000 Interest on fixed deposit 7 840 Telephone 76 080 Interest on long term loan 119 040 Salaries and wages 43 320 Advertising 18 000 Postage and stationery 9 500 Insurance 80 000 Credit losses 10 240 3 122 440 3 122 440 Additional information: According to a physical stock-take the following was on hand on 28 February 2021: o Trading inventory R42 000 Postage and stationery R2 000 Depreciation must be written off on vehicles at 25% per annum according to the diminishing balance method. No vehicles were purchased or sold during the current financial year Salaries and wages for February have not yet been paid, R16 000 Advertising for March has been prepaid R3 600 Rent for March was received in February R4 000 Interest on fixed deposit accrued R1 000 Allowance for credit losses must be increased by 10% of the allowance Q.2.1 Prepare the statement of profit or loss and other comprehensive income for the year ended 28 February 2021 Q.2.2 Prepare the statement of financial position as at 28 February 2021 Show all workings Round off to the nearest Rand Ignore VAT Notes to the Financial statements are not required
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