Additional information at 31 March 2020: 1 2 3 Inventory on hand was valued at N$10 920 Rent prepaid N$850 General expenses accrued N$454 Depreciation is to be provided for as follows: Motor vehicles -40% reducing balance b) Office equipment - 25% straight line An allowance for doubtful debts to be created at 3% of accounts receivable Required (a) A statement of Comprehensive income for the year ended 31 March 2020 Prepare a statement of financial position as at 31 March 2020
Additional information at 31 March 2020: 1 2 3 Inventory on hand was valued at N$10 920 Rent prepaid N$850 General expenses accrued N$454 Depreciation is to be provided for as follows: Motor vehicles -40% reducing balance b) Office equipment - 25% straight line An allowance for doubtful debts to be created at 3% of accounts receivable Required (a) A statement of Comprehensive income for the year ended 31 March 2020 Prepare a statement of financial position as at 31 March 2020
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
please answer both parts
Transcribed Image Text:The following list of balances was extracted from the books of I.T.C at 31 March 2020.
Carriage in
Carriage out
Purchases
Office equipment
Motor vehicles
Sales
Wages and salaries
Lighting and heating
Rent expense
Vehicle running costs
Telephone expenses
General office expenses
Accounts receivable
Accounts payable
Provision for Depreciation on: Motor vehicle
Office Equipment
Drawings
Bank (credit)
Cash
Inventory (1 April 2019)
Returns inwards
Returns outwards
Owner's Equity
N$
1520
800
125 600
20 000
17 000
235 700
61 000
8400
6 200
4000
7650
3 180
36 200
22 440
6800
10 000
15 900
7 070
300
8 000
3.300
1800
35 240
Transcribed Image Text:Additional information at 31 March 2020:1
1
2
3
4
5
Inventory on hand was valued at N$10 920
Rent prepaid N$850
b)
General expenses accrued N$454
Depreciation is to be provided for as follows:
Motor vehicles -40% reducing balance
Office equipment - 25% straight line
An allowance for doubtful debts to be created at 3% of accounts receivable
Required
(a) A statement of Comprehensive income for the year ended 31 March 2020
Prepare a statement of financial position as at 31 March 2020
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