ASSIGNMENT 1. Helmuth owns a hardware store. His financial year ends 30 June. He provided the folowe information: His debtors on 1 July 2019 included N$700 owed by Gunter. On 30 June 2020 Gunter paid half of the amount owing in cash and the balance was written off as bad debt. On 15 January 2021 Gunter paid the outstanding amount in cash. REQUIRED (a) Make the appropriate entries for the financial year ending 30 June 2020 and 30 June 2021 in the following ledger accounts. The accounts should be balanced or closed off. (i) Gunter's Account [3 (ii) Bad Debts Account

ASSIGNMENT 1. Helmuth owns a hardware store. His financial year ends 30 June. He provided the folowe information: His debtors on 1 July 2019 included N$700 owed by Gunter. On 30 June 2020 Gunter paid half of the amount owing in cash and the balance was written off as bad debt. On 15 January 2021 Gunter paid the outstanding amount in cash. REQUIRED (a) Make the appropriate entries for the financial year ending 30 June 2020 and 30 June 2021 in the following ledger accounts. The accounts should be balanced or closed off. (i) Gunter's Account [3 (ii) Bad Debts Account

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

for the year ended 31 July 2019. Was her net profit for the year understated or overstated as a ments totall ing & heating expense' in Angela's Income Sta result, and by how much? (c) The annual insurance premium for Claire's business premises (covering the period 1 Septemhar vOstly 20% more +han her previous vear's premium
Interview Notes Michael is 49 years old and files as single. His 2021 adjusted gross income (AGI) is $49,500, which includes gambling winningsof $1,000. Michael would like to itemize his deductions this year. Michael brings documentation for the following expenses: $8,200 Hospital and doctor bills $700 Contributions to Health Savings Account (HSA) $2,500 Long Term Care Insurance premiums before age limitation applied $3,400 State withholding (higher than Michael’s calculated state sales tax deduction) $300 Personal property taxes based on value of vehicle $400 Friend’s personal GoFundMe campaign $275 Cash contributions to the Red Cross $100 Fair market value of clothing in good condition donated to the SalvationArmy (Michael purchased clothing for $800) $7,500 Mortgage interest $820 Real estate tax $230 Mortgage Insurance Premiums (PMI) on a home he purchased in 2017. $150 Homeowners association fees $2,000 Gambling losses 11. If Michael chooses to itemize, which of the following…
Sally purchased a home in Georgia for $167,500. She took out a mortgage for 80% of the purchase price at a 7.75% interest rate and put up a 20% down payment. The sale closed on March 16. What is the total dollar amount of the prepaid interest? Select one: a. $452.08 b. $461.55 C. $455.23 d. $576.94
At the year end, Harold has a receivables balance of $100,000 and an allowance for receivebles of $5000. He has not yet accounted for a receipt of $500 in respect of a debt which he has previously provided against or a receipt of $1000 in respect of a debt which had been written off in the previous year. Harold wishes to maintain his allowance for receivables at 7% of receivables. What balance will be shown in his statement of financial position at the year end for receivables and the allowance for receivables?
Required information [The following information applies to the questions displayed below.] Alexa owns a condominium near Cocoa Beach in Florida. In 2023, she incurs the following expenses in connection with her condo: Insurance Mortgage interest Property taxes $ 3,400 7,500 4,600 830 Repairs & maintenance Utilities Depreciation 4,500 22,200 During the year, Alexa rented out the condo for 115 days. Alexa's AGI from all sources other than the rental property is $200,000. Unless otherwise specified, Alexa has no sources of passive income. Assume that in addition to renting the condo for 115 days, Alexa uses the condo for 8 days of personal use. Also assume that Alexa receives $42,000 of gross rental receipts, her itemized deductions exceed the standard deduction before considering expenses associated with the condo, and her itemized deduction for non-home business taxes is less than $10,000 by more than the real property taxes allocated to rental use of the home. Answer the following…
Dorothie paid the following amounts during the current year: Interest on her home mortgage (pre-12/16/17) $9,250 Service charges on her checking account 48 Credit card interest 168 Auto loan interest 675 Interest from a home equity line of credit (HELOC) 2,300 Interest from a loan used to purchase stock 1,600 Credit investigation fee for loan 75 Dorothie's residence has a fair market value of $250,000. The mortgage is secured by the home at the time of purchase and has a balance of $180,000. Dorothie used the same home to secure her HELOC with a balance of $50,000. Dorothie used the proceeds of her HELOC to pay for college and to buy a new car. Dorothie has $1,000 of net investment income. Compute Dorothie's interest deduction in the following scenarios: a. Calculate Dorothie's interest deduction (on Schedule A) for 2021. b. Same as part a, and Dorothie used the HELOC proceeds to add a new bedroom to her home. c. Same as part a, but Dorothie's home is valued at $1,200,000 and her…
Required Informatlon [The following information applies to the questions displayed below.] Javier and Anita Sanchez purchased a home on January 1 of year 1 for $1,000,000 by paying $200,000 down and borrowing the remaining $800,000 with a 6 percent loan secured by the home. The Sanchezes made interest-only payments on the loan in years 1 and 2. (Leave no answer blank. Enter zero if applicable.) c. Assume year 1 is 2020 and by the beginning of year 4, the Sanchezes have pald down the principal amount of the loan to $500,000. In year 4, they borrow an additional $100,000 through a loan secured by the home in order to finish their basement. The new loan carries a 7 percent interest rate and is termed a "home equity loan" by the lender. What amount of interest can the Sanchezes deduct on the $100,000 loan? Maximum deductible interest expense
Subject : Accounting During 2019, Angela sustains serious injuries from a snow skiing accident. She incurs the following expenses:Item AmountDoctor bills $11,700Hospital bills 9,400Legal fees in suit against ski resort 3,000Angela is single and has no dependents. During the current year, her salary is $58,000. She pays $600 in medical and dental insurance premiums, $6,750 in mortgage interest on her home, and $1,200 in interest on her car. Her health insurance provider reimburses her for $10,000 of the medical expenses. What is her current year taxable income?What is her current year taxable income? Show all Calculations
None
Triage has paid the following rent bills in the year ended 31 December 2020: £3,000 for the 3 months ended 28 February 2020 £4,500 for the 3 months ended 31 May 2020 £4,500 for the 3 months ended 31 August 2020 £6,000 for the 3 months ended 30 November 2020 In March 2021 he received a bill for £6,000 for the 3 months ended 28 February 2021. What is the charge to P/L for rent for the year ended 31 December 2022? a) £24,000 b) £20,000 c) £18,000 d) £19,000
On June 26, 2019, Naomi obtained a loan of P150,000 from a local businessman. The interest rate on the loan was 7.75% and it is to be paid on November 15, 2020. What is the Ordinary simple interest using exact time?
Please explain proper steps by Step and Do Not Give Solution In Image Format ? And Fast Answering Please ?