ayty has not kept proper bookkeeping records, but she has kept notes in a personal note form of her business transactions as at 31 May 2020. The following transactions relate to financial year ended on 31 May 2019. DR CR Bank 18 200 Cash 1 400 Accounts Receivable and Payable 7 800 6 850 Motor Vehicle (Net Depreciation) 22 500 Furniture and Fittings at cost 16 700 Inventory – 31 May 2018 8 490 Prepaid Rent and Accrued Stationery Expense 510 150 During the financial year ended 31 May 2020, the following transactions occurred. Paid suppliers N$ 26 400 by cheque and N$ 990 by cash. During the year received N$ 38 800 by cheque and N$ 2 600 by cash. N$ 1 200 set-off was negotiated and granted. During year, customer refund amount to N$ 500. Stationery expense paid during the year was N$ 8 700 and was paid by bank cheque. Rent expense was also paid an amount of N$ 3 420 by cheque. The following expenses were paid by cheque: Transport Expense N$ 750, Telephone Expense N$ 2 150 and General Expense N$ 680, Staff Welfare N$ 500 and by cash Municipal Service N$ 380. Motor vehicle was acquired on 01 June 2018 and is depreciated at 10% per annum, Furniture and fittings was also acquired on 01 June 2019 and depreciated at 10% per annum and both on straight line method and no scrap value. At 01 June 2020, the following balances still exist in Jayty books: DR CR Bank 22 000 Cash 2 630 Rent Expense 540 Stationery Expense 300 Inventory – 31 May 2019 5 540 Drawings – 31 May 2019 16 300 Accounts Receivable and Payable 700 1 260 NB: WORKINGS ARE NOT REQUIRED Required: a) Prepare statement of comprehensive income as at 31 May 2020 b) Prepare statement of financial position as at 31 May 2020
Jayty has not kept proper bookkeeping records, but she has kept notes in a personal note form
of her business transactions as at 31 May 2020.
The following transactions relate to financial year ended on 31 May 2019.
DR CR
Bank 18 200
Cash 1 400
Motor Vehicle (Net Depreciation) 22 500
Furniture and Fittings at cost 16 700
Inventory – 31 May 2018 8 490
Prepaid Rent and Accrued Stationery Expense 510 150
During the financial year ended 31 May 2020, the following transactions occurred. Paid
suppliers N$ 26 400 by cheque and N$ 990 by cash. During the year received N$ 38 800 by
cheque and N$ 2 600 by cash. N$ 1 200 set-off was negotiated and granted. During year, customer refund amount to N$ 500. Stationery expense paid during the year was N$ 8 700 and was paid by bank cheque. Rent expense was also paid an amount of N$ 3 420 by cheque. The
following expenses were paid by cheque: Transport Expense N$ 750, Telephone Expense N$ 2 150 and General Expense N$ 680, Staff Welfare N$ 500 and by cash Municipal Service N$ 380. Motor vehicle was acquired on 01 June 2018 and is
and fittings was also acquired on 01 June 2019 and depreciated at 10% per annum and both on
At 01 June 2020, the following balances still exist in Jayty books:
DR CR
Bank 22 000
Cash 2 630
Rent Expense 540
Stationery Expense 300
Inventory – 31 May 2019 5 540
Drawings – 31 May 2019 16 300
Accounts Receivable and Payable 700 1 260
NB: WORKINGS ARE NOT REQUIRED
Required:
a) Prepare statement of comprehensive income as at 31 May 2020
b) Prepare
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