Balances on 28 February 2021 Balance sheet section Vehicles at cost Equipment at cost Inventory Provision for bad debts Nominal accounts section Bad debts telephone Adjustment R 90 000 R 50 000 R 100 000 2 000 O A. R103 500 OB. R93 500 O C. R76 500 OD. R13 500 RR R R 500 1 500 Annual depreciation on equipment vehicles is calculated at 15% p.a. The carrying value of vehicles at the end of the year is:

Balances on 28 February 2021 Balance sheet section Vehicles at cost Equipment at cost Inventory Provision for bad debts Nominal accounts section Bad debts telephone Adjustment R 90 000 R 50 000 R 100 000 2 000 O A. R103 500 OB. R93 500 O C. R76 500 OD. R13 500 RR R R 500 1 500 Annual depreciation on equipment vehicles is calculated at 15% p.a. The carrying value of vehicles at the end of the year is:

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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Question Prepare the statement of profit or loss of Amazing Enterprise for the year ended 30 April 2021.
Trial Balance as at June 30, 2020 Dr $ Cr $ Cash 127,000 Accounts Receivable 151,000 Allowance for Bad-Debts 12,500 Merchandise Inventory 187,500 Store Supplies 58,000 Prepaid Insurance 72,000 Prepaid Rent 56,000 Furniture & Fixtures 800,000 Accumulated Depreciation: Furniture & Fixtures 256,000 Computer Equipment 450,000 Accumulated Depreciation: Computer Equipment Accounts Payable 133,500 Salaries Payable Interest Payable 27,000 Unearned Sales Revenue 82,000 Long-Term Loan 360,000 Eva Ready, Capital 898,500 Eva Ready, Withdrawals 104,000 Sales Revenue 1,043,000 Sales Discount 7,000 Sales Returns & Allowances 5,500 Cost of Goods Sold 403,000 Salaries Expense 165,000 Insurance Expense Utilities Expense…
#18The adjusted trial balance of Delia company included the following accounts for the current year:Sales 11,400,000Interest revenue 300,000Gain on sale of equipment 120,000Revaluation surplus during the year 1,440,000Share of profit of associate 420,000Cost of goods sold 7,200,000 Finance cost 180,000Distribution cost 600,000Administrative expenses 360,000Translation loss on foreign operation 240,000Income tax expense 1,140,000How much is the comprehensive income for the current year? PLS provide solution and explanation for above Philippines Accounting standard
Subject/Course: Financial Accounting.
Pre - Ajustment Trial Balance as at 28 February 2022 Balance Sheet Accounts Section Debit Credit Capital 240 950 Drawings 114 000 Vehicle at cost 285 000 Equipment at cost 165 000 Accumulated Depreciation Vehicles 138 000 Accumulated Depreciation on Equipment 54 000 Trading Iventory 105 000 Debotors Control 48 000 Provision for bad debts 6 600 Bank 35 850 Creditors Control 61 500 Mortage Loan:Maxi Bank 16%pa 105 000 Nominal Account Section sales 742 500 Cost of sales 360 000 Sales Returns 4 500 salaries and wages 129 000 bad debts 1500 Consumable Stores 2300 Rent exspenses 34 500 Motor exspenses 26 700 bad debt recovery 1300 telephone 9 300 electricity and water 18 600 Bank charges 3700 Insurance 8100 Interest on mortage loan 7800 comission income 9000 1 358 850 1 358 850
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