b. Uncollectable Debts written off amounted to R1 500 during 2020.3. Cash received from customers for the year amounted to R145 000.4. The business utilised the perpetual inventory system to record inventory.5. Cash payments made to suppliers for the credit purchase of inventory amounted to R95 000.6. During the year, R5 670 worth of credit notes were received from suppliers for the return ofinventory purchased on credit.7. Included in accounts payable the following amounts owing to suppliers for the purchase ofinventory amounted to:а.At 31 December 2019: R12 000b. At 31 December 2020: R20 0008. Distributions to the owner amounted to R5 000.9. The owner contributed R6 000 worth of furniturebe used by the business during the 2020financial year.10. No other capital contributions were made during the year.Required:1) Calculate the value of Sales that will be reported in the Statement of Profit and Loss for theperiod ended 31 December 2020.2) Calculate the value of Cost of Sales that will be reported in the Statement of Profit and Lossfor the period ended 31 December 2020.3) Calculate the Net Profit for the period ended 31 December 2020.4) Calculate the total operating expenses incurred for the period ended 31 December 2020. (Ignore VAT)Looking Glass is a window repair business and has a year end of 31 December. The followingStatement of Financial Position was reported for the year ended 31 December 2020:Looking GlassStatement of Financial Position at 31 December 202031/12/202031/12/2019RASSETSNon-current AssetsFurniture and fittings52 00050 000Cost66 00060 000Accumulated depreciation000)Current Assets74 00059 200Inventory32 00030 000Accounts Receivable30 00019 200Bank12 00010 000126 000109 200EQUITY AND LIABILITIESEquityСapital104 00094 200Current LiabilitiesAccounts Payable22 00015 000126 000109 200The following information is available:5/71. All sales are made on credit.2. Accounts Receivable is reported at the carrying value after taking into account:а.Allowance for Doubtful Debts amounted to R4 800 at 31 December 2019 and R7 500at 31 December 2020.

Name: b. Uncollectable Debts written off amounted to R1 500 during 2020.3.
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Description: b. Uncollectable Debts written off amounted to R1 500 during 2020.3. Cash received from customers for the year amounted to R145 000.4. The business utilised the perpetual inventory system to record inventory.5. Cash payments made to suppliers for th

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Business

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Looking Glass is a window repair business and has a year end of 31 December. The following Statement of Financial Position was reported for the year ended 31 December 2020: Looking Glass Statement of Financial Position at 31 December 2020 31/12/2020 31/12/2019 ASSETS Non-current Assets Furniture and fittings 52 000 50 000 Cost 66 000 60 000 Accumulated depreciation (14 000) (10 000) Current Assets 74 000 59 200 Inventory 32 000 30 000 Accounts Receivable 30 000 19 200 Bank 12 000 10 000 126 000 109 200 EQUITY AND LIABILITIES Equity Capital 104 000 94 200 Current Liabilities Accounts Payable 22 000 15 000 126 000 109 200 The following information is available: 1. All sales are made on credit. 2. Accounts Receivable is reported at the carrying value after taking into account: a. Allowance for Doubtful Debts amounted to R4 800 at 31 December 2019 and R7 500 at 31 December 2020.

Looking Glass is a window repair business and has a year end of 31 December. The following Statement of Financial Position was reported for the year ended 31 December 2020: Looking Glass Statement of Financial Position at 31 December 2020 31/12/2020 31/12/2019 ASSETS Non-current Assets Furniture and fittings 52 000 50 000 Cost 66 000 60 000 Accumulated depreciation (14 000) (10 000) Current Assets 74 000 59 200 Inventory 32 000 30 000 Accounts Receivable 30 000 19 200 Bank 12 000 10 000 126 000 109 200 EQUITY AND LIABILITIES Equity Capital 104 000 94 200 Current Liabilities Accounts Payable 22 000 15 000 126 000 109 200 The following information is available: 1. All sales are made on credit. 2. Accounts Receivable is reported at the carrying value after taking into account: a. Allowance for Doubtful Debts amounted to R4 800 at 31 December 2019 and R7 500 at 31 December 2020.

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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