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prepare the statement of financial position

prepare the statement of financial position

FINANCIAL ACCOUNTING
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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prepare the statement of financial position

Question Information below relate lo Okakarara Trading for the financial year ending 31 January 2022. Okakarara Trading as at 31 January 2022 AMOUNT (NS) ACCOUNT NAME: 124,300 Purchases 22,540 Inventory - 01 February 2021 11,220 Inventory- 31 January 2022 Sales 380,950 1,200 Returns - In Returns - Out 2,500 Carriage - In 850 Carriage - Out 1,500 Land 114,618 Stationery Expense 6,950 Stationery on hand 600 Cash 400 Fish Bank - Credit 6,850 Cooler Bank - Debit 12,800 Telephone Expense 7,690 Sundry Income 888 Rental Expense 5,820 Motor Vehicle - Cost 105,600 Accumulated Depreciation - 31 January 2021 41,000 Water Expense 1,560 Capital 10,000 Page 11 of 18
Transcribed Image Text:Question Information below relate lo Okakarara Trading for the financial year ending 31 January 2022. Okakarara Trading as at 31 January 2022 AMOUNT (NS) ACCOUNT NAME: 124,300 Purchases 22,540 Inventory - 01 February 2021 11,220 Inventory- 31 January 2022 Sales 380,950 1,200 Returns - In Returns - Out 2,500 Carriage - In 850 Carriage - Out 1,500 Land 114,618 Stationery Expense 6,950 Stationery on hand 600 Cash 400 Fish Bank - Credit 6,850 Cooler Bank - Debit 12,800 Telephone Expense 7,690 Sundry Income 888 Rental Expense 5,820 Motor Vehicle - Cost 105,600 Accumulated Depreciation - 31 January 2021 41,000 Water Expense 1,560 Capital 10,000 Page 11 of 18
FACULTY OF COMMERCE, MANAGEMENT AND LAW 3,600 Insurance Expense 80 Bad debts 4,110 Bad debts recovered 69,850 Accounts Receivable 33,660 Accounts Payable The following additional information is also available: 1. Sold goods valued at NS 12,500 to a customer. Customer upon receiving the goods, the customer paid 40% by cash and remainder is to be paid 01 February 2022. 2. Customer that was written off as bad debts eventually paid N$ 500 cash as final amount that was outstanding. 3. A customer that owed N$ 1,500 cannot be traced and the amount was declared bad. 4. The owner donated N$ 2,800 to Ministry of Health with a cheque from Cooler Bank 5. The owner took a cheque from Fish Bank N$ 1,000 and deposited in his mother's account for her use. 6. Insurance of N$ 1,560 was paid and was recorded as water expense. 7. Motor vehicle repair of N$ 500 was debit to sales. 8. Depreciation on motor vehicle is 15% with no residual and straight-line method was applied. 9. Owner took NS 5,000 cash and deposited into Fish Bank 10. Rent of N$ 1,180 was paid from Cool Bank but was omitted from the books 11. Telephone of N$ 310 was paid from Fish Bank but was omitted from the books 12. Motor Vehicles expense N$ 1,500 was debited to carriage-out. 13. Owner withdraw NS 1,000 from Cooler Bank and brought it into the business.
Transcribed Image Text:FACULTY OF COMMERCE, MANAGEMENT AND LAW 3,600 Insurance Expense 80 Bad debts 4,110 Bad debts recovered 69,850 Accounts Receivable 33,660 Accounts Payable The following additional information is also available: 1. Sold goods valued at NS 12,500 to a customer. Customer upon receiving the goods, the customer paid 40% by cash and remainder is to be paid 01 February 2022. 2. Customer that was written off as bad debts eventually paid N$ 500 cash as final amount that was outstanding. 3. A customer that owed N$ 1,500 cannot be traced and the amount was declared bad. 4. The owner donated N$ 2,800 to Ministry of Health with a cheque from Cooler Bank 5. The owner took a cheque from Fish Bank N$ 1,000 and deposited in his mother's account for her use. 6. Insurance of N$ 1,560 was paid and was recorded as water expense. 7. Motor vehicle repair of N$ 500 was debit to sales. 8. Depreciation on motor vehicle is 15% with no residual and straight-line method was applied. 9. Owner took NS 5,000 cash and deposited into Fish Bank 10. Rent of N$ 1,180 was paid from Cool Bank but was omitted from the books 11. Telephone of N$ 310 was paid from Fish Bank but was omitted from the books 12. Motor Vehicles expense N$ 1,500 was debited to carriage-out. 13. Owner withdraw NS 1,000 from Cooler Bank and brought it into the business.
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