QUESTION 10Which one of the following alternatives represents the correct amount that mustbe disclosed as trade and other payables in the statement of financial position ofVV Traders for the year ended 30 June 20.2?O A. 48 470B. 51 570C. 47 570D. 44 730E. 55 930F. 41 300 Vusi and Vuma are in partnership trading as VV Traders specialising inmanufacturing protective wear related to COVID-19. The partners share profitsequally. The following information pertains to the business activities of thepartnership for the year ended 30 June 20.2:VV TRADERSEXTRACT OF FINANCIAL INFORMATION AS AT 30 JUNE 20.2NoteRLoan to VusiLand and buildings (at cost)Machinery (at cost)Vehicles (at cost)Accumulated depreciation: MachineryAccumulated depreciation: VehiclesAllowance for credit lossesCapital contribution: VusiCapital contribution: VumaAllowance for settlement discount grantedLong-term loanInventoryTrade receivables controlTrade payables controlBankPetty cashCurrent account: Vusi (1 July 20.1)Current account: Vuma (1 July 20.1)92 650462 330160 690Cell Styles201 58029 2209 8103 710350 280350 2808 94070 85049 49097 45041 53084 5901 57042 84063 220Profit before year-end adjustments170 370Additional information1. The long-term loan was acquired from Gqeberha Bank on 1 July 20.1. Thecapital portion of the loan is repayable in annual installments of R10 000and the first installment is payable on 31 December 20.2.2. On 1 July 20.2 VV Traders received an invoice amounting to R3 200 fordelivery expenses of inventory delivered on 25 June 20.2.3. On 1 January 20.2 VV Traders made a loan advance to Vusi. According tothe loan agreement, the loan bears interest at 10% per annum and iscapitalized. The interest is not yet recorded. The loan is fully repayable on31 January 20.3.4. Depreciation for the year is to be provided for as follows:• Machinery - R8 800o Vehicles - R18 5005. On 1 January 20.2, VV Traders concluded an insurance contract withNamba Insurers. According to the contract, the premium is payable annuallyin advance. The amount paid on the same date amounted to R18 000 andmust still be recorded.

Trade payable means the amount is to be paid to the supplier against the receivable of goods during…

QUESTION 10 Which one of the following alternatives represents the correct amount that must be disclosed as trade and other payables in the statement of financial position of VV Traders for the year ended 30 June 20.2? A. 48 470 B. 51 570 C. 47 570 D. 44 730 E. 55 930 E 41 300

QUESTION 10 Which one of the following alternatives represents the correct amount that must be disclosed as trade and other payables in the statement of financial position of VV Traders for the year ended 30 June 20.2? A. 48 470 B. 51 570 C. 47 570 D. 44 730 E. 55 930 E 41 300

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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