4G12:07 PM ARequiredCalculate the depreciation and accumulated depreciation for 2019 and 2020.Rouhow all vour workinTake-Home Te...earest RaQuestion 3(Marks: 30)The following pre adjustment trial balance appeared in the beeks of Central Perk Furniture Storeat the end of their financial year. IGNORE VAT.Pre-adjustment trial balance of Central Perk Furniture Store for the year ended 31 March 2020.Fol.Debit (R)Credit (R)Statement of financial position sectionCapitalB1500 000.00DrawingsB225 000.00Land and buildingsB3865 000.00VehiclesB4220 987.00EquipmentB5156 760.00Accumulated depreciation: EquipmentB654 320.00(1 April 2019)Accumulated Depreciation: VehiclesB722 580.00(1 April 2019)BankB822 430.00Debtors ControlB935 600.00Allowance for Credit Losses- 1April 2019B101 780.25Petty CashB111 378.98Trading inventory (1 April 2019)B1227 865.43Mortgage LoanB13287 650.00Creditors ControlB1431 420.00SARS(UIF/SDL/PAYE)B1523 290.65O The Independent Institute of Education (Pty) Ltd 2020Page S of 7202020Fol.Debit (R)Credit (RNominal accounts sectionSalesN11167 371.07Sales ReturnsPurchasesN225 340.87N3520 389.76Purchases returnsN476 540.32Service IncomeN510 987.45Rent Income63 200.00N6Interest on debtors accountsN75 320.48Credit losses recoveredN82 478.90Telephone and faxCredit LossesN917 430.22N109 650.55Office refreshmentsN116 540.76Cleaning materialsStationeryN125 340 98N134 498.27Railage InwardsN141 976.54InsuranceN1550 600.00Electricity12 356.45N16Interest on creditors AccountsN175 478.67AdvertisingN1826 754.23Wages and SalariesN19156 430.28EntertainmentN2014 560.70FuelN2134 569.432 246 939.122 246 939.:Additional Information:1.Provide for depreciation as follows: Railage InwardsInsuranceElectricityN141976.54N1550 600.00N1612 356.45Interest on creditors AccountsN175 478.67AdvertisingWages and SalariesN1826 754.23N19156 430.28EntertainmentN2014 560.70FuelN2134 569.432 246 939.122 246 939.12Additional Information:1.Provide for depreciation as follows:On motor vehicles: 15% per annum on reducing balance method.On equipment: 10% on cost. Note a new piece of equipment was purchased on1 September 2019 costing R54 000. This has been recorded properly.O The Independent Institute of iducation (Pty) Ltd 2020Page 6 of 72020202.The owner took trading inventory for personal use. The selling price was R4 800 (VAT isnot applicable). The mark up is 50% on cost price. The transaction has not beenprocessed. The periodic inventory method is utilised by Central Perk Furniture Stare.3.The telephone and fax invoice for March 2020 of R2 430.15 has not yet been paid.4.A debtor, C. Bing who owed R6 500 has been declared insalvent. The business received35 cents on the Rand from the insolvent estate. This transaction must still be recorded.The remaining balance may be written off as irrecoverable.5.The allowance for credit losses must be adjusted to the amount of R1 600.6.Insurance expenses for April 2020 have been prepaid. The monthly premium hasremained the same for the past two years.7.Rent income for April 2020 of R4 200 has been received in advance.8.Service income of R5 430 has not been received for March 2020.9.The stock take revealed the following:Trading inventory – R15 640.32Cleaning materials- R1 432.76Stationery- R568.43Required:Journalise the adjustments (First voucher number = No. 101).Note - The subsidiary journals have been closed off, so all additional transactions arerecorded in the general journal. No journal narrations or folio numbers are required. Youare not required to jaurnalise the closing transfers.END OF PAPERO The Independent Institute of Education (Pty) Ltd 2020Page 7 of 7

Introduction: Adjustment entries: Adjustment entries can be defined as the entries made at the end…

Required: Journalise the adjustments (First voucher number = No. 101). Note - The subsidiary journals have been closed off, so all additional transactions are recorded in the general journal. No journal narrations or folio numbers are required. You are not required to journalise the closing transfers. END OF PAPER

Required: Journalise the adjustments (First voucher number = No. 101). Note - The subsidiary journals have been closed off, so all additional transactions are recorded in the general journal. No journal narrations or folio numbers are required. You are not required to journalise the closing transfers. END OF PAPER

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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Use the following purchases journal to record the transactions. (If a box is not used in the journal leave the box empty; do not select any information and do not enter a zero. Abbreviation used: Supp. = Supplies) a (Click the icon to view the transactions.) Purchases Journal Page 6 Other Accounts DR Vendor Post. Accounts Merchandise Office Account Post. Date Account Credited Terms Ref. Payable CR Inventory DR Supp. DR Title Ref. Amount 2024 Oct. More Info Oct. 1 Purchased merchandise inventory on account with credit terms of 2/10, n/30 from Milk Co., $2.700, Oct. 11 Purchased office supplies on account from Book Co., $400. Terms were n/EOM. Oct. 24 Purchased furniture on account with credit terms of 4/10, n/60 from Slip Co., $1,600. Print Done
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Prepare the journal entries to record the following transactions on Cullumber Company's books under a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) (a) (b) (c) On March 2, Marin Company sold $928,800 of merchandise to Cullumber Company on account, terms 2/10, n/30. The cost of the merchandise sold was $511,500. On March 6, Cullumber Company returned $108,400 of the merchandise purchased on March 2. The cost of the merchandise returned was $60,800. On March 12, Marin Company received the balance due from Cullumber Company. Date Account Titles and Explanation Toxtbookand Media Debit Credit
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Prepare the journal entry under basis 2, assuming that Chester Company did not remit payment until July 29. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.)
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