The following balances appeared in the Post-Closing Trial Balance of Zinzi Traders on 28 February 2020, the end of the financial year: R 96 000 10 000 9 000 7 000 Creditors control Accrued expenses Accrued income Prepaid expenses Income received in advance 4 000 Long-term loan | 200 000 Note: R20 000 of the long-term loan is payable in the next financial year. The amount that will be reflected as current liabilities and non-current liabilities on the Balance Sheet of Zinzi Traders on 28 February 2020 is _ Current liabilities Non-current liabilities R130 000 R180 000 R110 000 R200 000 R135 000 R180 000 none of the above

The following balances appeared in the Post-Closing Trial Balance of Zinzi Traders on 28 February 2020, the end of the financial year: R 96 000 10 000 9 000 7 000 Creditors control Accrued expenses Accrued income Prepaid expenses Income received in advance 4 000 Long-term loan | 200 000 Note: R20 000 of the long-term loan is payable in the next financial year. The amount that will be reflected as current liabilities and non-current liabilities on the Balance Sheet of Zinzi Traders on 28 February 2020 is _ Current liabilities Non-current liabilities R130 000 R180 000 R110 000 R200 000 R135 000 R180 000 none of the above

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Adjusting entry: On 1 December 2019, Count-On-Us Pty Ltd invested $50,000 in a term deposit at Commonwealth Bank. Interest is received after one year and the interest rate is 6% p.a. Instructions: Record the adjusting entry for the year ending 30 June 2020 by selecting the correct accounts and amounts that are debited and credited.
Hardev
On October 1, 2023 PT. Leci borrowed $500,000 from Pineapple Bank by signing a 10-month, 6% note. If on December 31 PT. Leci makes adjusting entries, then on August 1, 2024 what is the amount of interest expense recorded by PT. Lychee when paying off the notes? a. 17.500 b. 21 000 c. 9.000 d. 30.000 e. 7.500
Amounts owing by customers amounted to £650,000 at 31 December 2020. The business sets the provision for doubtful debts at 2.5% of trade receivables. The provision for doubtful debts at 31 December 2020 amounted to £19,340.The final adjustment relating to doubtful debts in the accounts for the year ended 31December 2020 will be:a) Dr Doubtful debts charge 16,250 Cr Trade receivables 16,250b) Dr Doubtful debts charge 3,090 Cr Doubtful debts provision 3,090c) Dr Doubtful debts provision 3,090 Cr Doubtful debts charge 3,090d) Dr Doubtful debts charge 16,250 Cr Doubtful debts provision 16,250
1. kgogo Trading has the following account balances as at 30 June 2019. RM 200,000 6,000 Account Receivable Provision for doubtful debt On 30 June 2019, the following adjustment have to be made: i. Debts of RM500 are to be written off as bad ii. One of the entities with accounts receivable whose debts had previously been written off as bad sent a cheque for RM1,000 in full settlement of the amount owed iii. Provision for doubtful debts is 2% of the outstanding accounts receivables Required: For the year ending 30 June 2019 show the: a) Provision for doubtful debts account b) Statement of Profit or Loss (extract) c) Statement of Financial Position (extract)
The business receives a promissory note of P20,000, carrying an interest rate of P12%. The note is dated May 1, 2020 and the balance sheet date of the business is June 30, 2020. The accrued interest is how much? Is this an income or expense?