Adjustments and additional Information:1. According to physical stocktaking done on 28 February 2021, trading Inventory onhand amounted to R68 00.2. Consumable stores used during the financial year amounted to R1 800.3. No entry has been made for a commission of 10% eamed bit not recelved on 500Items that were sold for R50 each.4. Recelved a cheque for RE00 from an Insolvent debtor, J Marsh, who was only able topay 30% of her debt. The balance of his account must now be wrtten off.5. The provision for bad debts must be decreased to R1 500.6. The telephone account for February 2021 has not yet been paid, R700.7. The rental agreements signed with the lessor were as follows:• R30 000 for the perlod 01 January 2020 to 31 December 2020• R35 C00 for the perlod 01 January 2021 to 31 December 20218. The loan trom Arles Bank was obtalned on 01 September 2020. Provide for theoutstanding interest.9. The Insurance total indudes an annual premlum of R1 800 that was paid for theperod 01 June 2020 to 31 May 2021.10. The bank statement for February 2021 reflected bank charges of R180 that have notyet been recorded.11. The electricity and water account was debited with an amount of R1 000 for personalelectricity account of the proprietor, that was pald with a business cheque12. Provide for depreclation as follows:• On equipment at 15% per annum on cost• On vehicies at 25% per annum on the diminishing balance method13. An account recelved from Heldi Motors to replace two tyres on the dellvery vehlcle ofthe business R2 000, has not been recorded.Requlred:Prepare the following for Warrior Traders for the financial year ended 28 February 20213.2The statement of changes in equity. The trial balance and addtional Information given below were extracted from the accountingrecords of Warrlor Traders as at 28 February 2021, the end of the financal year.Warrlor TradersPre-adjusted trial balance on 28 February 2021Debit (R) Credit (R)162 000CapitalDrawings70 000Vehicles at oost180 000Equipment at cost120 000Accumulated depredation on vehicles90 000Accumulated depredation on equipment38 000Trading Inventory70000Debtors control32 000Provision for bad debts4 000Bank22 000Cash float2000Creditors control40 000Mortgage loan: Aries Bank (16% p.a)80 000Sales485 000Cost of sales240 000Sales retums5 000Salarles and wages84 000Bad debts5 000Consumable stores2000Rent expenseMotor expenses28 00015 000Bad debts recovered2 000Telephone7 000Electricity and water11 000Bank charges3 000Insurance4 000Interest on mortgage loan6 000Commission Income5 000906 000906 000

Particulars Amount Particulars Amount To Opening stock 70000 By sales 465000 To Purchases 240000…

Answered: Tolowing Wamor Tradem year ende 2021

Business

Accounting

Tolowing Wamor Tradem year ende 2021

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter12: Intangibles

Section: Chapter Questions

Problem 10MC

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The following item has been extracted from the ledger of Jonaz Trading for the year ending September 30, 2020. Cash 12,100Account receivable 27,700Inventory 1 October 2019 55,200Supplies 6,200Machine 120,000Accumulated Depreciation- Machine 36,000Lorry 180,000Accumulated Depreciation- Lorry 72,000Notes Payable 40,000Account payable 48,500Loan 56,000Owner’s Capital 88,000Drawings 5,000Sales 758,800Sales Return and Allowances 15,800Purchases 489,200Purchase returns and Allowances 16,500Salaries and Wages Expense 136,000Advertising Expense 22,100Utilities Expense 14,000Maintenance and Repair Expense 12,100Rent Expense 18,000Prepaid Insurance 2,400 Additional information as at 30 September 2020: • Stock on 30 September 2020 was valued at RM70,000.• Supplies on hand at 30 September 2020 total RM540• Invoice representing RM7,500 sales in September has not been recorded.• The insurance policy is for a year ending 30 April 2021.• Machine and lorry were depreciated at 10% of the cost each year.…
The following pre‐adjustment trial balance appeared in the books of Musketeer Traders at the end of their financial year 30 September 2019. Ignore VAT. (attatched in 1.JPG Additional information and adjustments as at 30 September 2019: The stock take revealed the following items on hand: ‐ Trading Inventory – R 11 000 ‐ Office consumables – R 340 Depreciation must be provided for on vehicles at 25% per annum according to the straight‐line method. No vehicles were bought or sold during the year. The following adjustments must be made to enforce the accrual concept: ‐ Wages and salaries payable – R 6 000 ‐ Telephone prepaid for October 2019 – R 1 300 ‐ Rent income received in advance – R 3 500‐ Accrued interest on fixed deposit – R 5 350 Create an allowance for credit losses to the amount of R 870. Required: Prepare the post adjustment trial balance of Musketeer Traders on 30 September 2019.
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Required:Prepare the post adjustment trial balance of Musketeer Traders on 30 September 2019.