Use the information given below to prepare the Trading Account for year Instructions: ended 28 February 2013. Information: 1. Balances on 28 February 2013 262 800 Trading Stock (1 March 2012) 690 100 Purchases 58 000 Carriage on Purchases 990 000 Sales 30 000 Carriage on sales 40 000 Import duties 2. Other information: 2.1. The physical stocktaking was completed on 27 February 2013. According to the stocktaking, trading stock on hand amounted to R220 000. The following transactions of 28 February 2013 must still be recorded and stocks adjusted accordingly: Merchandise bought on credit from Metro Suppliers, R14 200. Goods sold for cash, R12 000. 2.2. Carriage on purchases includes the following: R1 000 paid to Fast Carriers for delivery of merchandise to customers. An invoice for R4 000 from Freighters Ltd for carriage on goods to be delivered during March 2013. 2.3. On 26 February 2013, a fire in the warehouse destroyed goods COStns R11 000. This transaction was not recorded. These goods insured. were not

Use the information given below to prepare the Trading Account for year Instructions: ended 28 February 2013. Information: 1. Balances on 28 February 2013 262 800 Trading Stock (1 March 2012) 690 100 Purchases 58 000 Carriage on Purchases 990 000 Sales 30 000 Carriage on sales 40 000 Import duties 2. Other information: 2.1. The physical stocktaking was completed on 27 February 2013. According to the stocktaking, trading stock on hand amounted to R220 000. The following transactions of 28 February 2013 must still be recorded and stocks adjusted accordingly: Merchandise bought on credit from Metro Suppliers, R14 200. Goods sold for cash, R12 000. 2.2. Carriage on purchases includes the following: R1 000 paid to Fast Carriers for delivery of merchandise to customers. An invoice for R4 000 from Freighters Ltd for carriage on goods to be delivered during March 2013. 2.3. On 26 February 2013, a fire in the warehouse destroyed goods COStns R11 000. This transaction was not recorded. These goods insured. were not

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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