1. Prepare the statement for changes in equity for the year ended 30 April 2020. Young Traders is owned by Yvonne Young. Young Traders is not a VAT vendor and uses the perpetualinventory system. Goods are sold at a mark-up of 50% on cost price. The following pre-adjustment trialbalance appeared in the books of Young Traders at the end of their current financial year, 30 April 2020:Pre-adjustment Trial Balance of Young Traders as at 30 April 2020Debit (R)Credit (R)Capital (1 May 2019)1 200 000Vehicles550 000Accumulated Depreciation on Vehicles (1 May 2019)205 000Fixed deposit (ABBA Bank) (12% p.a.)75 000Inventory149 000Debtors Control123 500Allowance for Credit Losses (1 May 2019)2 500Creditors Control50 100Bank199 400Sales1 467 500Cost of Sales914 000Sales Returns70 000Salaries and Wages640 000Stationery84 500Carriage on Sales23 700Credit Losses13 500Telephone82 500R2 925 100R2 925 100 Additional information and adjustments at year-end:1.According to a physical stock taking, stationery on hand amounted to R4 500 and tradinginventory on hand amounted to R147 000.2.An amount of R2 500 was prepaid on carriage on sales on goods that will be delivered inMarch 2020.3.A debtor, Joe Jones, is insolvent and his debt of R3 500 must be written off as irrecoverable.4.The allowance for credit losses must be adjusted to R2 000.5.Provide depreciation on vehicles of R55 000 for the current financial year.6.The owner withdrew R215 000 cash over the year for his personal use. This entry still needsto be recorded.7.An amount of R1 000 for Telephone was incorrectly debited to the Salaries and Wagesaccount during April 2020. Correct the error.8.Young Traders invested the fixed deposit with ABBA Bank on 1 May 2019. The fixed depositwill mature on 30 April 2021. Interest for the current year must still be provided.

Name: 1. Prepare the statement for changes in equity for the year ended 30 A
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Description: 1. Prepare the statement for changes in equity for the year ended 30 April 2020. Young Traders is owned by Yvonne Young. Young Traders is not a VAT vendor and uses the perpetualinventory system. Goods are sold at a mark-up of 50% on cost price. The f

Statement of changes in equity refers to the statement that shows the changes in the owner's capital…

Business

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Young Traders is owned by Yvonne Young. Young Traders is not a VAT vendor and uses the perpetual inventory system. Goods are sold at a mark-up of 50% on cost price. The following pre-adjustment trial balance appeared in the books of Young Traders at the end of their current financial year, 30 April 2020:

Young Traders is owned by Yvonne Young. Young Traders is not a VAT vendor and uses the perpetual inventory system. Goods are sold at a mark-up of 50% on cost price. The following pre-adjustment trial balance appeared in the books of Young Traders at the end of their current financial year, 30 April 2020:

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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Blyth Traders are a well-established wholesale business operating in the north of England and south Scotland. Their trial balance for year ended 31" December 2021 is presented below: Dr [E] Cr (E] Non-current assets (cost): Plant and machinery 150,000 Vehicles 100,000 Premises 600,000 Accumulated depreciation (1-1-21): Plant and equipment Vehicles 90,000 50,000 Premises 96,000 Sales Sales returns Purchases Carriage in Wages and salaries Discounts allowed Electricity costs Vehicle maintenance Advertising and marketing Irrecoverable debts 829,000 2,000 335,000 15.000 114.000 4.500 37.500 8,000 2,500 14,000 3,000 Allowance for receivables Bank 1,500 19,200 Accounts payable Accounts receivable 31,600 60,000 Inventory (1-1-21) 91,700 Drawings Bank loan [10%] Capital (1-1-21) 60,000 150.000 324,900 1.594.700 1.594.700 Additional notes: 1) Inventory at 31" December 2021 was valued at £94,000. However, on 4th January 2022 additional lines of inventory were uncovered that had not been included…
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