ACCOUTING PRIN SET LL INCLUSIVE
14th Edition
ISBN: 9781119815327
Author: Weygandt
Publisher: WILEY
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You have been provided with the end of year, unadjusted trial balance for City Movers LTD and a list of balance day adjustments to be entered into the General Journal.
CITY MOVERS
UNADJUSTED TRIAL BALANCE AS AT 31st August 2021
Cash at bank
60080
Accounts Receivable
68250
Allowance for Doubtful Debts
1500
Prepaid Insurance
3600
Moving Van
45000
Acc. Depreciation- Van
9000
Capital – Gui Nash
102000
Drawings – Gui Nash
16,500
Fees Revenue
90930
Moving staff wages
10000
Total
203430
203430
Additional Information
The annual Insurance policy was paid on 1st June 2021.
An Accounts Receivable of $750 is uncollectable and is to be written off. The policy is to have the Allowance for Doubtful Debts equal to 2% of accounts receivable
Moving van is depreciated at 10% per annum straight line method.
Wages amounting to $ 950 had been incurred but not been paid as at 31st August 2021.
Required:…
Required:
(a) Prepare journal entries to record the impairment loss of receivable in 2021 under Statement of Financial Position approach.
(b) Prepare partial Statement of Financial Positions to show the accounts receivables at 31 December 2021.
REQUIRED
Record the adjustment journal entry in respect of rent income in the books of NT Stores as at 28
February 2022.
INFORMATION
The Rent Income account of NT Stores reflected a total of R276 000 on 28 February 2022, the end of
the accounting period. This was in respect of rent for an office occupied by a tenant for the entire
financial year. The monthly rental was increased by 10% with effect from 01 September 2021. The rent
for February 2022 was due to be received on 01 March 2022.
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