Hi please help with Q2.1 only:Prepare the statement of profit or loss and other comprehensive income for the year ended 28 February 2021Format is provided Question 2The following Pre-adjustment Trial Balance was taken from the books of Jakarta Traders for theyear-ended 28 February 2021FolDEBITCREDITStatement of financial position sectionCapital939 540Drawings16 000Land and buildings1 100 000Vehicles480 000Accumulated depreciation: Vehicles120 000Fixed Deposit: ABC Bank85 700Trading inventory42 740Petty cash2 000Bank8920Debtors Control27 820Allowance for credit losses2 000Creditors Control12 140Long-term loan: XYZ Bank744 000Nominal accounts sectionSales1236 000Sales returns36 000Cost of sales976 000Rent income52 000Interest on fixed deposit7 840Telephone76 080Interest on long term loan119 040Salaries and wages43 320Advertising18 000Postage and stationery9 500Insurance80 000Credit losses10 2403 122 4403 122 440Additional information:According to a physical stock-take the following was on hand on 28 February 2021:Trading inventory R42 000Postage and stationery R2 000Depreciation must be written off on vehicles at 25% per annum according to thediminishing balance method. No vehicles were purchased or sold during the currentfinancial yearSalaries and wages for February have not yet been paid, R16 000Advertising for March has been prepaid R3 600Rent for March was received in February R4 000Interest on fixed deposit accrued R1 000Allowance for credit losses must be increased by 10% of the allowanceQ21 Prepare the statement of profit or loss and other comprehensive income for theyear ended 28 February 2021Q22 Prepare the statement of financial position as at 28 February 2021Show all workingsRound off to the nearest RandIgnore VATNotes to the Financial statements are not required Question 2Q.2.1STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME OFJAKARTA TRADERS FOR THE YEAR ENDED 28 FEBRUARY 2021NOTERR

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Answered: Q21 Prepare the statement of profit or…

Business

Accounting

Q21 Prepare the statement of profit or loss and other comprehensive income for the year ended 28 February 2021

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter2: The Accounting Information System

Section: Chapter Questions

Problem 18CE: CORNERSTONE 2.1 Four statements are given below. Pewterschmidt Company values its inventory reported...

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(Appendix 21.1) Visual Inspection The following changes in account balances were taken from Walson Companys adjusted trial balance at the end of 2019: In addition, the following information was obtained from the companys records: Land was sold, at cost, for 1,900. Dividends of 4,000 were declared and paid. Equipment was purchased for 10,400. Common stock was issued for 9,000. Beginning cash balance was 17,000. Required: Using visual inspection and the direct method, prepare Walsons 2019 statement of cash flows. (A separate schedule reconciling net income to cash provided by operating activities is not necessary.)
Adjustment process and financial statements Adjustment data for Ms. Ellen’s Laundry Inc. for the year ended December 31, 20Y8. are as follows: a. Wages accrued but not paid at December 31. $2150 h. Depreciation of equipment during the year. $12500 c. Laundry supplies on hand at December 31. $1,500 d. Insurance premiums expired. $4600 Instructions 1. Using the following integrated financial statement framework, record each adjustment to the appropriate accounts, identifying each adjustment by its letter. After all adjustments are recorded, determine the balances.
CORNERSTONE 2.1 Four statements are given below. Pewterschmidt Company values its inventory reported in the financial statements in terms of dollars instead of units Property, plant, and equipment is recorded at cost (minus any accumulated depreciation) instead of liquidation value. The accounting records of a company are kept separate from its owners. The accountant assigns revenues and expenses to specific years before preparing the financial statements. Required: Give the accounting assumption that is most applicable to each of the statements.
Exercise 3-61 Preparation of a Worksheet (Appendix 3A) Unadjusted account balances at December 31, 2019, for Rapisarda Company are as follows: The following data are not yet recorded: Depreciation on the equipment is $18,350. Unrecorded wages owed at December 31 , 2019: $4,680. Prepaid rent at December 3 1 , 2019: $9,240. Income taxes expense: $5,463. Required: Prepare a completed worksheet for Rapisarda Company.
Adjustment process and financial statements Adjustment data for Ms. Ellen’s Laundry Inc. for the year ended December 31, 20Y8, are as follows: a. Wages accrued but not paid at December 31. $2150 b. Depreciation of equipment during the year. $12500 c. Laundry supplies on hand at December 31. $1,500 d. Insurance premiums expired. $4600 Instructions Prepare a classified balance sheet as of December 31, 20Y8.
Question The following pre‐adjustment trial balance appeared in the books of Central Perk Furniture Storeat the end of their financial year. IGNORE VAT.Pre‐adjustment trial balance of Central Perk Furniture Store for the year ended 31 March 2020.Fol. Debit (R) Credit (R)Statement of financial position sectionCapital B1 500 000.00Drawings B2 25 000.00Land and buildings B3 865 000.00Vehicles B4 220 987.00Equipment B5 156 760.00Accumulated depreciation: Equipment(1 April 2019)B6 54 320.00Accumulated Depreciation: Vehicles(1 April 2019)B7 22 580.00Bank B8 22 430.00Debtors Control B9 35 600.00Allowance for Credit Losses‐ 1 April 2019 B10 1 780.25Petty Cash B11 1 378.98Trading inventory (1 April 2019) B12 27 865.43Mortgage Loan B13 287 650.00Creditors Control B14 31 420.00SARS(UIF/SDL/PAYE) B15 23 290.6520 2020Page 6 of 7Fol. Debit (R) Credit (R)Nominal accounts sectionSales N1 1 167 371.07Sales Returns N2 25 340.87Purchases N3 520 389.76Purchases returns N4 76 540.32Service Income N5 10…
6. Raon Electronics Company The adjusted trial balance of Raon Electronics Company as of 30 September 2018 is given below. Prepare the SFP using report form and the SCI using the single-step format. RAON Electronics Company Trial Balance - Adjusted30 September 2018Account Debit Credit Cash ₱21 700Accounts Receivable 4 200Supplies 1 800Prepaid Insurance 6 300Land 43 500Buildings 132 000Accumulated Depreciation – Building ₱25 000Accounts Payable 3 700Notes Payable 10 300Salaries Payable 2 500Property Taxes Payable 4 100Unearned Revenue 2 600Loans Payable(due in 4 years) 100 000Mr. L, Capital ?Service Revenue 78 600Wages Expense 14 800Utilities Expense 4 600Property Tax Expense 3 500Insurance Expense 6 700Supplies Expense 5 100Depreciation Expense 8 800Interest Expense 13 200Miscellaneous Expense 1 200Total ₱267 400 ₱267 400For Mr. L, Capital squeeze in the figure, i.e total credits ₱267 400 less total accumulated depreciation down to service revenue.Instructions: How much will be the…
6. The following trial balance was extracted from the books of Fasuha Trading as at 31 December 2020. Particulars Debit RM Credit RM Office equipment 12,250 Motor vehicles 9,150 Furniture 3,600 Accumulated depreciation as at 1 January 2020: Office equipment Motor vehicles Furniture 2,450 1,373 1,060 Account receivables and account payables 6,860 3,632 Capital 29,608 6% loan to Rara 2,500 Purchases and sales 19,110 31,560 Discount 215 175 Advertising 4,250 Cash in hand 1,630 Provision for doubtful debts 300 Commission received 740 6% loan from Afina Bank (taken from 1 May 2020) 8,000 Rent 1,200 700 Drawings 1,900 Maintenance and petrol 1,260 Staff’s wages 4,005 Insurance 1,000 Cash at bank 5,270 Carriage inwards 210 Carriage outwards 250 Telephone and electricity…
QUESTION FOUR The following balances appeared in the general ledger of Umzinto Traders on 01 March 2012, the beginning of the financial year: R Vehicles 300 000 Accumulated depreciation on vehicles 140 000 Equipment 130 000 Accumulated depreciation on equipment 75 000 Additional information A new vehicle, cost price R160 000, was purchased on credit on 01 December 2012. Equipment with a cost price of R10 000, was sold for cash on 31 August 2012 for R2 000. The accumulated depreciation on the equipment sold amounted to R7 000 on 01 March 2012. Depreciation is calculated on equipment at 10% per annum on cost. Depreciation is calculated on vehicles at 20% per annum on the diminishing balance. Prepare the following note to the financial statements as at 28 February 2013: Property, plant and equipment
Question 2:Tarcy Enterprise is operated by Priscilla Tam. She provided the followingTrial Balance for the year ended 30 June 20X1: Dr CrRM RM Inventory, 1 July 20X0 160,0006% Long term loan 200,000Water and electricity 4,300Bank 6,000Capital 1,000,000Carriage inwards 1,800Purchases and Sales 956,000 1,254,600Cash 8,800Allowance for doubtful debts, 1 July 20X0 1,000Custom duty 3,000Trade receivables and payables 136,000 68,000Bad debts 3,700Carriage outwards 3,000Drawings 12,000Freehold premises 800,000Motor vehicles 100,000Plant and machinery 300,000Accumulated depreciation: motor vehicles 12,000Accumulated depreciation: plant & machinery 24,000General expenses 2,200Interest on loan 3,500Discounts 600 800Advertisement 16,000Returns 4,500 3,000Salaries 60,000Commission received 6,0002,575,400 2,575,400 Additional information:1. Closing inventory was valued at RM175,000.2. Included in the purchases were goods worth RM6,000 which had beentaken by Priscilla for family use. No recording…
How to do the post-adjustment trial balance of Fling Incorporated for the financial year ended 31 December 2021. Motor vehicles50 000 DtAccumulated depreciation on motor vehicles5 000 CrDebtors control45 000 DtBank: one 7 550 DtBank two:650 CrEquipment25 000 DtAccumulated depreciation on equipment2 100 CrCreditors control15 600 CrShare capital3 000 CrRetained earnings31 800 CrRental income13 000 CrInventory: Finished products8 500 DtSale of goods135 000 CrWater and electricity8 800 DtSalaries and wages55 000 CrPrinting and stationery6 300 Cr206 150(206 150) Adjustments:1. Rental income earned monthly amounts to R1 000.2. Printing and stationery on hand as at 31 December 2021 amounted to R800.3. Cleaning expenses of R250 was incorrectly posted to the salaries and wages account.4. Discount of R150 was given to a debtor who…
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