4G12:07 PM ARequiredCalculate the depreciation and accumulated depreciation for 2019 and 2020.Rouhow all vour workinTake-Home Te...earest RaQuestion 3(Marks: 30)The following pre adjustment trial balance appeared in the beeks 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 sectionCapitalB1500 000.00DrawingsB225 000.00Land and buildingsB3865 000.00VehiclesB4220 987.00EquipmentB5156 760.00Accumulated depreciation: EquipmentB654 320.00(1 April 2019)Accumulated Depreciation: VehiclesB722 580.00(1 April 2019)BankB822 430.00Debtors ControlB935 600.00Allowance for Credit Losses- 1April 2019B101 780.25Petty CashB111 378.98Trading inventory (1 April 2019)B1227 865.43Mortgage LoanB13287 650.00Creditors ControlB1431 420.00SARS(UIF/SDL/PAYE)B1523 290.65O The Independent Institute of Education (Pty) Ltd 2020Page S of 7202020Fol.Debit (R)Credit (RNominal accounts sectionSalesN11167 371.07Sales ReturnsPurchasesN225 340.87N3520 389.76Purchases returnsN476 540.32Service IncomeN510 987.45Rent Income63 200.00N6Interest on debtors accountsN75 320.48Credit losses recoveredN82 478.90Telephone and faxCredit LossesN917 430.22N109 650.55Office refreshmentsN116 540.76Cleaning materialsStationeryN125 340 98N134 498.27Railage InwardsN141 976.54InsuranceN1550 600.00Electricity12 356.45N16Interest on creditors AccountsN175 478.67AdvertisingN1826 754.23Wages and SalariesN19156 430.28EntertainmentN2014 560.70FuelN2134 569.432 246 939.122 246 939.:Additional Information:1.Provide for depreciation as follows: Railage InwardsInsuranceElectricityN141976.54N1550 600.00N1612 356.45Interest on creditors AccountsN175 478.67AdvertisingWages and SalariesN1826 754.23N19156 430.28EntertainmentN2014 560.70FuelN2134 569.432 246 939.122 246 939.12Additional Information:1.Provide for depreciation as follows:On motor vehicles: 15% per annum on reducing balance method.On equipment: 10% on cost. Note a new piece of equipment was purchased on1 September 2019 costing R54 000. This has been recorded properly.O The Independent Institute of iducation (Pty) Ltd 2020Page 6 of 72020202.The owner took trading inventory for personal use. The selling price was R4 800 (VAT isnot applicable). The mark up is 50% on cost price. The transaction has not beenprocessed. The periodic inventory method is utilised by Central Perk Furniture Stare.3.The telephone and fax invoice for March 2020 of R2 430.15 has not yet been paid.4.A debtor, C. Bing who owed R6 500 has been declared insalvent. The business received35 cents on the Rand from the insolvent estate. This transaction must still be recorded.The remaining balance may be written off as irrecoverable.5.The allowance for credit losses must be adjusted to the amount of R1 600.6.Insurance expenses for April 2020 have been prepaid. The monthly premium hasremained the same for the past two years.7.Rent income for April 2020 of R4 200 has been received in advance.8.Service income of R5 430 has not been received for March 2020.9.The stock take revealed the following:Trading inventory – R15 640.32Cleaning materials- R1 432.76Stationery- R568.43Required:Journalise the adjustments (First voucher number = No. 101).Note - The subsidiary journals have been closed off, so all additional transactions arerecorded in the general journal. No journal narrations or folio numbers are required. Youare not required to jaurnalise the closing transfers.END OF PAPERO The Independent Institute of Education (Pty) Ltd 2020Page 7 of 7

Introduction: Adjustment entries: Adjustment entries can be defined as the entries made at the end…

Required: Journalise the adjustments (First voucher number = No. 101). Note - The subsidiary journals have been closed off, so all additional transactions are recorded in the general journal. No journal narrations or folio numbers are required. You are not required to journalise the closing transfers. END OF PAPER

Required: Journalise the adjustments (First voucher number = No. 101). Note - The subsidiary journals have been closed off, so all additional transactions are recorded in the general journal. No journal narrations or folio numbers are required. You are not required to journalise the closing transfers. END OF PAPER

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter3: Basic Accounting Systems: Accrual Basis

Section: Chapter Questions

Problem 3.23E: Adjustment for depreciation The estimated amount of depredation on equipment for the current year is...

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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 section Capital B1 500 000.00Drawings B2 25 000.00 Land and buildings B3 865 000.00 Vehicles B4 220 987.00 Equipment B5 156 760.00 Accumulated depreciation: Equipment (1 April 2019)B6 54 320.00Accumulated Depreciation: Vehicles (1 April 2019)B7 22 580.00Bank B8 22 430.00 Debtors Control B9 35 600.00 Allowance for Credit Losses‐ 1 April 2019 B10 1 780.25Petty Cash B11 1 378.98 Trading inventory (1 April 2019) B12 27 865.43 Mortgage Loan B13 287 650.00Creditors Control B14 31 420.00SARS(UIF/SDL/PAYE) B15 23 290.65 Fol. Debit (R) Credit (R)Nominal accounts section Sales N1 1 167 371.07Sales Returns N2 25 340.87 Purchases N3 520 389.76 Purchases returns N4 76 540.32Service Income N5 10 987.45Rent…
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…
help me Question 6The following trial balance was extracted from the ledger of Juliana at 31 December2020.JulianaTrial Balance as at 31 December 2020RM RMLand at cost 26,000Plant at cost 83,000Accumulated Depreciation at 1 January 2020- Plant 13,000Office Equipment 33,000Accumulated Depreciation at 1 January 2020Office Equipment 8,000Receivables 198,000Payables 52,000Sales 763,000Purchases 516,000Returns inwards 47,000Discount allowed 4,000Capital at 1st January 2020 230,000Drawings 14,000Provision for doubtful debts at 1 January 2020 23,000Salaries Expense 44,000Administration costs 38,000Bank 75,000Bad debts written off 77,000Inventory at 1 January 2020 84,0001,164,000 1,164,000Additional information: Closing inventory is RM74,000. Depreciation on plant is charged at 10% per annum on cost. Depreciationon office equipment is charged at 20% per annum using the reducingbalance method. Administration costs include insurance prepaid of RM3,000. Salary accrued amount to RM2,000. The…