FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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The following list of balances was extracted from the books of I.T.C at 31 March 2020. Carriage in Carriage out Purchases Office equipment Motor vehicles Sales Wages and salaries Lighting and heating Rent expense Vehicle running costs Telephone expenses General office expenses Accounts receivable Accounts payable Provision for Depreciation on: Motor vehicle Office Equipment Drawings Bank (credit) Cash Inventory (1 April 2019) Returns inwards Returns outwards Owner's Equity N$ 1520 800 125 600 20 000 17 000 235 700 61 000 8400 6 200 4000 7650 3 180 36 200 22 440 6800 10 000 15 900 7 070 300 8 000 3.300 1800 35 240
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Transcribed Image Text:The following list of balances was extracted from the books of I.T.C at 31 March 2020. Carriage in Carriage out Purchases Office equipment Motor vehicles Sales Wages and salaries Lighting and heating Rent expense Vehicle running costs Telephone expenses General office expenses Accounts receivable Accounts payable Provision for Depreciation on: Motor vehicle Office Equipment Drawings Bank (credit) Cash Inventory (1 April 2019) Returns inwards Returns outwards Owner's Equity N$ 1520 800 125 600 20 000 17 000 235 700 61 000 8400 6 200 4000 7650 3 180 36 200 22 440 6800 10 000 15 900 7 070 300 8 000 3.300 1800 35 240
Additional information at 31 March 2020:1 1 2 3 4 5 Inventory on hand was valued at N$10 920 Rent prepaid N$850 b) General expenses accrued N$454 Depreciation is to be provided for as follows: Motor vehicles -40% reducing balance Office equipment - 25% straight line An allowance for doubtful debts to be created at 3% of accounts receivable Required (a) A statement of Comprehensive income for the year ended 31 March 2020 Prepare a statement of financial position as at 31 March 2020
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Transcribed Image Text:Additional information at 31 March 2020:1 1 2 3 4 5 Inventory on hand was valued at N$10 920 Rent prepaid N$850 b) General expenses accrued N$454 Depreciation is to be provided for as follows: Motor vehicles -40% reducing balance Office equipment - 25% straight line An allowance for doubtful debts to be created at 3% of accounts receivable Required (a) A statement of Comprehensive income for the year ended 31 March 2020 Prepare a statement of financial position as at 31 March 2020
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