question archive Debit Rs Credit Rs 68,200 180,700 457,200 146,000 40,000 3,645,200 Accumulated Depreciation - Premises - 1 January 2017 Administrative Expenses Trade Receivables / Trade Payables Drawings Purchases / Revenue Allowance for irrecoverable Debts Long-Term Loan - 5% Bank Capital Premises at Cost at 1 January 2017 Inventory at 1 January 2017 Accumulated Depreciation - Vehicles - 1 January 2017 Distribution Costs Finance Costs Accumulated Depreciation - Equipment - 1 January 2017 4,929,850 11,200 125,000 68,500 863,800 580,000 245,720 104,600 277,400 6,000 25,670 Equipment at Cost at 1 January 2017 Vehicles at Cost at 1 January 2017 800,000 180,000 6,377,520 6,377,520 ACCF 1102 - Assignment 1 3 As an accountant you discovered the following information: (0 Inventory was counted and valued at 3 January 2018 at Rs 246,800
Debit Rs Credit Rs 68,200 180,700 457,200 146,000 40,000 3,645,200 Accumulated Depreciation - Premises - 1 January 2017 Administrative Expenses Trade Receivables / Trade Payables Drawings Purchases / Revenue Allowance for irrecoverable Debts Long-Term Loan - 5% Bank Capital Premises at Cost at 1 January 2017 Inventory at 1 January 2017 Accumulated Depreciation - Vehicles - 1 January 2017 Distribution Costs Finance Costs Accumulated Depreciation - Equipment - 1 January 2017 4,929,850 11,200 125,000 68,500 863,800 580,000 245,720 104,600 277,400 6,000 25,670 Equipment at Cost at 1 January 2017 Vehicles at Cost at 1 January 2017 800,000 180,000 6,377,520 6,377,520 ACCF 1102 - Assignment 1 3 As an accountant you discovered the following information: (0 Inventory was counted and valued at 3 January 2018 at Rs 246,800
Subject:BusinessPrice: Bought3
Debit Rs Credit Rs 68,200 180,700 457,200 146,000 40,000 3,645,200 Accumulated Depreciation - Premises - 1 January 2017 Administrative Expenses Trade Receivables / Trade Payables Drawings Purchases / Revenue Allowance for irrecoverable Debts Long-Term Loan - 5% Bank Capital Premises at Cost at 1 January 2017 Inventory at 1 January 2017 Accumulated Depreciation - Vehicles - 1 January 2017 Distribution Costs Finance Costs Accumulated Depreciation - Equipment - 1 January 2017 4,929,850 11,200 125,000 68,500 863,800 580,000 245,720 104,600 277,400 6,000 25,670 Equipment at Cost at 1 January 2017 Vehicles at Cost at 1 January 2017 800,000 180,000 6,377,520 6,377,520 ACCF 1102 - Assignment 1 3 As an accountant you discovered the following information: (0 Inventory was counted and valued at 3 January 2018 at Rs 246,800. On 2 January 2018, inventory was sold at a sales price of Rs 30,000. Kevin makes a margin on 20% on its sales. The sales transaction is accounted for in the 2018 financial statements. (ii) Depreciation is to be charged as follows: Premises 2% Straight Line on Cost Equipment 10% Reducing Balance Vehicles 25% Straight Line on Cost Depreciation is charged in full in the year of purchase and none in the year of sale. Kevin brought in his private vehicles at a cost of Rs 40,000 which was not (iii) accounted in the books. (iv) Irrecoverable debts written off Rs 6200 in December 2017 and an allowance for irrecoverable debts is maintained at 5%. (V) On 1 July 2017, a new long term loan of Rs 100,000 (5% interest per annum) was
