Trail Balance of Fine Young Investment stores as on 28 February 2017 Balance Sheet Account Section Capital B1
Posted: Mon May 02, 2022 6:45 am
Trail Balance of Fine Young Investment stores as on 28 February
2017
Balance Sheet Account Section
Capital B1
Cr 340 000.00
Drawings B2
Dr 39 640.00
Land and Buildings B3
Dr 270 000.00
Vehicles B4
Dr 80 000.00
Equipment B5
Dr 45 000.00
Provision for Depreciation on vehicles
B6
Cr 29 740.00
Provision for Depreciation on Equipment B7
Cr 18 600.00
Loan: ABC Bank B8
Cr 70 000.00
Fixed Deposit : DEF Building Society B9
Dr 10 000.00
Stock 01/03/2016 B10
Dr 34 740.00
Debtors B11
Dr 15 880.00
Bank B12
Dr 20 000.00
Cash B13
Dr 4 767.00
Petty Cash B14
Dr 250.00
Cash Float B15
Dr 550.00
Creditors B16
Cr 23 767.00
Nominal Account Section
Sales N1
Cr 432 700.00
Sales Returns /Returns
N2
Dr 6400.00
Purchases N3
Dr 286 200.00
Purchases Returns /Returns OutwardsN4
Cr 3 700.00
Interest on Fixed
DepositN5
Cr 700.00
Rent
IncomeN6
Cr 14 950.00
Salaries N7
Dr 82 000.00
Telephone N8
Dr 4 980.00
Stationery N9
Dr 1 880.00
Interest on Loan N10
Dr 12 000.00
Water and Electricity N11
Dr 5 080.00
Bad debts N12
Dr 890.00
Discount Allowed
N13
Dr 1 050.00
Repairs N14
Dr 3 740.00
Rates
N15
Dr 3 980.00
InsuranceN16
Dr 5 300.00
Discount Received
N17
Cr 2 930.00
Carriage
InwardsN18
Dr 2 720.00
Totals: Dr 937 087 Cr 937 087
Adjustments and additional information
1. Closing Inventory N$12 350
2. Interest on Loan amounts to 20% p.a Interest of N$ 3 500 is
still payable.
3. The rent for March 2015 has already been received
4. Insurance includes an amounts of N$ 400.00 paid for the next
financial year
5. The interest on fixed deposit is 14% p.a and it was invested
on 1 June 2016. Three
months’s interest is still outstanding.
6. The repairs account, N$ 320.00 and Water and Electricity
account of N$ 400.00 for
Febraury 2015 have been received but have not yet been paid
7. A debtor,B.Zaaruka account must be written off as
irrecoverable ,N$ 670.00
8. Depreciation on vehicles must be taken into account at 20%
p.a on the Diminishing
balance Method and on equipment at 15% p.a using the Cost
Method.
REQUIRED
a) The Statement of Comprehensive Income of the year ended 28
February 2017( 30 Marks)
b) The Statement of financial position as at 28 February 2017 (
20 Marks)
2017
Balance Sheet Account Section
Capital B1
Cr 340 000.00
Drawings B2
Dr 39 640.00
Land and Buildings B3
Dr 270 000.00
Vehicles B4
Dr 80 000.00
Equipment B5
Dr 45 000.00
Provision for Depreciation on vehicles
B6
Cr 29 740.00
Provision for Depreciation on Equipment B7
Cr 18 600.00
Loan: ABC Bank B8
Cr 70 000.00
Fixed Deposit : DEF Building Society B9
Dr 10 000.00
Stock 01/03/2016 B10
Dr 34 740.00
Debtors B11
Dr 15 880.00
Bank B12
Dr 20 000.00
Cash B13
Dr 4 767.00
Petty Cash B14
Dr 250.00
Cash Float B15
Dr 550.00
Creditors B16
Cr 23 767.00
Nominal Account Section
Sales N1
Cr 432 700.00
Sales Returns /Returns
N2
Dr 6400.00
Purchases N3
Dr 286 200.00
Purchases Returns /Returns OutwardsN4
Cr 3 700.00
Interest on Fixed
DepositN5
Cr 700.00
Rent
IncomeN6
Cr 14 950.00
Salaries N7
Dr 82 000.00
Telephone N8
Dr 4 980.00
Stationery N9
Dr 1 880.00
Interest on Loan N10
Dr 12 000.00
Water and Electricity N11
Dr 5 080.00
Bad debts N12
Dr 890.00
Discount Allowed
N13
Dr 1 050.00
Repairs N14
Dr 3 740.00
Rates
N15
Dr 3 980.00
InsuranceN16
Dr 5 300.00
Discount Received
N17
Cr 2 930.00
Carriage
InwardsN18
Dr 2 720.00
Totals: Dr 937 087 Cr 937 087
Adjustments and additional information
1. Closing Inventory N$12 350
2. Interest on Loan amounts to 20% p.a Interest of N$ 3 500 is
still payable.
3. The rent for March 2015 has already been received
4. Insurance includes an amounts of N$ 400.00 paid for the next
financial year
5. The interest on fixed deposit is 14% p.a and it was invested
on 1 June 2016. Three
months’s interest is still outstanding.
6. The repairs account, N$ 320.00 and Water and Electricity
account of N$ 400.00 for
Febraury 2015 have been received but have not yet been paid
7. A debtor,B.Zaaruka account must be written off as
irrecoverable ,N$ 670.00
8. Depreciation on vehicles must be taken into account at 20%
p.a on the Diminishing
balance Method and on equipment at 15% p.a using the Cost
Method.
REQUIRED
a) The Statement of Comprehensive Income of the year ended 28
February 2017( 30 Marks)
b) The Statement of financial position as at 28 February 2017 (
20 Marks)