2011_fac1502_test_three_week_five

2011_fac1502_test_three_week_five - 1. Depreciation of R25...

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FAC1502 TEST THREE WEEK FIVE Page 1 of 1 2 nd Semester 2010 QUESTION (15 marks) (20 minutes maximum) The following balances, amongst others, were extracted from the books of Walpole Woodworking Centre on 31 March 2010: ADDITIONAL INFORMATION REQUIRED Land & Buildings 750 000 Equipment 150 000 Accumulated Depreciation on Equipment (1 April 2009) 25 000 Inventory (1 April 2009) 60 000 Debtors 200 000 Creditors 69 000 Sales 1 253 000 Purchases 903 000 Insurance 44 000 Advertising 45 000 Packing Materials 36 000 Credit Losses 34 000
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Unformatted text preview: 1. Depreciation of R25 000 must be provided for on the equipment. 2. Insurance expenses relating to the next financial year amount to R1 000. 3. A further amount of R2 000 must be written off as irrecoverable. 4. Inventory on hand on 31 March 2010 amounts to: Trading Stock R55 000, and Packing Materials R6 000. 5. An account of R5 000 for advertising material must still be paid. Journalise the above adjustments in the General Journal of Walpole Woodworking Centre on 31 March 2010 – NARRATIONS REQUIRED....
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This note was uploaded on 02/27/2012 for the course IT 101 taught by Professor Unsure during the Spring '11 term at University of South Africa.

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