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Ms Ji-Yong has not kept proper bookkeeping records, but she has kept notes in a personal note
form of her business transactions as at 31 May 2019.
The following transactions relate to financial year ended on 31 May 2018.
18 200
1 400
Accounts Receivable and Payable
7 800
6 850
Motor Vehicle (Net Depreciation)
22 500
Furniture and Fittings at cost
16 700
Inventory - 31 May 2018
8 490
Prepaid Rent and Accrued Stationery Expense
During the financial year ended 31 May 2019, the following transactions occurred. Paid suppliers
N$ 26 400 by cheque and N$ 990 by cash. During the year received N$ 38 800 by cheque and N$
2 600 by cash. N$ 1 200 set-off was negotiated and granted. During year, customer refund
amount to N$ 500. Stationery expense paid during the year was N$ 8 700 and was paid by bank
cheque. Rent expense was also paid an amount of N$ 3 420 by cheque. The following expenses
was paid by cheque: Transport Expense N$ 750, Telephone Expense N$ 2 150 and General
Expense N$ 680, Staff Welfare N$ 500 and by cash Municipal Service N$ 380. Motor vehicle was
acquired on 01 June 2017 and is depreciated at 10% per annum, Furniture and fittings was also
acquired on 01 June 2018 and depreciated at 10% per annum and both on straight line method
and no scrap value.
At 01 June 2019, the following balances still exist in Ji-Yong books:
Page 13 of 18
22 000
2 630
Rent Expense
Stationery Expense
Inventory - 31 May 2019
5 540
Drawings - 31 May 2019
16 300
Accounts Receivable and Payable
1 260
a) Prepare statement of comprehensive income as at 31 May 2019
19 Marks
b) Prepare statement of financial position as at 31 May 2019
29 Marks

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