Question S (13 Marks] Percy Bazaar did not keep proper accounting records. She a

Question

Question S (13 Marks] Percy Bazaar did not keep proper accounting records. She asked you to review this information from her records. ASSETS AND LIABILITIES: 31 Dec. 2018 31 Dec. 2019 Property, Plant & Equipment Accounts receivable Accounts payable Accrued expense (Tele Bank Cash Inventory Capital Long term loan (Deutsche Bank) 40 000.00 10 000.00 30 000.00 0.00 30 000.00 4 000.00 40 000.00 0.00 60 000.00 40 000.00 30 000.00 36 000.00 6 000.00 30 000.00 2 000.00 20 000.00 17 000.00 60 000.00 & internet The following expenses were paid during the year: 1. 2. 3. 4. Telephone & internet N$ 8 000.00 paid by cheque Sundry expenses N$ 18 000.00 paid by cheque Telephone & internet paid by cash N$ 2 000.00 Drawings NS 10 000.00 by cash. The bank statement from First National Bank Namibia indicated that There was N$ 50000.00 paid by receivables and banked immediately Percy Bazaar received NS 10 000 cash from one of the receivables. Payables were paid N$ 24 000.00 by cheque during the year You are required to: 5.1 Prepare the following General ledger accounts (T-accounts) and balance them off properly: Accounts receivable Accounts Payable 6 Marks) S Marks) 2 Marks) 5.2 Mention any two features of incomplete records. The end

Explanation / Answer

Answer for 5.1)

Accounts receivable account

Credit sales(bal. fig.)

[$(50000+10000+30000)-$10000]

Accounts Payable Account

Credit Purchases(Bal. Fig.)

[$(24000+36000)-$30000)

Answer for 5.2)

Particulars $ Particulars $ Balance b/d 10000 Bank 50000

Credit sales(bal. fig.)

[$(50000+10000+30000)-$10000]

80000 Cash 10000 Balance c/d 30000 90000 90000

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