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how will i under the different adjustments of accounts
Example: The following info is taken from general ledger of MB Carriers on 31 Dec 2012
Sundry debtors 5300.00 consumable stores 86000 vehicles 1350000.00 equipment 950000.00 fixed dep:nedbank 80000.00 loan:nedbank 500000.00 ADJUSTMENTS 1. B.Lombard is a debtor.His account of R1500.00must be written odd as a irrecoverable 2.During the stoctaking it was found that consumables to the value of R6000.00 were on hand 3.Provision for depreciation on vehicles must be made on fixed instalment method at a rate of 10% p.a. Vehicles were bought on 1 September 2012 for R600000.00,and provision for depreciation on Equipment at 10% p.a 4.Provide for interest at 12% per year.The loan from Nedbank was raised on 1May 2012 5.Provide for interest at 10% per year on the fixed deposit made on 31 March 2012 Prepare a statement of financial position at 31 December 2012 |
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