DR CR
Motor expenses 15,261
Rent 20,480
Bank 33,400
Drawings 29,400
Equity 132,000
Stock at 1 January 2002 38,280
(vii)Stock at 31 December 2002 was 36,200.
(viii)Depreciation is charged on office equipment at 20% per annum, using the reducing balance method. Depreciation is charged on motor vehicles at 10% per annum using the straight-line method. A full year’s depreciation is charged on all fixed assets held at the end of the financial year.
(ix)A bad debt of €3,736 is to be written off.
(x)A bad debt provision amounting to 3% of year-end trade receivables is to be established.
(xi)At 31 December 2002, salesmen’s salaries of €3,600 were due but unpaid.
(xii)At 31 December 2002, motor expenses of €1,261 had been paid in advance
2007-01-24
07:58:58
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2 answers
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asked by
Anonymous