Answer to Question #146131 in Accounting for Thabisile

Question

Equipment at carrying value R75 000
Vehicles at carrying value R 125 000
Trading inventory R180 000
Cash in bank R32 000
Debtors R31 500
Creditors R8 500
Loan: Second Bank (14%) R50 000
 The bank statements show a credit balance of R48 790 as at 30 June 2020.
 All the cash received has been deposited.
 A stock‐take performed on 30 June 2020, showed inventory on hand with a cost price of
R230 000.
 The debtors balance at year‐end is R38 000 and the creditors balance is R16 225.
 Equipment was purchased during the year at a cost price of R5 000.
 Depreciation on vehicles for the year amounted to R20 000 and for the equipment R15 000.
 The owner took R23 000 in cash for personal use during the year ended 30 June 2020.
 R5 000 was repaid on the loan during the year.

Answer 1

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