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ASSIGNMENT - 2023 1) On 1 May 2020 Michael owed N$200 insurance, He made total...

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ASSIGNMENT - 2023 1) On 1 May 2020 Michael owed N$200 insurance, He made total payments of N$3 500 for insurance for the year ended 30 April 2021. At 30 April 2021 the amount owing for insurance was N$300. Calculate the amount transferred to the Profit and Loss account for the year ended 30 April 2021. (3) m) State one factor that affects the value of goodwill of a business (1) [18] 2 Tshepo is a trader. His financial year ends on 31 August. Tshepo maintains a full set of accounting records. He sells goods on credit terms. On 1 August 2021 Taylor, a credit customer, owed N$900 The following transactions took place in August 2021. August 6 Sold goods on credit to Taylor, N$1 400 less a trade discount of 20% issued invoice 101 12 Taylor returned some of the goods purchased on 6 August. N$300, issued credit note CN20 18 Sold goods on credit to Nancy, N$620 24 Nancy returned one quarter of the goods purchased on 18 August 29 Received a cheque from Taylor in settlement of the balance due on 1 August, less 2% cash discount 30 Sold goods on credit to Taylor N$160. NSSCO ACCOUNTING-Assignment 1-2021

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