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The following case study applies to questions 1620: Kim has been running...

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Accounting

The following case study applies to questions 1620:
Kim has been running her own pet shop, Pets Party, for the last year, which she incorporated as a private company. Her post-adjustment trial balance as at 31 December is as follows:
Post adjustment
DEBITS
CREDITS
Statement of Financial position section
Equipment @ cost
20000
Accumulated depreciation
5000
Accounts receivable
25000
Accrued income
12000
Bank
42200
SARS (Taxation liability)
18000
Accounts payable
150000
Inventory
65000
Capital
10000
Nominal accounts section
Telephone expense
3800
Salaries expense
60000
Depreciation expense
5000
Taxation expense
18000
Sales
228000
Purchases
136000
Bad debts expense
10000
Consumables expense
14000
411000
411000 Upon closing off the appropriate accounts to the Trading account, the balance on the Trading Account will be R71000 before it is closed off to the Profit and Loss account. true or false

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