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The following information was extracted from accounting records of TKZee Traders as on 28 February 2021.
TKZee Traders as at 28 February 2021
| ACCOUNT NAME: | AMOUNT (N$) |
| Capital | 66 100 |
| Drawings | 16 000 |
| Motor Vehicles (Cost) | 100 000 |
| Equipment (Cost) | 40 000 |
| Accumulated Depreciation: Vehicle 28/02/2020 | 36 000 |
| Accumulated Depreciation: Equipment 28/02/2020 | 8 000 |
| Nam Bank 15% Loan | 20 000 |
| Uis Bank 10% Fixed Deposit | 15 000 |
| Trade Receivables | 5 200 |
| Inventory - 28/02/2020 | 17 800 |
| Bank (Dr) | 4 300 |
| Trade Payables | 3 800 |
| Allowance for bad debts | 300 |
| Revenue | 250 000 |
| Purchases | 122 450 |
| Carriage Inwards | 550 |
| Carriage outwards | 800 |
| Return Outwards | 1 200 |
| Returns In | 700 |
| Rent Expense | 15 600 |
| Stationery | 3 800 |
| Insurance Expense | 4 800 |
| Bad debts | 750 |
| Water and Electricity | 10 800 |
| Settlement Discount | 180 |
| Bad Debts Recovered | 220 |
| | |
The following additional information is also available:
- A customer that owed N$ 800 was written off as bad debts as irrecoverable.
- Sold goods to Martin of N$ 10 000 was recorded as capital. Martin paid by cheque in full.
- Owner issue a cheque of $1 200 for his sons wedding contribution.
- A cheque received from Kia was refer to drawer, $1 400.
- Insurance that was paid bank cheque of N$2 000 was recorded to water and electricity account.
- Returns of N$1 350 from supplier James was omitted from the records. This item was acquired by entering into credit purchase agreement.
- Owner withdraw $200 from the business bank account for the purpose of paying for small items as they occur, such as postage and taxi fare.
- Depreciation on Motor vehicle is 10% with residual amount of $2 000 and straight line method was applied.
- Depreciation on Equipment is 10% with no residual and straight line method was applied.
- Received a computer as a donation by FAN United and was value to be $15 800.
- Computer have 4 years life span on straight line method with no residual value.
- Interest on loan was not provided for 2021 financial year.
- Interest on fixed deposit was not provided for 2021 financial year.
- Closing inventory equal $12 000
REQUIRED TO:
a) Journalise the above transactions in the books of TKZee Traders as at 28 February 2021 ?
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