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The following information was obtained from the books of Orange Traders:

TRIAL BALANCE OF ORANGE TRADERS AS AT 29 FEBRUARY 20.12

Debit

R

Credit

R

Capital..................................................................................................

Drawings..............................................................................................

Land (at cost).......................................................................................

Buildings (at cost)................................................................................

Vehicles (at cost).................................................................................

Furniture and fittings (at cost) .............................................................

Accumulated depreciation on vehicles (1 March 20.11).....................

Accumulated depreciation on furniture and fittings (1 March 20.11)..

Trade receivables control....................................................................

Inventory: Trading (1 March 20.11).....................................................

Bank.....................................................................................................

Cash float.............................................................................................

Mortgage..............................................................................................

Loan from Africa Bank (@ 12% p.a.)...................................................

Trade payables control........................................................................

Sales....................................................................................................

Carriage on purchases........................................................................

Commission income............................................................................

Credit losses........................................................................................

Insurance.............................................................................................

Packing materials................................................................................

Purchases............................................................................................

Purchases returns................................................................................

Rent income.........................................................................................

Sales returns........................................................................................

Settlement discount granted................................................................

Settlement discount received..............................................................

Stationery.............................................................................................

Wages..................................................................................................

Water and electricity............................................................................

-

2 445

120 000

80 000

120 000

65 000

-

-

6 780

13 550

7 775

500

-

-

-

-

660

-

244

2 400

3 300

154 880

-

-

1 338

553

-

2 345

56 775

4 400

100 000

-

-

-

-

-

54 700

22 700

-

-

-

-

150 000

50 000

3 200

243 645

-

15 000

-

-

-

-

245

3 300

-

-

155

-

-

-

642 945

642 945

Additional information:

Inventory on hand at 29 February 20.12 Trading inventory R12 800 Stationery R345. The insurance amount of R2 400 includes a premium of R200 for March 20.12. The loan was obtained from Africa Bank on 1 September 20.11. The interest on the loan has still to be paid. Rent income for February 20.12 is still outstanding. Provision must be made for depreciation as follows: Vehicles 20% per annum on the diminishing balance method. Furniture and fittings 10% per annum on the cost price. Record the adjustments in the general journal of Orange Traders. (Ignore narrations)

Dashboard / My courses / FAC1502-23-S1 / Welcome Message / Assessment Additional information: a. Inventory on hand at 29 February 20.12 - Trading inventory - R12 800 - Stationery - R345. b. The insurance amount of R2 400 includes a premium of R200 for March 20.12. c. The loan was obtained from Africa Bank on 1 September 20.11. The interest on the loan has still to be paid. d. Rent income for February 20.12 is still outstanding. e. Provision must be made for depreciation as follows: - Vehicles - 20% per annum on the diminishing balance method. - Furniture and fittings - 10% per annum on the cost price. Record the adjustments in the general journal of Orange Traders. (Ignore narrations) information aiven

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