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    Re-Test 1 Adjustment

    Uploaded by

    Thikundeko Edward

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    © All Rights Reserved
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    Re-Test 1 Adjustment

    Uploaded by

    Thikundeko Edward
    4 views4 pages

    Original Title

    Re-test 1 Adjustment

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    © © All Rights Reserved

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    Copyright:

    © All Rights Reserved
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    Download as pdf or txt
    4 views4 pages

    Re-Test 1 Adjustment

    Uploaded by

    Thikundeko Edward

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    You are on page 1of 4

    Page 1 of 4

    EDWARD TUTORIAL

    DEPARTMENT OF COMMERCE
    ACCOUNTING Marks: 40 for 55 Minutes
    Adjustments … May 2024

    Question 1 (40 Marks)

    The following balances were taken from the books of Onuno Traders for the financial period
    ended on 31 January 2012.
    N$

    Drawings 3 800

    Vehicles 70 000

    Provision for depreciation: Vehicles 5 600

    Fixed Deposit: AB Bank (12%p.a) 10 000

    Stock (01-02-2011) 5 000

    Capital 119 700

    Equipment 55 600

    Provision for Depreciation: Equipment 4 500

    Purchases 17 500

    Interest on fixed deposit 2 000

    Commission Received 200

    Bank (Dr) 1 600

    Debtors 950

    Creditors 4 000

    Sales 46 500

    Rent Paid 9 100

    Bad debts 900

    Salaries 8 050

    ‘The best way to make your dreams come true is to wake up’. Paul Valery
    Page 2 of 4

    Adjustments:

    1. Stock on 31 January 2012 was valued at N$18 000.


    2. Part of Interest on fixed deposit has been received in advance.
    3. Rent has been paid for 14 months.
    4. A debtor, P. Mupolo has disappeared and his account of N$ 150 should be written off
    as bad debts.
    5. Depreciation to be charged as follows:
     Vehicles: 10%p.a. using the straight line method.
     Equipment: 15% p.a. using the reducing balance method.
    6. Commission of N$ 180 is still outstanding.
    7. One worker has been on sick leave and his salary of N$ 800 for January 2012 is till
    unpaid.
    REQUIRED:
    a) Journalize all the adjustments. (Narratives are required) [25]
    b) Draw up the Post-adjustment Trial Balance of Onuno traders as at 31 January
    2012. [15]

    You may do your rough workings here:

    ………………………………………………………………………………………………………
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    ………………………………………………………………………………………………………
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    ………………………………………………………………………………………………………

    ‘The best way to make your dreams come true is to wake up’. Paul Valery
    Page 3 of 4

    a) General Journal of Onuno traders for January 2012


    Date Details Fol Debit Credit

    [25]

    ‘The best way to make your dreams come true is to wake up’. Paul Valery
    Page 4 of 4

    b)
    ……………………………………………………………………………………………………
    ……………………………………………………………………………………………………

    Details Fol Debit Credit

    [15]

    ‘The best way to make your dreams come true is to wake up’. Paul Valery

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