1 answer

Using the information given above record the necessary year Prepare a post adjust trial balance for...

Question:

Question 3 NAN ENTERPRISES TRIAL BALANCE AS AT 31 DECEMBER 2010 130 000 11 000 50 000 81 000 14 000 14 000 100 000 82 000 37

Using the information given above record the necessary year
Prepare a post adjust trial balance for N & N enterprises as at 31 December 2010

Question 3 NAN ENTERPRISES TRIAL BALANCE AS AT 31 DECEMBER 2010 130 000 11 000 50 000 81 000 14 000 14 000 100 000 82 000 37 200 90 000 500 000 283 300 Capital Drawings Mortgage loan (8%) Land and buildings Furniture and equipment Bank Inventory (1 January 2010) Debtors control Fixed deposit Creditors control Sales Purchase Interest income Rent income Freight charges on purchases Advertising Insurance Credit losses Administration expenses Property rates and taxes Interest expenses Water, electricity and telephone Salaries 800 2 400 5 000 9 800 5 000 2 600 30 000 9 600 3000 10 000 76 000 773 200 773 200 Additional information relating to the year-end adjustments is as follows • On 1 August 2010 N&N Enterprises rent out a part of their premises to Oli Traders for 12 Months a cheque for R2 400 was received on that date for the entire year's rent The interest earned on the fixed deposit amounted to R1 060, but was not yet received An amount of R3 500 of the insurance expenses was prepaid for next year The advertising expense includes a payment of R2 400 made to Count News Magazine for Advertisements to be published from January 2011 Salaries eamed by employees but not yet paid at 31 December 2010 amounts to R800 (N.B Please turn over Question continues)

Answers

N & N ENTERPRISES
TRIAL BALANCE AS AT 31 DECEMBER 2010
Adjustment Adjusted
Debit Credit Debit Credit Debit Credit
Capital       130,000    130,000
Drawings      11,000      11,000
Mortgage loan (8%)         50,000      50,000
Unearned Rent income       1,400        1,400
Salaries Payable         800          800
Land and buildings      81,000      81,000
Furniture and equipment      14,000      14,000
Bank      14,000      14,000
Inventory (1 January 2010)    100,000    100,000
Debtors control      82,000      82,000
Interest Receivable       1,060        1,060
Prepaid Insurance       3,500        3,500
Prepaid Advertisement       2,400        2,400
Fixed Deposit      37,200      37,200
Creditors control         90,000      90,000
Sales       500,000    500,000
Purchase    283,000    283,000
Interest income             800       1,060        1,860
Rent income           2,400       1,400        1,000
Freight charges on purchases        5,000        5,000
Advertising        9,800       2,400        7,400
Insurance        5,000       3,500        1,500
Credit losses        2,600        2,600
Administration expenses      30,000      30,000
Property rates and taxes        9,600        9,600
Interest expenses        3,000        3,000
Water, electricity, and telephone      10,000      10,000
Salaries      76,000         800      76,800
773,200     773,200     9,160     9,160 775,060 775,060
.

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