AFE 3581 - Fundamentals of Accounting, Auditing and Income Tax Assignment

Assignment Task

Question 1

Determine exactly what kinds of transactions took place in each individual instance. Please provide a breakdown of the amounts for each transaction. Do not copy the table but use the reference letter for each transaction.



Question 2

The information below relates to Kaisosi Trading for the financial year ending 28 February 2023.

The following additional information is also available:

• Sales of N$1,400 was recorded as
• A telephone expense of N$750 was omitted from the books and was paid in
• Carriage inwards of N$20 was recorded to carriage outwards instead.
• Wages and salaries paid were only for ten
• Rent and rates were only paid for five months
• A communication expense of N$16 was recorded as a commission
• The insurance contract was only entered into on the 1 ^st of November 2022, and the premium of N$405 was agreed upon in the
• The building is depreciated at a 10% straight line per
• A debtor that owed N$1,500 was
• An amount of N$888 was for creditors and was recorded as
• A credit sale of N$1,000 was completely left
• Interest charged by the creditor was not recorded at N$50.
• Provision for doubtful debts is to be provided for N$400.
• Cash was withdrawn from the bank, N$650.
• A set-off of N$100 was

Journalise the above transactions in the books of Okakarara Trading as of 28 February 2023

Question 3

Use the information in Question 1 above and prepare a final Trial Balance as of 28 February 2023

Question 4

Use the information in question 3 to prepare the following:

• Statement of comprehensive income as of 28 February 2023

Question 5

The following transactions are from the books of Bokile Trading as of 28 February 2023. As of 01 March 2022 the following balances existed in the company’s accounting records

The following are the totals of transactions which took place during the 2023 financial year, as extracted from Bokile Trading record.

On 28 February 2023 the balances on the customers' and suppliers' accounts were as follows:

REQUIRED:

Draw the following accounts for Bokile Trading for the month ended 28 February 2023.

• Debtor’s control account 
• Creditor’s control account 

Question 6

The following is the Trial Balance for Bruno Boy Trading as of the 28th of February 2023.

The following errors were discovered during the financial year that ended 28 February 2023.

• A debtor that owed N$ 1,250 was erroneously written off as bad
• A cash receipt of $380 was recorded as a bank receipt.
• A payment of N$ 840 received from a customer was recorded on the
• Credit sales of N$ 600 were recorded in the supplier account.
• A bank charge of $ 230 was completely omitted from the
• The stationery purchased of $ 1 400 was debited to the
• Printing that were paid by EFT was completely ignored in the books, $380.
• A customer that was owed $1,000 was declared bankrupt, and the transaction was not
• The owner withdraws a cheque for $400 and deposits it in the
• Depreciation for the motor vehicle was not provided Depreciation is at a 10% straight line and has no residual value.
• Depreciation for computer equipment was not provided Depreciation as at 15%, straight line with N$ 3 000 residual value.

Required

Prepare a corrected Trial Balance as of 28 February 2023, after incorporating the above errors.

Question 7

Use the Trial Balance from Question 2, make the following adjustment, and prepare the post- adjusted trial balance as of 28 February 2023.

• The monthly rent amounted to N$1,163.
• Salary Expenses included $450 for 31 March 2023.
• Advertisement expense paid for 31 March 2023 was $800.
• Repairs were in arrears by $370.
• Stationery on hand as of 28 February 2023, was $1,050.
• Printing expense was prepaid with N$710.
• Inventory 28 February 2023 was $860.

Question 8

Use post-adjusted trial balance as in Question 3.

• Prepare the Statement of Comprehensive Income as of 28 February 2023
• Prepare Statement of Financial Position as of 28 February 2023 (Show only Non-Current Assets)

This AFE 3581 - Accounting and Finance has been solved by our PhD Experts at My Uni Papers.