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Financial Records of Caribbean Traders Assignment
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Assignment Task
Questions
1. The Information Provided was Extracted From The Financial Records of Caribbean Traders. Their Financial Year ends on the 28 February 2022.
| Equipment | |
| Cost | 900 000 |
| Accumulated depreciation | (370 000) |
| Carrying value | |
| Movements | |
| Additions | 120 000 |
| Disposals | |
| Depreciation | |
| Carrying value | |
| Cost | 930 000 |
| Accumulated Depreciation |
2. This following information relates to a sole trader called Confidence Traders. The financial year end is February 2022.
| PRE-ADJUSTED Trial Balance on 28 February 2022 | ||
| Balance Accounts Section | Debit Credit | Credit |
| Capital | 775 694 | |
| Fixed assets at carrying value [01/03/2021] | 942 260 | |
| Loan: Emperor’s Bank [17% p.a.] | 114 000 | |
| Fixed deposit: Diamond Bank [9% p.a.] | 240 000 | |
| Trading Inventory | 75 000 | |
| Debtors’ control | 86 780 | |
| Provisions for bad debts | 4 500 | |
| Bank | 54 000 | |
| Cash float | 2 000 | |
| Petty cash | 800 | |
| Creditors’ control | 165 300 | |
| Creditors for salaries | 13 786 | |
| SARS: PAYE | 15 000 | |
| Pension fund | 12 780 | |
| Nominal Accounts | 1 775 500 | |
| Sales | 1 055 000 | |
| Cost of sales | 110 000 | |
| Debtors’ allowances | 169 000 | |
| Rent income | 181 000 | |
| Salaries | 127 770 | |
| Wages | 5 150 | |
| Bad debts | 27 800 | |
| Insurance | 44 000 | |
| Audit fees | 24 000 | |
| Consumable stores | 4 100 | |
| Interest on current account | 8 500 | |
| Discount allowed | 3 200 | |
| Discount received | 68 800 | |
| Sundry expenses | 3 052 860 | 3 052 860 |
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