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Accounting - Year end adjustments

Authored by Caryl Greyling

Other

11th - 12th Grade

Used 1+ times

Accounting - Year end adjustments
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30 questions

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1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Pre-Adjustment Trial Balance: Telephone R16 700

The Telephone account of R1 500 for February 2022 is still outstanding. The business G11 Trading (Pty) Ltd has a financial year end of 28 February 2022.

Record the transaction by indicating the account to be debited and the account to be credited

DR Telephone 1500

CR Prepaid Expense 1500

DR Telephone 16700

CR Accrued Expense 16700

DR Accrued Expense 1500

CR Telephone 1500

DR Telephone 1500

CR Accrued Expense 1500

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

The business G11 Trading (Pty) Ltd has a financial year end of 28 February 2022.

Pre-Adjustment Trial Balance: Insurance R27 300

Included in Insurance is an annual premium of R12 000 taken out on 1 December 2021

Record the transaction by indicating the account to be debited and the account to be credited

DR Insurance 9000

CR Prepaid Expense 9000

DR Prepaid Expense 9000

CR Insurance 9000

DR Insurance 18300

CR Prepaid Expense 18300

DR Prepaid Expense 18300

CR Insurance 18300

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

The business G11 Trading (Pty) Ltd has a financial year end of 28 February 2022.

Pre-Adjustment Trial Balance: Commission Income R16 200

Commission of R2 500 for February will only be received in March.

Record the transaction by indicating the account to be debited and the account to be credited

DR Commission Income 2500

CR Accrued Income 2500

DR Accrued Income 18700

CR Commission Income 18700

DR Accrued Income 2500

CR Commission Income 2500

DR Income Received in Advance 2500

CR Commission Income 2500

4.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

The business G11 Trading (Pty) Ltd has a financial year end of 28 February 2022.

Pre-Adjustment Trial Balance: Rent Income R47 880

Rent Income increases by 10% on 1 January every year. Rent is received from the tenant one month in advance.

Calculate the rent that should be recorded in the Income Statement for the year.

R3 600

R3 960

R44 280

R43 920

5.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

The business G11 Trading (Pty) Ltd has a financial year end of 28 February 2022.

Pre-Adjustment Trial Balance: Rent Income R47 880

Rent Income increases by 10% on 1 January every year. Rent is received from the tenant one month in advance.

Show which account must be debited and which account must be credited

DR Rent Income

CR Income Received in Advance

DR Income Received in Advance

CR Rent Income

DR Bank

CR Income Received in Advance

DR Income Received in Advance

CR Bank

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The business G11 Trading (Pty) Ltd has a financial year end of 28 February 2022.

Pre-Adjustment Trial Balance: Trading Stock 69 300

After the stocktake at the end of the year it was found that there was R67 900 stock on hand

Show which account must be debited and which account must be credited

DR Trading Stock 67900

CR Stock Loss 67900

DR Trading Stock Surplus 1400

CR TRading Stock

DR Trading Stock Deficit 1400

CR Trading Stock 1400

DR Trading Stock 1400

CR Trading Stock Deficit 1400

7.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

The business G11 Trading (Pty) Ltd has a financial year end of 28 February 2022.

Pre-Adjustment Trial Balance: Debtors Control 82 500; Bad Debts 3 700

A debtor owing R17 200 was declared insolvent and his estate paid out 40c in the rand.

Show which account must be debited and which account must be credited for the payment received.

DR Bank 6880

CR Debtors Control 6880

DR Bank 17200

CR Debtors Control 17200

DR Debtors Control 6880

CR Bank 6880

DR Bad debts 6880

CR Debtors Control 6880

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