WorksheetsGrade 10 Adjustments
Total questions: 29
Worksheet time: 37mins
Consumable stores on hand is a/an
ASSET
INCOME
EXPENSE
NEGATIVE ASSET
Accrued income is a/an
ASSET
INCOME
LIABILITY
NEGATIVE ASSET
Accrued expense is a/an
ASSET
INCOME
LIABILITY
NEGATIVE ASSET
Accumulated depreciation is a/an
ASSET
EXPENSE
LIABILITY
NEGATIVE ASSET
Depreciation is a/an
ASSET
EXPENSE
LIABILITY
NEGATIVE ASSET
Income received in advance is a/an
ASSET
EXPENSE
LIABILITY
NEGATIVE ASSET
Prepaid expense is a/an
ASSET
EXPENSE
LIABILITY
NEGATIVE ASSET
Bad debts is a/an
ASSET
EXPENSE
LIABILITY
INCOME
Bad debts recovered is a/an
ASSET
INCOME
EXPENSE
NEGATIVE ASSET
Trading stock deficit is a/an
ASSET
INCOME
EXPENSE
NEGATIVE ASSET
For the following ADJUSTMENTS choose the correct accounts and their effect on the double entry system:
11 Paid the electricity account of the owner and incorrectly debited it in the Water and Electricity account
Cr water and electricity
bank
Dr drawings
Dr water and electricity
Stock costing R1000 was lost due to theft.
Cr Trading stock
Dr Trading stock deficit
Dr Stock loss due to theft
Dr Trading stock surplus
Bank charges according to the Bank Statement, R150. No entry was made for this.
Cr Accrued expenses
Dr Bank charges
Cr Bank
Dr Accrued expenses
Depreciation on vehicles amounted to R12 000
Cr Depreciation
Dr Accumulated depreciation
Dr Depreciation
Cr Accumulated depreciation
R4000 is still owing in respect of commission income
Cr Income received in advance
Cr Commission income
Dr Commission income
Dr Accrued income
Received R400 from I.M. Back. Her account was previously written off
Cr Bad Debts recovered
Cr Debtors Control
DR Bad debts recovered
Dr Bank
The tenant is going on holiday and decided to pay rent for two months in the new financial year.
Cr Income received in advance
Cr Rent income
Dr Rent income
Dr Accrued income
According to the physical stock take there is R3 500 worth of stock missing
Cr Trading Stock
Dr Trading stock deficit
Dr Trading Stock
Cr Trading stock deficit
An account for repairs, R500 is still outstanding
Dr Prepaid expenses
Cr Accrued expense
Dr Repairs
Cr Repairs
Wrote off the account of IR Broke.
Cr Bad Debtors
Cr Debtors Control
Dr Debtors control
Dr Bad debts
The insurance account includes an amount of R4000 in respect of the next financial year
Dr Prepaid expenses
Cr Insurance
Dr Accrued expenses
Dr insurance
R4 400 interest is still due from ASBA. This is for interest earned on fixed deposit. interest is capitalised.
Dr Accrued income
Cr Interest on fixed deposit
Dr Fixed Deposit
Dr Interest on fixed deposit
No entry has been made for interest still owing to Patek Bank.
Dr Interest on loan
Cr Interest on loan
Cr Accrued expenses
Cr Loan
Charged R20 interest to P.Late on her overdue account
Cr Bad Debtors
Cr Debtors Control
Dr Debtors control
Cr Interest on overdue account
R450 worth of stationery was found to be leftover after the physical stock take
CR stationery
Dr stationery
Dr Consumable stores on hand
Cr consumable stores
T. Payne paid his rent one month in advance. The rent increased by R500 on 1 December 2020. The financial year ends 28 February 2021 and the rent figure in the trial balance was R54 000.
Calculate the amount for rent received in advance:
R4 200
R4 500
R4 000
Equipment: R50 000
Accumulated depreciation on equipment: R7 500
Depreciation on equipment is calculated at 15% diminishing balance method
Note: NO NEW EQUIPMENT WAS PURCHASED
Calculate the depreciation for the year
R7 500
R6 645
R6 375
Vehicles: R300 000
Accumulated depreciation on equipment: R60 000
Depreciation on Vehicles is calculated at 10% straightline method
Note: A new vehicle was purchased on 1 September 2020 for R40 000 and this was not recorded. The year ends 28 February 2021
Calculate the depreciation for the year:
R32 000
R26 000
R30 000
R24 000
The owner took trading stock fir their own use.
Selling price: R450
Cost price: R300
Which figure is the amount that we take away from trading stock and add to drawings
Selling price: 450
Cost price: R300
Profit: 150
