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Qxeen9163
Qxeen9163
19.04.2022 • 
Business

Question 4 Ismael Coke runs a general store. His financial year ends on 31 August He sublets part of his premises for an annual rent of $8400, payable quarterly in advance. On 01 September 2020 the tenant owed $2100. Ismael Coke received cheques for rent as follows: $ 02 September 2020 4200 03 January 2021 2100 04 May 2021 2100 a) REQUIRED: Prepare the receivable account for the year ended 31 August 2021 b, State the section of the statement of financial position at 31 August 2021 in which the balance on the rent receivable account would appear. Give a reason for your answer. On 01 September 2020 Ismael Coke owed $274 for motor expenses. he paid this by cheque on 07 September 2020. On 01 February 2021 Ismael Coke paid $96 in cash for motor expenses. On 30 August 2021 Ismael Coke received an invoice for motor expenses' $113. He paid this invoice in September 2021. REQUIRED: d) prepare the motor expenses account for the year ended 31 August 2021. During the year ended 31 August 2021 Ismael Coke took goods, cost $300, for his own use. This was not entered in the accounting records. The telephone expenses for the year ended 31 August 2021 amounted to $432. It was estimated that one quarter of this was for Ismael's personal use. No adjustment had been made for this. REQUIRED: e) prepare the journal entries Ismael Coke would make to record the above.

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