A customer owing $1 000 to Paula's Pottery Ltd. contacts the business to advise that they will only be able to pay 30 cents in every dollar they owe to pay their account. The amount that will be written off as irrecoverable by Paula's Pottery Ltd will be

Multiple Choice QuestionJoan owns a flower shop. As a small business owner, she carefully manages the finances of her business. If Joan purchases flowers from a local producer for $500 and agrees to pay for the flowers within a month, Joan will list the $500 bill as _______ on her balance sheet.Multiple choice question.revenueaccounts payableaccounts receivablelong-term debt

Raigon and Sharon run a café in partnership. The partnership agreement authorises each partner to order goods and supplies up to a maximum of $1,000 each month, from their regular supplier (Jolly’s Pty Ltd). The partnership has a trading history with Jolly’s Pty Ltd that spans several years. Sharon orders coffee beans, sugar, milk and flour, as well as other essential supplies, for $2,000 (from Jolly’s Pty Ltd) one month. Who is liable for the payment of $2,000 to Jolly’s Pty Ltd? Select one: a. Raigon cannot, under any circumstances, be held liable to make the payment of $2,000: since Sharon has exceeded the maximum limit permitted by the partnership agreement. b. Raigon and Sharon are liable to make the payment because Jolly’s Pty Ltd does not know that Sharon is a partner. c. Raigon and Sharon are liable to make the payment since ordering coffee, sugar and other essential supplies is within the scope of the business of running a café, and the transaction is carried out in the usual way. d. Jolly’s Pty Ltd must have known that Sharon had exceeded their authority due to regular past dealings, and therefore can only claim the payment due from Sharon.

1.The Receiver of Revenue estimated Income Tax at N$210 490, this amount will only be paid in the next financial period. 2. OK Furnitures complained about an invoice amount on his statement that was outstanding for three months, his reasoning was that he never bought items worth that amount. After further investigations, it was discovered that the invoice amount was in fact a credit sale to House & Home. N$ 10 000 3. Allowance for irrecoverable debts is estimated to be N$ 8340 at the end of the year. 4.. An inventory count of stationery revealed that stationery valued at N$10 590 was still on hand at 30 June 2020. 5.On 30 June 2020, All office shelves were sold on account to Limpo (LIM300) for N$60 000, he paid N$35 800 and promised to pay the remaining amount in two equal instalments starting from next month. 6. The balance amount outstanding on Ellerines account of N$ 24500 could not be recovered anymore as the debtor was declared insolvent on 31 December 2019, the firm managed to recover a plant & machinery worth N$24 000 and the remaining amount was written off as an expense. The company must dismantle the plant after its useful life of 5 years and the cost amounts to $ 10,000. The average interest rate is 10.5%. 7. The amount paid for water and electricity was for the period until 30 April 2020. 8. The advertising cost paid was for the period until 31 July 2020. Financial year end is 30 June 2020 and the business received N$ 21, 800 as at 30 June 2020. 9. Received a cash deposit for rent on 30 June 2020 for July 2020, N$5000 10. Provide the necessary adjustment for interest on financial assets and financial liabilities the financial period. --10.5% FNB Loan 240 000 --12% Debenture issued 235,000.00 --10% Debenture issued 30 000

Nicolette, a sole proprietor, extracted the following trial balance from her ledgerson 31 March 2017.Dr (Sh.) Cr (Sh.)Sales 126,500Purchases 99,850Premises at cost 100,000Depreciation for premises 1 April 2016 25,000Plant at cost 18,000Depreciation for plant 1 April 2016 2,300Wages and salaries 8,900Rent 7,500Stock at 1 April 2016 5,000Capital at 1 April 2016 80,000Drawings 25,000Carriage inwards (freight-in) 4,000Receivables 27,500Bad debts written off 5,000Payables 16,000Rent revenue 2,000Bank balance 18,950Loan 30,000300,750 300,750P.O. Box 6215700200 Nairobi - KENYATelephone: 891601-6Fax: 254-20-891084E-mail:[email protected]. M. E. C. E. ACuea/ACD/EXM/APRIL 2017/Commerce Page 2ISO 9001:2008 Certified by the Kenya Bureau of StandardsAdditional information:a. Stock at 31 March 2017 was valued at Sh12,500.b. Wages and salaries accrued amounted to Sh 700c. Loan interest of 10 per cent per annum had not yet been paid.d. Rent had been prepaid by Sh300.e. Provision for doubtful debts of 2 per cent is to be made.f. Depreciation is provided at 2 per cent of cost on premises and at 10 per cent onplant.Required:Prepare the following statements for Nicolette;a) Income statement for the year ended 31 March 2017. (15 marks)b) Balance sheet as at 31 March 2017.

Nicolette, a sole proprietor, extracted the following trial balance from her ledgerson 31 March 2017.Dr (Sh.) Cr (Sh.)Sales 126,500Purchases 99,850Premises at cost 100,000Depreciation for premises 1 April 2016 25,000Plant at cost 18,000Depreciation for plant 1 April 2016 2,300Wages and salaries 8,900Rent 7,500Stock at 1 April 2016 5,000Capital at 1 April 2016 80,000Drawings 25,000Carriage inwards (freight-in) 4,000Receivables 27,500Bad debts written off 5,000Payables 16,000Rent revenue 2,000Bank balance 18,950Loan 30,000300,750 300,750P.O. Box 6215700200 Nairobi - KENYATelephone: 891601-6Fax: 254-20-891084E-mail:[email protected]. M. E. C. E. ACuea/ACD/EXM/APRIL 2017/Commerce Page 2ISO 9001:2008 Certified by the Kenya Bureau of StandardsAdditional information:a. Stock at 31 March 2017 was valued at Sh12,500.b. Wages and salaries accrued amounted to Sh 700c. Loan interest of 10 per cent per annum had not yet been paid.d. Rent had been prepaid by Sh300.e. Provision for doubtful debts of 2 per cent is to be made.f. Depreciation is provided at 2 per cent of cost on premises and at 10 per cent onplant.Required:Prepare the following statements for Nicolette;a) Income statement for the year ended 31 March 2017