Calculate : owner’s equity Total assets Transcribed Image Text: NOMINAL ACCOUNTS SECTION Sales 3 100 000 Cost of Sales 1450 000 Salaries and Wages 1

Calculate : owner’s equity Total assets Transcribed Image Text: NOMINAL ACCOUNTS SECTION
Sales
3 100 000
Cost of Sales
1450 000
Salaries and Wages
1 480 000
205 000
Water and Electricity
122 000
Stationery
88 000
Repairs and Maintenance
585 000
Telephone
400 000
Depreciation
180 000
Interest on Loan
60 000
Interest on Fixed Deposit
20 000
Credit losses recovered
68 000
Credit losses
1 000
Allowances for credit losses adjustment
6 498 000
6 498 000 Transcribed Image Text: QUESTION 1
The following information was obtained from the records of Reutlwile General Dealers for the year ended 28 Febru
POST ADJUSTMENT TRIAL BALANCE
DEBIT
CREDIT
BALANCE SHEET SECTION
2 058 000
Capital
100 000
Drawings
680 000
Vehicles at cost
320 000
Plant and Machinery at cost
280 000
Office Furniture at cost
280 000
Accumulated Depreciation on Vehicles
Accumulated Depreciation on Plant and Machinery
120 000
80 000
Accumulated Depreciation on Furniture
Fixed Deposit
90 000
650 000
15% Long-term Loan
Debtors/ Accounts receivable
126 000
150 000
Inventory
50 000
Bank
125 000
Accrued Expenses
55 000
Prepaid Expenses

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