Financial Analysis and Transaction 2013 Assignment

Assignment Task

Question

You are the analyst of JJ&J Ltd. On 1 February 2013, you took note of the following balances:

The following transactions took place during February 2013 (the last month of the financial year):

• The owner increased her capital to R100 000 by means of a cash deposit.
• Mowed the lawn of Mr S. Tingy for R999; cash
• Received money from Mr F.Orgetful for outstanding debt; R3 000
• Pay wages for the month; R2 000
• The owner withdraws R1 000 in cash for personal use
• At year end, the following adjustments were evident:

The value of assets were as follows:

• Machinery: R17 000
• Equipment: R28 000

Stationary unused amounted to R1 000

Wages of R2 000 was still outstanding (not yet paid).

Question

You are the analyste of Splish-Splash-We-Like-To-Wash-Out-The-Bath cleaning services. On 1 December 2012, the following balances were evident in the books'

The following transactions took place during December 2012:

• Rendered cleaning services, for cash, to Mr S Oap; R8 000.
• Filled up the business’ vehicle with petrol for R 2 500 using the business’ credit card (cash sale).
• Rendered cleaning services on credit to Ms D Ishwasher for R15 000 and paid wages for the week; R5 000.
• Received R 11 000 from Prof C Lean for the settlement of his outstanding money he owed to the business.
• Pay back R20 000 to creditors for money owed.
• Rendered services for Dr B Ubbles for cash; R15 000.
• Paid wages for the week; R9 000; paid water (R2 000) and electricity (R1 000) for cash.
• The owner took consumable inventory for personal use, R3 000
• Pay interest on the loan from BASA bank, R4 025
• Paid salaries for the month, R20 000.

On 31 December 2012, the following were also evident:

• An amount of R6 000 for wages was due for payment in January 2013 only.
• Unused consumable inventory (after a stock count) amounted to R10 000.
• Interest on the loan from BASA bank is outstanding, R600.
• The value of vehicles were R70 000.
• An amount of R2 000 was received for services rendered which was supposed to be a deposit for work to be done in January 2013.

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