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6 marksBad Debts and Provisions for Doubtful Debts

CSEC Principles of Accounts · January 2014 · Paper 2 · Question 4(c)

Steve Treft owed Mary Jane 6 000 for services received and was declared bankrupt. On 31 December 2012, he paid a dividend of 0.25 on every dollar owed in full settlement. Draw up Steve Treft's account.

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  1. 4(a)(i)Calculate the depreciation expense to be charged for EACH of the TWO years ending 31 December 2011 and 31 December 2012.[4 marks]
  2. 4(a)(ii)Draw up the Provision for Depreciation Account for the TWO years.[5 marks]
  3. 4(a)(iii)Prepare the Fixed Assets section of the balance sheet for the limousine as at 31 December 2011.[4 marks]
  4. 4(b)State the heading in the balance sheet under which 'Prepaid Rental Revenue' would appear.[1 mark]

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