Complete the pre-adjustment trial balance

Assignment Help Financial Accounting

Reference no: EM133017204

Vebber is a franchise based in Cape Town that sells outdoor braai equipment. Vebber has various stores around Cape Town. One of the stores are currently vacant and the owner of Vebber decided to rent it out to a third party. The rental contract stipulates that there will be an annual increase of 12% on 1 January each year, with the first increase on 1 January 2021. The rental for January 2020 amounted to R12 000. Vebber receives one month's rent in arrears on the first day of each month (i.e. it receives November's rent on 1 December). The business has a year-end of 31 January, and it has rented out the store since 1 January 2020. The bookkeeper credits all rental received to the Rent Income account. All reversals had been processed on 1 February 2020.

Complete the pre-adjustment trial balance below with respect to the information provided above regarding the rental income.

• Use a full stop as a decimal separator, not a comma.

• Do not insert R in front of your answer. For example, if the answer is R16.70, you would type 16.70 into the input box.

• Round all answers to two decimal places.

Pre-Adjustment Trial Balance of Vebber on 31 January 2021

Rental Income (What value should I credit)

Accrued Rental Income (What value should I debit)

Complete the post-adjustment trial balance below with respect to the information provided above regarding the rental income.

Post-Adjustment Trial Balance of Vebber (also called Pre-Closing Trial Balance) on 31 January 2021

Rental Income (What value should I credit)

Accrued Rental Income (What value should I debit)

Complete the post-closing trial balance below with respect to the information provided above regarding the rental income.

Post-Closing Trial Balance of Vebber on 31 January 2021

Rental Income (What value should I credit)

Accrued Rental Income (What value should I debit)

Reference no: EM133017204

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