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The following trial balance was extracted from the books of Chipumalanga Enterprises as at 31st...

The following trial balance was extracted from the books of Chipumalanga Enterprises as at
31st December, 2019
Particulars
Dr
Cr.
Tshs (in ‘000)
Tshs(in ‘000)
Purchases
368,400.00
Sales
517,900.00
Drawings
14,100.00
Returns inwards
7,300.00
Returns outwards
6,200.00
Discounts allowed
10,200.00
Discounts received
8,400.00
Debtors
45,000.00
Creditors
57,100.00
Stock
34,300.00
Freehold premises at cost
46,000.00
Motor vehicles at cost
12,000.00
Furniture at cost
2,500.00
Provision for depreciation on motor vehicles
4,500.00
Provision for depreciation on furniture
1,000.00
Cash at bank
5,000.00
Cash in hand
1,900.00
Salaries
40,600.00
Carriage inwards
22,200.00
Carriage outwards
10,300.00
Printing and stationery
3,600.00
Electricity and water
14,900.00
Insurance
6,800.00
General expenses
34,800.00
Provision for bad debt
200.00
Bad debt written off
400.00
Capital
70,000.00
Rent received
3,800.00
Commission received
11,200.00
680,300.00
680,300.00
The following information should be taken into account:
(i)
Stock at 31st December 2019 was valued at Tshs 31, 800,000.
(ii)
Accrued expenses at 3l/12/2019 were salaries Tshs 1,800,000 and electricity Tshs.
80,000.
(iii)
Prepaid expenses at 31/12/2019 were insurance Tshs. 400,000 and general expenses
Tshs. 500,000.
(iv)
Adjust provision for bad debt to 2% of debtors and create provision for discount
allowable at 1% of debtors.
(v)
Commission due but yet to be received at 31/12/2019 amounted to Tshs. 800,0?

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