Titan wholesale Ltd Trial Balance December 31, 2022 Particulars Debit Credit Tk Tk Cash 20000 Investment 100000 Account Receivable 50000 Opening Inventory 15000 Office Supplies 9000 Office Equipment 60000 Prepaid Rent 4000 Notes Payable 34000 Accounts Payable 90000 Titan Capital 70000 Titan Drawings 3500 Sales 200,000 Purchase 100000 Salary Expense 18000 Rent Expense 9000 Insurance Expense 4500 Freight Out 1000 Total 394000 394000 Adjustment Data: 1. Merchandise inventory actually on hand at 31st December Tk 30000 2. Rent were expired Tk 2500 3. Depreciation on office Equipment @ 10% per annum 4. Outstanding salary of Tk 2000 for the period 5. Office Supplies on hand Tk 4000. Create an adjusting journal and trial balance

Titan wholesale Ltd Trial Balance December 31, 2022 Particulars Debit Credit Tk Tk Cash 20000 Investment 100000 Account Receivable 50000 Opening Inventory 15000 Office Supplies 9000 Office Equipment 60000 Prepaid Rent 4000 Notes Payable 34000 Accounts Payable 90000 Titan Capital 70000 Titan Drawings 3500 Sales 200,000 Purchase 100000 Salary Expense 18000 Rent Expense 9000 Insurance Expense 4500 Freight Out 1000 Total 394000 394000 Adjustment Data: 1. Merchandise inventory actually on hand at 31st December Tk 30000 2. Rent were expired Tk 2500 3. Depreciation on office Equipment @ 10% per annum 4. Outstanding salary of Tk 2000 for the period 5. Office Supplies on hand Tk 4000. Create an adjusting journal and trial balance

Cash 25,450Accounts Receivable 25,500Inventory 85,000Prepaid Expenses 4,950Motor vehicle 68,000Equipment 155,000Accounts Payable 35,000Unearned Revenue 8,000Wages Payable 15,000Bank Loan 50,000Share Capital 235,000Retained Earnings 10,000Dividends -5,000Revenue 53,650Cost of Sales -12,450Wages Expense -15,000Interest expense -2,500Marketing expense -2,800Insurance expense -5,000Calculate NET PROFIT

Transactions Units Unit Costa. Inventory, Beginning 1,500 $ 31For the year:    b. Purchase, March 5 7,500 32c. Purchase, September 19 3,500 34d. Sale, April 15 (sold for $76 per unit) 2,200  e. Sale, October 31 (sold for $79 per unit) 6,500  f. Operating expenses (excluding income tax expense), $398,000      Required:1. Calculate the number and cost of goods available for sale.2. Calculate the number of units in ending inventory.3. Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) LIFO, and (c) weighted average cost.4. Prepare an income statement that shows the FIFO method, LIFO method and weighted average method.6. Which inventory costing method minimizes income taxes?

Opening inventory consists of 1 000 units valued at R3 125 and comprises of the following purchases:28 February 2024250 units @ R2,90 per unit29 February 2024750 units @ R3,20 per unitPurchases for March 2024:DateQuantityUnit cost05 March800 unitsR3,30 per unit11 March650 unitsR3,35 per unit16 March700 unitsR3,40 per unitInventory issued to production during March:DateQuantity03 March500 units08 March900 units12 March750 unitsRequired:Assuming all purchase transactions were on cash, complete the journal entries for the above-mentioned transactions by selecting the appropriate accounts and related data, applying the FIFO method.Date DebitCredit  RR03 MarchBlank 1Blank 2  Blank 3 Blank 4 Units issued to production   Date DebitCredit  RR05 MarchBlank 5Blank 6  Blank 7 Blank 8 Inventory purchased   Date DebitCredit  RR08 MarchBlank 9Blank 10  Blank 11 Blank 12 Units issued to production   Date DebitCredit  RR11 MarchBlank 13Blank 14  Blank 15 Blank 16 Inventory purchased   Date DebitCredit  RR12 MarchBlank 17Blank 18  Blank 19 Blank 20 Units issued to production   Date DebitCredit  RR16 MarchBlank 21Blank 22  Blank 23 Blank 24 Inventory purchased

Lee, a sole trader, provided the following information from his books of account on 30 April 2019. $ Bank overdraft 11 240 Capital 50 000 Carriage inwards 670 Drawings 24 060 Inventory at 1 May 2018 12 500 3% Loan 20 000 Loan interest 50 Motor vehicles Cost Provision for depreciation 32 000 8 000 Office equipment Cost Provision for depreciation 4 600 2 400 Other operating costs 61 990 Provision for doubtful debts at 1 May 2018 2 850 Purchases 97 370 Revenue 165 000 Trade receivables 47 890 Trade payables 21 640 The following information is also available. 1 An invoice from a supplier dated 28 April 2019 for goods costing $940 had not been recorded in the books of account. These goods were unsold at the year-end. 2 Inventory was counted at 30 April 2019 and was valued at cost, $21 340. 3 Revenue included goods sold in April 2019 to a credit customer for $3200 on a sale or return basis. These goods were invoiced with a mark-up of 60% and were returned by customer on 5 May 2019. 4 During the year, Lee took goods with a cost of $250 for his own use. 5 The 3% loan was taken out on 1 August 2018 and is repayable in 5 annual instalments starting on 1 August 2019. 6 A debt of $690 was considered to be irrecoverable and was to be written off. 7 The provision for doubtful debts was to be maintained at 5% of the trade receivables. 8 A computer for office use bought on credit on 1 July 2018 costing $1200 had been debited to the purchases account. 9 Depreciation is to be provided as follows: Motor vehicles 25% per annum using the reducing balance method Office equipment 10% per annum using the straight-line method A full year’s depreciation is charged in the year of purchase.