The following case study applies to questions 1620: Kim has been running...
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Accounting
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Kim has been running her own pet shop, Pets Party, for the last year, which she incorporated as a private company. Her postadjustment trial balance as at December is as follows:
Post adjustment
DEBITS
CREDITS
Statement of Financial position section
Equipment @ cost
Accumulated depreciation
Accounts receivable
Accrued income
Bank
SARS Taxation liability
Accounts payable
Inventory
Capital
Nominal accounts section
Telephone expense
Salaries expense
Depreciation expense
Taxation expense
Sales
Purchases
Bad debts expense
Consumables expense
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In preparing the postadjustment trial balance the accountant forgot to calculate the cost of sales figure. The cost of sales figure for Pets Party is and the company uses the inventory method.
Question Select one:
a
R; perpetual
b
R; periodic
c
R; periodic
d
Zero; Retail
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