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Calculate provision for warranty repairs and make journal

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Reference no: EM132769766

Can Ltd sell goods carrying a two year repair warranty. The following expectations  have been set by the Management for the year ended 31 October 2014 % goods sold Nature of defects Cost of repairs if items had defects

75% No defects R nil

18% Minor defects R200 000

7% Major defects R300 000

Required:

Problem 1: Calculate the provision for warranty repairs and make journal entries.

Reference no: EM132769766

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