These balances and totals are taken from the trial balances of Josa CC as at 28 February 20x2:

Additional information:

1 Distribution to members for the year, R4 500. (No entry has been made.)

2 The salaries paid to members were:

3. Provision must still be made for the remuneration of the accounting officer in the amount of R4 500.

4. The premises belong to one of the members, Sam.

5. The tax rate is 28% and provision for tax must still be made.

6. During the year, Joan lent R3 000 to the CC and the CC repaid R10 540 at the end of the year. All interest paid was for the loan.

7. The CC lent R7 500 to Sam on 1 March 20x2. Interest received relates to this loan. Sam repaid R3 000 on 28 February 20x2.

You are required to:

1. Prepare the statement of profit or loss & other comprehensive income of Josa CC for the year ended 28 February 20x2.

2. Prepare the note on transactions with members for the year ended 28 February 20x2.

3. Prepare the note to members’ net investment statement for the year ended 28 February 20x2.

Transcribed Image Text:

Members interest - Joan - Sam Undrawn income Member's loan - Joan Plant and equipment at valuation (20x1 cost price) Accumulated depreciation: Plant and equipment Vehicles at cost Accumulated depreciation: Vehicles Inventory at year end Accounts receivable Short-term deposits Bank and cash balance Accounts payable Provision for tax Sales Purchases Purchases returned Details Sales returns Interest received Advertising Insurance Pre-adj. trial balance 20x2 9 000 00 6 000 00 ? 8 670 00 870 00 3 000 00 900 00 00 00 00 755 00 00 32 665 32 996 1 500 17 499 211 500 00 126 000 00 740 00 451 00 375 00 2 850 00 1 805 00 Post-adj. trial balance 20x1 9 000 00 6 000 00 15 141 00 31 374 00 29 031 00 21 798 00 4 500 00 1 500 00 28 211 00 49 953 00 4 500 00 936 00 29 253 00 3 078 00