10th October The pre-adjustment trial balance on 28 February 2015 below was taken from the records of ITC traders: N$ 49 000 9 000 2680 7 360 TRIAL BALANCE ON 28 FEBRUARY 2015 N$ Capital Drawings 2647 Loan - FNB Bank (11%) Equipment at cost 14 600 Accumulated depreciation on equipment Vehicles 34 500 Accumulated depreciation on vehicles Accounts receivable 6 435 Allowances for doubtful debts Trading inventory (1 March 2014) 20 230 Bank 18 907 Sales Returns Inwards 3 624 Purchases 49 085 Freight on purchases 6485 Packaging materials 1 894 Bad debts 214 Wages 7555 Rent paid 3619 Telephone 894 170 689 290 102 359 170 689 Additional information (not yet taken into account) According to the stock taking records the trading inventory on hand amounts to N$18 320 on 28 February 2015 and packaging material, N$ 762 2 The owner took trading inventory amounting to N$345 for his own. 3 An account for freight amounting to N$175 was received late and not yet paid. 4 Depreciation must be provided at 10% on the cost price of equipment and 15% on the cost price of vehicles. 5 A debtor with an outstanding debt of N$95 must be written off. 6 The owner prepaid N$300 on the telephone account as he was going out of town. Required (a) Prepare a statement of comprehensive income for the year ended 28 February 2015 [25 marks] (b) Prepare a statement of financial position as at 28 February 2015 [25 marks) [Total 50 marks]