1.1) prepare the general journals required emanating from the additional notes

1.2) Prepare the statement of comprehensive income of Smiling incorporated foe the financial year ended 31 August.

2.1) Prepare the current account of Peter as at 31 December 2022.

2.2) Prepare the statement of changes in equity as at 31 December 2022

QUESTION ONE [55] Smiling Incorporated has a financial year-end of 31 August 2022. The trial balance as at this rovided as follows: Additional notes 1. Management is serious about customer service and Smiling Incorporated has a reputation orioritising their product quality system. Clients are allowed to return any defective items withi days of purchase provided that the items are returned in its original packaging, accompanied oroof of purchase. Mr. Grin, a standing customer, purchased goods of R1 400 which he was r entire satisfied with, and returned it within 30 days. The cost of the goods returned amounted R1 000. 2. The municipality emailed the electricity account amounting to R2 300 on 4 September 2022 3. While reviewing the financial records during your preparation of the financial statements yo supplier reconciliations confirmed that discount received of R2100 was incorrectly posted to t discount allowed account. 4. Smiling Incorporated uses the periodic inventory system to record their consumable invente o the insignificant issues on the account. Consumable inventory has not been assessed thro ihe year and at year-end management valued the stationery on hand at R1 750 . 5. In reviewing the lease agreements, you noticed that the rental agreement with the tenant stipulates that the monthly rental of R2 200 escalated on 1 August 2022 with 8%. 6. Smiling Incorporated adopted the straight-line depreciation methods. Motor vehicles are depreciated at 15% and equipment at 22,5\%. A trailer was purchased on 1 January 2022 for R10 000. New equipment of R15 000 was purchased on 1 July 2022. 7. The final liquidation account of AA, a customer, was received on 15 August 2022. The clier estate could only afford a payout of 45c in the rand on the client account of R3 750. The payn was received on 31 August 2022 but not yet recorded. 3. The final finished products stock count valuation was certified at R8 200 in applying the lov cost or net realisable value valuation method. 9. Smiling Incorporated's debt control policy requires a credit allowance of 15% at year-end. Required 1.1. Prepare the general journals required emanating from the additional notes 1.2 Prepare the Statement of Comprehensive Income of Smiling Incorporated for the finar year ended 31 August 2022. QUESTION TWO Peter and Pan are partners in Captain Hook Stationers. The list of balances as at 31 Decemb 2022, before additional information was considered, is as follows: Additional information: 1. On 1 January 2022 Peter increased his capital to R150 000. The increase was charge payables account in error. \[ \text { lared by others }>\& \text { BCOMDEG_Acc... } \quad \text {.PDF } \] ditional information: On 1 January 2022 Peter increased his capital to R150 000. The increase was charged payables account in error. Peter earns a salary of R8 000 per month while Pan earns R4 500 per month. The total salaries paid to Pan was incorrectly recorded in the debtors control account. salaries paid to Peter was correctly accounted. Interest of 15% per year must be provided for on the capital. Interest on current accounts must be provided at 7.5% per year on the opening balances. Interest of 5% is charged on the drawings. The partners share profits and losses in the ratio of capital contributed at the start of the financial year. Office furniture and equipment depreciates at 10% per year on the straight-line method. Depreciation was not yet considered. puired Prepare the current account of Peter as at 31 December 2022 Prepare the statement of changes in equity as at 31 December 2022