1112 pts The business of Chan and Tan Fruit Bowl had the following Balance Sheet items as at April 30 2021 Assets, Liabilities and Capital Motor vehicles Debtors $ 70 000 20 000 Premises 600 000 Trade creditors (for stock purchases) 25 000 Stock *Loan from Rinklett Finance Fixtures & fittings Prepaid rent Cash at bank Equipment **Mortgage Loan from Grass Bank Capital Additional information 22 000 50 000 35 000 4 000 20 000 * Loan from Rinklett Finance must be paid back in full within the next 9 months ** Mortgage loan from Grass Bank will be paid back over the next 10 years, Transactions for the month of May 2021 Cash Transactions 30 000 69 200 000 526 000 Loan repayment - Rinklett Finance Principal Interest Mortgage Loan repayment - Grass Bank Principal Interest Cash sales Cash paid to creditors Wages paid Purchase of new equipment Insurance paid Cash drawings Collections from debtors Other office expenses Advertising Purchase of another motor vehicle (cash deposit) - see details below Credit Transactions Credit sales 2 000 900 3.000 1 200 120 000 26 000 8 000 12 000 1 000 8 000 8 000 1 500 600 5 000 $ 30 000 Credit purchases of stock from trade creditors 40 000 Additional advertising expenses on 30-day credit terms (include in May expenses) Purchase of another motor vehicle (partly financed by a loan) - details below 3 000 - see 25 000 Additional information: . Depreciation of Equipment at 25% p.a. Depreciation of fixtures & fittings at 8% p. a. Depreciation of motor vehicles at 15% p. a. Wages owing (not yet paid) for the last week of May 2021 is $3 000 Rent for the month of May is $1 200 Stock on Hand at end of May 2021 is $14.000 Purchase of another Motor Vehicle was made at the beginning of the month of May, (total value - $30 000), and was financed by a $5 000 cash deposit and a $25 000 loan from The No-Bias Bank, to be repaid over 5 years Prepare a properly classified Balance Sheet for the end of May 2021