$2010$

During the month of August, the following transactions took place and must still be accounted for:

$01$ August $2023$: Ms$.$ Smith deposited an additional R$100000$ into the business bank account. On the same day, she secured a loan of R$80000$ from a local bank.

$02$ August $2023$: Signed a two$-$year lease for the shop space, costing R$20000$ per month. Ms$.$ Smith immediately paid the rent for August and an additional R$20000$ as a security deposit, totaling a payment of R$40000.$

$03$ August $2023$: Ms$.$ Smith hired Mr$.$ Mkhize as the store manager, with an agreed monthly salary of R$22000,$ which is due on the $25$th of every month.

$05$ August $2023$: Purchased books for R$65000$ cash from "Literary Distributors Inc."

$06$ August $2023$: Obtained office supplies on credit, valued at R$4000,$ from "Office Essentials Ltd$."$

$07$ August $2023$: Ordered books from "Bookworld Ltd$"$ on credit. The total cost of the books was R$95000.$

$11$ August $2023$: Smith's Reading Den made a sale to "Elite Schools Ltd$."$ on credit, invoicing them R$40000$ for books that originally cost the store R$28000.$

$25$ August $2023$: Mr$.$ Mkhize's monthly salary of R$22000$ for August was disbursed.

$31$ August $2023$: To enhance the customer checkout experience, a new point$-$ofsale system was purchased for R$45000.$ An upfront payment of R$20000$ was made, with the remaining R$25000$ to be settled in four equal monthly instalments.

$31$ August $2023$: The point$-$of$-$sales system showed a total amount of cash sales achieved during the month amounting to R$33600.$ The books that were sold had been initially acquired for R$24000.$

$31$ August $2023$: Invested in the store's ambiance by buying bookshelves and seating arrangements, which cost R$55000$ in cash.

$31$ August $2023$: Utility bills for the month, amounting to R$4500,$ were paid.

$31$ August $2023$: A debtor, "Elite Schools Ltd$.",$ made a payment, settling $80\%$ of their outstanding credit amount.

$31$ August $2023$: Smith's Reading Den made a payment of $75\%$ to "Bookworld Ltd$"$ as part$-$payment for the books that were previously purchased on credit.

$31$ August $2023$: Smith's Reading Den had R$3500$ office supplies left that they would use in the future.

$55$

HFAC$131-1-$Jan$-$Jun$2024-$FA$1-$LVN$-$V$3-20240119$

ANNEXURE F: FORMATIVE ASSESSMENT $1$

REQUIRED:

$1\mathrm{.}1$ Calculate the profit or loss for the month of Auqust $2023.$

$(10$ marks