21 2021 o Additional information: According to a physical stock-take the following was on hand on 28 February 2021: Trading inventory R42 000 o Postage and stationery R2 000 Depreciation must be written off on vehicles at 25% per annum according to the diminishing balance method. No vehicles were purchased or sold during the current financial year Salaries and wages for February have not yet been paid, R16 000 Advertising for March has been prepaid R3 600 Rent for March was received in February R4 000 Interest on fixed deposit accrued R1 000 Allowance for credit losses must be increased by 10% of the allowance . (23) Q.2.1 Prepare the statement of profit or loss and other comprehensive income for the year ended 28 February 2021 (27) Q.2.2 Prepare the statement of financial position as at 28 February 2021 Show all workings Round off to the nearest Rand Ignore VAT Notes to the Financial statements are not required (TOTAL MARKS: 100) Question 2 (Marks: 50) The following Pre-adjustment Trial Balance was taken from the books of Jakarta Traders for the year-ended 28 February 2021 Fol DEBIT CREDIT 939 540 16 000 1 100 000 480 000 120 000 85 700 42 740 Statement of financial position section Capital Drawings Land and buildings Vehicles Accumulated depreciation: Vehicles Fixed Deposit: ABC Bank Trading inventory Petty cash Bank Debtors Control Allowance for credit losses Creditors Control Long-term loan: XYZ Bank Nominal accounts section Sales 2 000 8920 27 820 2 000 12 140 744 000 1 236 000 Sales returns 36 000 976 000 52 000 7 840 76 080 119 040 Cost of sales Rent income Interest on fixed deposit Telephone Interest on long term loan Salaries and wages Advertising Postage and stationery Insurance Credit losses 43 320 18 000 9 500 80 000 10 240 3 122 440 3 122 440