4 (25 marks) The following information relates to Tanda Bantu Traders. The financial year ends on 30 June. Statement of Comprehensive Income for the year ended 30 June 2022. Sales Cost of sales Gross profit Total Other income Rent income Gross income Operating expenses Salaries Repairs Telephone Stationery Bad debts Electricity and water Insurance Bank charges Depreciation Operating Profit interest on fixed deposit Interest on loan Net Profit for the year 940 000 (420000) 520 000 48 000 48 000 568 000 (321300) 240 000 7 400 1 500 1 300 600 4 500 7 000 5 000 54 000 246 700 5 500 (26 000) 226 200 Additional information 1. The average monthly sales are expected to: * Increase by 5% in July 2022. * Increase by R16 000 in August 2022. * Increase by R24 000 in September 2022. 2. The existing gross percentage on sales (gross margin ratio) is maintained. 3. The rental is to be increased by 12% on 01 July 2022. The building has been sub-let to a tenant since 01 January 2022. 4. The investment in fixed deposit was made on 01 November 2021 and matures/expires on 31 October 2022. Interest for July 2022 is estimated to be R750, and it is expected to increase monthly by 5%. 5. The loan of R100 000 was taken on 01 July 2021. The first loan repayment of R40 000 will be made on 01 July 2022 Interest is calculated at a fixed rate of 15% per annum. 6. The employees are entitled to an 8% increase in wages and salaries with effect from 01 July 2022. 7. No increases are expected for stationery and bad debts in the next 12 months. You can assume that stationery and bad debts are incurred evenly. 8. Depreciation for the year ended 30 June 2023 is expected to be R48 000. 9. All other expenses are expected to increase by 2% each month. You can assume that expenses are incurred evenly. Required Prepare a Budgeted Statement of Comprehensive Income for Tanda Bantu Traders for the period01July 2022 to 30 September 2022. use a separate column for each month AND Round off all amounts to the nearest whole number. Question 5 5.1. Discuss the sellers risks associated with selling goods and services on credit 5.2. Differentiate between internal and external auditing END OF PAPER (25 marks) (10 marks) (15 marks)