40 Marks Question 3 Ms JI-Yong has not kept proper bookkeeping records, but as kept holes in a personal note form of her business transactions as at 31 May 2019. The following transactions relato to financial year ended on 31 May 2018, DR CR 18 200 Bank 6 850 Cash Accounts Receivable and Payable Motor Vehicle (Net Depreciation) Furniture and Fittings at cost Inventory - 31 May 2018 Prepaid Rent and Accrued Stationery Expense 1 400 7 800 22 500 16 700 8 490 510 150 During the financial year ended 31 May 2019, the following transactions occurred, Paid suppliers NS 26 400 by cheque and NS 990 by cash. During the year received N$ 38 800 by cheque and NS 2 600 by cash. NS 1 200 set-off was negotiated and granted. During year, customer refund amount to NS 500 Stationery expense paid during the year was N$ 8 700 and was paid by bank cheque. Rent expense was also paid an amount of N$ 3 420 by cheque. The following expenses was paid by cheque: Transport Expense NS 750, Telephone Expense N$ 2 150 and General Expense NS 680, Staff Welfare N$ 500 and by cash Municipal Service N$ 380. Motor vehicle was acquired on 01 June 2017 and is depreciated at 10% per annum, Furniture and fittings was also acquired on 01 June 2018 and depreciated at 10% per annum and both on straight line method and no scrap value. At 01 June 2019, the following balances still exist in Ji-Yong books: Page 13 of 18 DR CR 22 000 Bank 2 630 540 Cash 300 Rent Expense Stationery Expense Inventory - 31 May 2019 Drawings - 31 May 2019 Accounts Receivable and Payable NB: WORKINGS ARE NOT REQUIRED 5540 16 300 700 1 260 Required: 19 Marks a) Prepare statement of comprehensive income as at 31 May 2019 29 Marks b) Prepare statement of financial position as at 31 May 2019