Accounting 1

DATA PRONDED Thua diditional Informetion 1. Prolasaional aervices to the valus of Re5 000 has been rendered by Mr. Blue to a truted Mrs. Navy. 2. Delective goods to the value of R2. 500 was returned by Mr Spring on 31 August 2002 . Mr Spring opted to have the refund processed on his account. The goods had an original cost of R1 800 . 3. An order to repair the roof of the building, to the value of R7 000 was issued on 31 August 2022. Commencement of the maintenance is planned for 1 October 2022. 4. Mrs Jump's estate was finalised by her lawyer. The final distribution account offers a final settlement of 15e in the rand on her outstanding account of Rg000. The payment was received on 31 August 2022 in cash. 5. The company purchases fuel on account for the company vehicle. The invoice from Petroleum SA has not been received yet. The slips supporting the fuel purchases in August 2022 amounts to R3 500 . 6. The advance to Mr Green of R15000 was debited to the salaries and wages account. 7. The partnership agreement states that partners earn 7% interest on their capital accounts and 9.5% on their current accounts. Mr Green contributed R130 000 capital on 31 August 2022 , which was already recorded. 8. The company policy requires a reported balance on the allowance for credit losses at 10% of outstanding debtors. 9. The slock count performed on 31 August 2022 reported stationery of R2800 on hand During this stock take, the supervisor discovered a rocent issue in the materials store. The material loss was calculated at R1 600 . Opening materials on 1 September 2021 amounted to R22 400 . 10. Land is not depreclated. 11. Buildings are deprecided at 2% per year on the straight-lne basis 12. Vehieles are depreciated at 25% on the reduced balance method. The residual vahue of the vehicies was set at R50 000 Leen nowounted for QUESTION THREE [2b] Disclose the property. plant and equipment note in the financial statements of Wing-It (Pty) Ltd for the financial year ended 31 August 2022