Accounting

Date Details Amount - R 1 March 2020 Balance 50 000 31 August 2020 Less: Payment of 1st instalment (12 500) 28 February 2021 Balance 37 500 QUESTION THREE [20] The following list of account balances were extracted from the accounting records of Don's Electrical Services as at 28 February 2021: List of accounts Debit - R Credit-R Land and buildings at cost 250 000 Vehicles at cost 155 000 Accumulated depreciation: Vehicles -1 March 2020 90 000 Equipment at cost 85 000 Accumulated depreciation: Equipment -1 March 2020 40 000 12% Fixed deposit: Lock Bank 30 000 Inventory: Consumables -1 March 2020 21 000 10. Rent has been received for the period 1 March 2020 to 31 March 2021. Rent was increased by 10% with effect from 1 September 2020. Adjust the above records for the amount received in advance for March 2021. Debtors' control 25 000 Required: Allowance for credit losses 1 125 Bank 80 373 Prepare the statement of profit or loss and other comprehensive income (SOCI) for the year ended 28 February 2021 to comply with the requirements of international Financial Reporting Standards (IFRS) appropriate to Don's Electrical Services 37 500 20 835 197 500 Long term borrowing: 10% per year Creditors' control Capital: Don Dude Drawings Service fees Interest on fixed deposit 89 327 Round up all calculations to the nearest Rand. Show all workings. 524 835 1 688 Rent income 19 180 9 735 Advertising Credit losses 2 100 5 078 Communication costs 84 148 92 902 Consumables purchased Other operating expenses Interest on borrowings 3 000 932 663 932 663 Date Details Amount - R 1 March 2020 Balance 50 000 31 August 2020 Less: Payment of 1st instalment (12 500) 28 February 2021 Balance 37 500 QUESTION THREE [20] The following list of account balances were extracted from the accounting records of Don's Electrical Services as at 28 February 2021: List of accounts Debit - R Credit-R Land and buildings at cost 250 000 Vehicles at cost 155 000 Accumulated depreciation: Vehicles -1 March 2020 90 000 Equipment at cost 85 000 Accumulated depreciation: Equipment -1 March 2020 40 000 12% Fixed deposit: Lock Bank 30 000 Inventory: Consumables -1 March 2020 21 000 10. Rent has been received for the period 1 March 2020 to 31 March 2021. Rent was increased by 10% with effect from 1 September 2020. Adjust the above records for the amount received in advance for March 2021. Debtors' control 25 000 Required: Allowance for credit losses 1 125 Bank 80 373 Prepare the statement of profit or loss and other comprehensive income (SOCI) for the year ended 28 February 2021 to comply with the requirements of international Financial Reporting Standards (IFRS) appropriate to Don's Electrical Services 37 500 20 835 197 500 Long term borrowing: 10% per year Creditors' control Capital: Don Dude Drawings Service fees Interest on fixed deposit 89 327 Round up all calculations to the nearest Rand. Show all workings. 524 835 1 688 Rent income 19 180 9 735 Advertising Credit losses 2 100 5 078 Communication costs 84 148 92 902 Consumables purchased Other operating expenses Interest on borrowings 3 000 932 663 932 663