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Additional information (adjustments): 1. Depreciation must be provided as follows: * Vehicles are depreciated at 20% p.a. using the straight-line method. + Furniture 1s depreciated

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Additional information (adjustments): 1. Depreciation must be provided as follows: * \\Vehicles are depreciated at 20% p.a. using the straight-line method. + Furniture 1s depreciated at 20% p.a. using the reducing balance method. 2. The investment from Allied Bank was obtained on 31 May 2013, not all interest has been received for the financial year. 3. Rent has only been received for 10 months. 4 The telephone account for February 2014 has not yet been paid, R280. 5 Inventory on 28 February 2014 amounted to R28 500. REQUIRED: 1.1 Compile the statement of profit and loss and other comprehensive income of Charlie Chocolate Company for the year ended 28 February 2014. (15) 1.2 Prepare the statement of financial position of Charlie Chocolate Company on 28 February 2014. (15) NB: Notes to the financial statements are not required. TOTAL: [30]

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