Answer ALL questions below [100 MARKS] QUESTION 1 (20 Marks) The trial balance and addiional information given below were extracted to the accounting records of Dysan Limited on 29 February 2020, the end of the financial year REQUIRED Prepare the Statement of Financial Position as #29 February 2020. The notes to the financial statements are not required. Show workings in brackets. INFORMATION DYSAN LIMITED PRE-ADJUSTMENT TRIAL BALANCE AS AT 29 FEBRUARY 2020 Debit (R) Credit (R) 200.000 62 000 180 000 120 000 90 000 38 000 70000 32 000 4000 182 000 2000 40 000 10 000 B0000 Balance sheet accounts section Ordinary share capital 100 000 shares) Retained earnings Vehicles al cost Equipment at cost Accumulated depreciation on vehides Accumulated depreciation on equipment Trading inventory Debtors control Provision for bad debts Bank Cash foat Creditors control South African Revenue Services Company tax Long term loan Aries Bank (16% pa) Nominal accounts section Sales Cost of sales Sales retums Salaries and wages Bad debts Consumable stores Hent experte Motor expenses Bad debts recovered Telephone Electricity and water Bank charges Insurance Interest on mortgage loan Commission income 485 000 240 000 5000 84 000 5000 2000 23000 15000 2 000 7000 11 000 3000 4000 6000 5000 1 006 000 1 006 000 Adjustments and additional information 1 According to physical stocktaking done on 29 February 2020, trading inventory on hand amounted to R68 000 2 Consumable stores unused according to stocktaking amounted to R200 on 29 February 2020 3 No entry has been made for a commission of 10% ested but not received on 500 tems that were sold for R60 each 4 Received a cheque for R600 from an insolvent debtor. J. Marsh, who was only able to pay 30% of her debt. The balance of her account must now be written of No enties were made for these transactions 6. The provision for bad debts must be decreased to R1 500. 6 The telephone account for February 2020 was due to be paid on 02 March 2020, R700 7 The rental agreements signed with the lessor (andort) are as follows: R30 000 for the period of January 2019 31 December 2019 and R36 000 for the period 01 January 2020 to 31 December 2020 Make the necessary adjustment. & The loan from Aries Bank was obtained on 01 September 2019. Provide for the outstanding interest (Interest is net capitalised) Loan repayments (excluding interest are expected to amount to R12 000 in the next financial year 9 The insurance total indudes an annual premium of R1 BOD that was paid for the period 01 June 2019 to 31 May 2020 10. The bank statement for February 2020 reflected bark charges of R180 that have not yet been recorded 11. The electricity and water statement for February 2020 induded an amount of R1 000 for a deposit required by the municipality. This was recorded in the water and electricity account 12. Provide for depreciation as follows: 12.1 On equipment at 15% per annum und 12.2 On vehides 25% per amum on the diminishing balance. 13. An account received from Heidi Motors to replace two tyres on the delivery vehide of the business, R2 000, has not been recorded 14. Company tax for the financial year amounted to R11691 15. The diredors proposed a final dividend of 18 cents per share 16. The profit after tax for the year ended 29 February 2020, after taking the above adjustments into account was R27 279