Answer ALL questions below 1400 MARKSI QUESTION 1 (20 Marks The trattance and information given below seemed tome storting records of Dyson Lined on 29 February 2001 the end of the financial year REQUIRED Prepare the Statement of Financial Positions #29 February 2000 Theroes to the Starcesterettsare not required. Show working in trachel Debit Cred RI 200 000 E200 120 000 T2000 50 000 38 000 70 000 32000 4000 182 000 20% 40 000 INFORMATION DYSAN LIMITED PRE ADJUSTMENT TRIAL BALANCE AS AT 29 FEBRUARY 2020 Balance sheet accounts section Ordinary store al 100 000 stare Renda Vahides at Equipment al cost Acumulated deprecation on whics Autuled derection on an Trading inventory Debtor control Provision for todos Bank Cash Cromos control South Arcane Services Concerts Long term loan. Aries Bank (16% pal Nominal accounts section Sales Cost of SUS Salaries and was Badets Consumeistores Renters Motor esperses Bad debts recovered Telephone Bectricity and water Bankdarges Insurance Interest of more on Common income 500 30 000 455 000 240 000 30 84 000 300 2000 28 000 1500 2000 70 11000 4000 60 5000 1 005000 1 008 000 28 000 15 000 2000 Onunla SICS Rent expense Motor expenses Bad debts recovered Telephone Electricity and water Bank charges Insurance Interest on mortgage loan Commission income 7 000 11 000 3 000 4000 6 000 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% earned but not received on 500 items 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 off. No entries were made for these transactions 5. 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 (landlord) are as follows: R30 000 for the period 01 January 2019 to 31 December 2019, and R36 000 for the period 01 January 2020 to 31 December 2020 Make the necessary adjustment. 8. The loan from Aries Bank was obtained on 01 September 2019. Provide for the outstanding interest (Interest is not capitalised.) Loan repayments (excluding interest) are expected to amount to R12 000 in the next financial year. 9. The insurance total includes an annual premium of R1 800 that was paid for the period 01 June 2019 to 31 May 2020. 10. The bank statement for February 2020 reflected bank charges of R180 that have not yet been recorded. 11 The electricity and water statement for February 2020 included 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 on cost. 12.2 On vehicles at 25% per annum on the diminishing balance. 13. An account received from Heidi Motors to replace two tyres on the delivery vehicle of the business, R2 000, has not been recorded. 14 Company tax for the financial year amounted to R11 691. 15 The directors 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. Answer ALL questions below 1400 MARKSI QUESTION 1 (20 Marks The trattance and information given below seemed tome storting records of Dyson Lined on 29 February 2001 the end of the financial year REQUIRED Prepare the Statement of Financial Positions #29 February 2000 Theroes to the Starcesterettsare not required. Show working in trachel Debit Cred RI 200 000 E200 120 000 T2000 50 000 38 000 70 000 32000 4000 182 000 20% 40 000 INFORMATION DYSAN LIMITED PRE ADJUSTMENT TRIAL BALANCE AS AT 29 FEBRUARY 2020 Balance sheet accounts section Ordinary store al 100 000 stare Renda Vahides at Equipment al cost Acumulated deprecation on whics Autuled derection on an Trading inventory Debtor control Provision for todos Bank Cash Cromos control South Arcane Services Concerts Long term loan. Aries Bank (16% pal Nominal accounts section Sales Cost of SUS Salaries and was Badets Consumeistores Renters Motor esperses Bad debts recovered Telephone Bectricity and water Bankdarges Insurance Interest of more on Common income 500 30 000 455 000 240 000 30 84 000 300 2000 28 000 1500 2000 70 11000 4000 60 5000 1 005000 1 008 000 28 000 15 000 2000 Onunla SICS Rent expense Motor expenses Bad debts recovered Telephone Electricity and water Bank charges Insurance Interest on mortgage loan Commission income 7 000 11 000 3 000 4000 6 000 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% earned but not received on 500 items 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 off. No entries were made for these transactions 5. 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 (landlord) are as follows: R30 000 for the period 01 January 2019 to 31 December 2019, and R36 000 for the period 01 January 2020 to 31 December 2020 Make the necessary adjustment. 8. The loan from Aries Bank was obtained on 01 September 2019. Provide for the outstanding interest (Interest is not capitalised.) Loan repayments (excluding interest) are expected to amount to R12 000 in the next financial year. 9. The insurance total includes an annual premium of R1 800 that was paid for the period 01 June 2019 to 31 May 2020. 10. The bank statement for February 2020 reflected bank charges of R180 that have not yet been recorded. 11 The electricity and water statement for February 2020 included 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 on cost. 12.2 On vehicles at 25% per annum on the diminishing balance. 13. An account received from Heidi Motors to replace two tyres on the delivery vehicle of the business, R2 000, has not been recorded. 14 Company tax for the financial year amounted to R11 691. 15 The directors 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