C City runs a business. He wants to apply a double entry system for the very first time and he needs your assistance. After an investigation, you ascertained the following information regarding his small business: On 1 January 20.8 C City had the following assets and liabilities: R Land and building ...150 000 Inventory...... 6 800 Bank. 9 500 Trade receivables control. 3 960 Trade payable control... 10 200 An analysis of his cash journals revealed the following:

Receipts	Payments
R Received from debtors...146 960	R Creditors and suppliers of merchandise.78 000
Refund from creditors. 450	Debtors cheques dishonoured. 560
Rent income. 2 550	Water and electricity.. 1 500
Interest on positive bank balance. 125	Telephone expenses. 900
Wages.. 3 500
Drawings..... 6 700

You also ascertain the following: (a) H Head, a debtor who owed R568 was written off during the year as irrecoverable.

(b)	Settlement discount granted amounted to R496 and settlement discount received amounted to R1 250.

(c)	On 31 December 20.8, C City valued inventory at R 5 500, debtors owed him R5 900 and he owed creditors R12 500.

12. The amount for net sales to be disclosed as revenue in the statement of profit or loss and other comprehensive income for the year ended 31 December 20.8? (1) R148 908 (2) R149 404 (3) R148 809 (4) R146 960 (5) R149 635