CLASSWORK ACTIVITY 2 ADJUSTMENTS AND ADDITIONAL INFORMATION 28 FEBRUARY 2017 1. Acredit sale of R000 an 27 February 2017 to a dobor S. Mazibuko was not yet recorded. The more up on the cost of goods was 60% on cont 2. According to physical stock taking on 28 February 2017 the following was on hand Trading stock, R 272500 (ISO) Packing materialo R 10 000 350cc 3. The loan statement received from BRICS Bank rovenied the following Balance on 1 March 2016 500 000 Repayments for the financial your ending 28/02/2017 140 000 Balance on 26 February 2017 410 000 . Make provision for the interest on loan Dracs Bank SOLE TRADER: INCOME STATEMENT AND NOTES Use the following information from Amabhola Traders for the financial year ending on 28 February 2017. The business is owned by Sipho Nkosi, REQUIRED: Prepare the Income Statement for the year anded 28 February 2017 12 Complete Fixed/Tangible Assets Note to the Balance Shoot (43) (16) INFORMATION: PRE-ADJUSTMENT TRIAL BALANCE OF AMABHELE TRADERS ON 28 FEBRUARY 2017 BALANCE SHEET ACCOUNTS SECTION DEBIT CREON Capital 3030 DOO 30 000 Loan: 300 000 Land and Buildings 5 000 000 Vehicles 11 ULU Equipment 600 000 Accumulated depreciation on vehicles 250 000 Accumulated depreciation on equipment 150 DOD Trading stock 284 000 Debtors control 160 000 Creditos control 320 000 Flad deposit Khest Bank (8%) 270 000 BARS PAYE 17000 Bank 10 DOO NORMINAL ACCOUNTS SECTION Sales 6 500 000 Cost of salas Debtors allowance 13 000 Sains and wages SBO DOO and TA ODO Interest on fixed deposllante Rent Income 288 000 Commission income 17 000 45 000 Packing Materials 96.000 28 000 ad interest on overdran 30 000 Discount received 20.000 Discount allowed Water and alectricity 55 000 Bank charges 185 000 Telephone 240 000 Sundry expenses 11 648 000 11 548 000 4. The rentincome includes rent up to 30 April 2017. a. 2 months in advance NOTE: The monthly rent was increased by R 2000 with affect from 1 January 2017 5. Rates at 1% on the value of the Land and buildings is payable to uphongolo Municipality for the financial year ended 28 February 2017 Rates are Included in sundry expenses 8. Water and electricity account for February 2017, R 1000 has not yet been paid 7 Depreciation is calculated as follows: On the vehicles at 20% per annum according to the diminishing balance method NOTE: A new van costing R 250 000 was purchased on 1 December 2016. This has been correctly recorded. On equipment at a fixed amount of R60 000 for the your An extension to land and buildings to the value of R 420 000 was dona on 28 February 2017. Proper entries were made. 8. Provide for outstanding Interest on fixed deposit 30 584 900 31484 2.263.000 (1000) 24 484 Bad debts Insurance TOO OOG 9. Insurance includes a premium of R 36 000 for the period 1 August 2018 to 31 July 2017 RG(5776) Page of 18 000 CLASSWORK ACTIVITY 2 ADJUSTMENTS AND ADDITIONAL INFORMATION 28 FEBRUARY 2017 1. Acredit sale of R000 an 27 February 2017 to a dobor S. Mazibuko was not yet recorded. The more up on the cost of goods was 60% on cont 2. According to physical stock taking on 28 February 2017 the following was on hand Trading stock, R 272500 (ISO) Packing materialo R 10 000 350cc 3. The loan statement received from BRICS Bank rovenied the following Balance on 1 March 2016 500 000 Repayments for the financial your ending 28/02/2017 140 000 Balance on 26 February 2017 410 000 . Make provision for the interest on loan Dracs Bank SOLE TRADER: INCOME STATEMENT AND NOTES Use the following information from Amabhola Traders for the financial year ending on 28 February 2017. The business is owned by Sipho Nkosi, REQUIRED: Prepare the Income Statement for the year anded 28 February 2017 12 Complete Fixed/Tangible Assets Note to the Balance Shoot (43) (16) INFORMATION: PRE-ADJUSTMENT TRIAL BALANCE OF AMABHELE TRADERS ON 28 FEBRUARY 2017 BALANCE SHEET ACCOUNTS SECTION DEBIT CREON Capital 3030 DOO 30 000 Loan: 300 000 Land and Buildings 5 000 000 Vehicles 11 ULU Equipment 600 000 Accumulated depreciation on vehicles 250 000 Accumulated depreciation on equipment 150 DOD Trading stock 284 000 Debtors control 160 000 Creditos control 320 000 Flad deposit Khest Bank (8%) 270 000 BARS PAYE 17000 Bank 10 DOO NORMINAL ACCOUNTS SECTION Sales 6 500 000 Cost of salas Debtors allowance 13 000 Sains and wages SBO DOO and TA ODO Interest on fixed deposllante Rent Income 288 000 Commission income 17 000 45 000 Packing Materials 96.000 28 000 ad interest on overdran 30 000 Discount received 20.000 Discount allowed Water and alectricity 55 000 Bank charges 185 000 Telephone 240 000 Sundry expenses 11 648 000 11 548 000 4. The rentincome includes rent up to 30 April 2017. a. 2 months in advance NOTE: The monthly rent was increased by R 2000 with affect from 1 January 2017 5. Rates at 1% on the value of the Land and buildings is payable to uphongolo Municipality for the financial year ended 28 February 2017 Rates are Included in sundry expenses 8. Water and electricity account for February 2017, R 1000 has not yet been paid 7 Depreciation is calculated as follows: On the vehicles at 20% per annum according to the diminishing balance method NOTE: A new van costing R 250 000 was purchased on 1 December 2016. This has been correctly recorded. On equipment at a fixed amount of R60 000 for the your An extension to land and buildings to the value of R 420 000 was dona on 28 February 2017. Proper entries were made. 8. Provide for outstanding Interest on fixed deposit 30 584 900 31484 2.263.000 (1000) 24 484 Bad debts Insurance TOO OOG 9. Insurance includes a premium of R 36 000 for the period 1 August 2018 to 31 July 2017 RG(5776) Page of 18 000