e a w a UD Duplo robial find View Sign Window Help Tools BCOMDEG Accoun 3/9 75% 2 QUESTION TWO 125 Joel Mabena is the sole owner of a general dealer business, Joels Bargains. The following information was provided for the year ended 31 December 2020 Joel's Bargains Thal balance as at 31 December 2020 Debit R 172 200 Credit R 20 200 150 000 144000 2400 42 600 2000 115200 Equipment Accumulated depreciation Fred deposit Inventory-trade goods Stationery on hand at January 2020 Dectors control Allowance for credits Bank Long term borrowings - ABC Finance Creditors control Capital - Joel Mabera Drawing Sales Cost of a Returns from debtors Interest on red depot Profit on sale oregent Pantal income Credes hance 80 000 35 800 318 200 35 000 711200 328 000 3200 16.000 1 000 9600 1600 400 69600 4.600 Story Sundrypen Worston-ABC France 7000 1184000 1104 RT DELL 50% 4 / 9 4. A new tenant moved into office space avalable for rent on 1 September 2020 and prepaid the rent for 12 months unti 31 August 2021. No deposit was required. The rent remained unchanged for the 12 month penod, I The txed deposit was invested for 5 years and matures on 31 December 2024. Interest on the investment is provided for at 12% per year Provide for depreciation of equipment at 20% per year on the dimin shing balance method. No equipment was bought during the year but equipment was sold on 2 January 2020. The same was conreatly recorded in the above accounting records 1. Creat losses baddest 600 must be written of 35 irrecoverableThereafter adjus! the swance for creat Corvii torba de o 55 of outstanding debtors 4. Longtem Wings of 100 000 was obtained from ABC Finance on July 2016 The borrowing bears interest 14 per year and the capital step by five equat mit with the final 30 2020 The first iniment suny paid on me 2020 or meat year net to be update 2 Duroy penses de 200 trattene foranuary 2021 Requiso Opricomotrend Othmon Fas AE Window He RCOMDEG NON @ 3 1193 > QUESTION TWO [25] Joel Mabena is the sole owner of a general dealer business, Joel's Bargains. The following information was provided for the year ended 31 December 2020: Joel's Bargains Trial balance as at 31 December 2020. Debit R 172 200 Credit R 20 200 Equipment Accumulated depreciation Forced deposit Inventory-trade goods Stationery on hand at January 2020 Debtors control Allowance for credit losses Bank Long term borrowings - ABC Finance Creditors control Capital - Joel Mabena 160 000 144 000 2 400 42 600 2.000 115 200 80 000 25 800 318 200 x] PB P3 AB Sign Window Help ools BCOMDEG Accoun 10 0 o 119% 711 200 328 000 3200 Sales Cost of sales Retums from debtors Interest on fixed deposit Profit on sale of equipment Rental income Credit losses Insurance Salaries and wages Stationery Sundry expenses Interest on loan-ABC Finance 16 000 1 000 9 600 1 600 8.400 69 600 4 600 38 200 7000 1 184 000 1 184 000 Additional information: 1 On 31 December 2020 stationery of R1 000 and trade goods of R143 400 were on hand. 2. Siiso took out a fire insurance policy on 1 October 2020 and paid the annual premium of R8 000 forinsurance cover until 30 September 2021 agn Window Help BCOMDEG Accoun.. X 49 119%- 3. Employee salaries of R7 000 were not yet paid nor recorded at 31 December 2020. 3 4. A new tenant moved into office space available for rent on 1 September 2020 and prepaid the rent for 12 months until 31 August 2021. No deposit was required. The rent remained unchanged for the 12 month period 5. The fixed deposit was invested for 5 years and matures on 31 December 2024. Interest on the investment is provided for at 12% per year. *] Pi w on Window Help BCOMDEG Accoun. * 119- 5. The fixed deposit was invested for 5 years and matures on 31 December 2024. Interest on the investment is provided for at 12% per year. 6. Provide for depreciation of equipment at 20% per year on the diminishing balance method. No equipment was bought during the year but equipment was sold on 2 January 2020. The sale was correctly recorded in the above accounting records. 7. Credit losses (bad debts) of R600 must be written off as irrecoverable. Thereafter, adjust the allowance for credit losses (provision for bad debts) to 5% of outstanding debtors. 8. Long term borrowings of R100 000 was obtained from ABC Finance on 1 July 2018. The borrowing bears interest at 14% per year and the capital is repayable by five equal annual instalments with the first instalment payable on 30 June 2020. The first instalment was duly paid on 30 June 2020. Interest for the current year needs to be updated. 9. Sundry expenses include security fees of R2 200 that have been paid for January 2021. x] Pa P] AS Sign Window Help BCOMDEG_Accoun 4/9 119- Required: Prepare the statement of profit or loss and other comprehensive income for the year ended 31 December 2020 to comply with the requirements of International Financial Reporting Standards (IFRS) appropriate to Joe's Bargains business, Show all workings. W PAS ow Help BCOMDEG Accoun... X 3 / 9 114% a QUESTION TWO [25] Joel Mabena is the sole owner of a general dealer business, Joel's Bargains. The following information was provided for the year ended 31 December 2020: Joel's Bargains Trial balance as at 31 December 2020 Debit R 172 200 Credit R 20 200 Equipment Accumulated depreciation Fixed deposit Inventory - trade goods Stationery on hand at 1 January 2020 Debtors control Allowance for credit losses Bank Long term borrowings - ABC Finance Creditors control Capital - Joel Mabena Drawings Sales 160 000 144 000 2 400 42 600 2 000 115 200 80 000 25 800 318 200 88 000 711 200 P I indow Help BCOMDEG Accoun, 1145 BE > 328 000 3 200 16 000 1 000 9 600 Cost of sales Returns from debtors Interest on fixed deposit Profit on sale of equipment Rental income Credit losses Insurance Salaries and wages Stationery Sundry expenses Interest on loan-ABC Finance 1 600 8 400 69 600 4 600 38 200 7 000 1 184 000 1 184 000 Additional information: 1. On 31 December 2020 stationery of R1 000 and trade goods of R143 400 were on hand, 2. Sifiso took out a fire insurance policy on 1 October 2020 and paid the annual premium of R8 000 for insurance cover until 30 September 2021 3. Employee salaries of R7 000 were not yet paid or recorded at 31 December 2020 a w P] AB to dow Help BCOMDEG Accoun.. X 114% 4. A new tenant moved into office space available for rent on 1 September 2020 and prepaid the rent for 12 months until 31 August 2021. No deposit was required. The rent remained unchanged for the 12 month period. 5. The fixed deposit was invested for 5 years and matures on 31 December 2024. Interest on the investment is provided for at 12% per year. 6. Provide for depreciation of equipment at 20% per year on the diminishing balance method. No equipment was bought during the year but equipment was sold on 2 January 2020. The sale was correctly recorded in the above accounting records. 7. Credit losses (bad debts) of R600 must be written off as irrecoverable. Thereafter, adjust the allowance for credit losses (provision for bad debts) to 5% of outstanding debtors, 8. Long term borrowings of R100 000 was obtained from ABC Finance on 1 July 2018, The borrowing bears interest at 14% per year and the capital is repayable by five equal annual instalments with the first instaiment payable on 30 June 2020. The first instalment was duly paid on 30 June 2020. Interest for the current year needs to be updated w PAS Window Help BCOMDEG Accoun.. 4 / 9 114% 9. Sundry expenses include security fees of R2 200 that have been paid for January 2021. Required: Prepare the statement of profit or loss and other comprehensive income for the year ended 31 December 2020 to comply with the requirements of International Financial Reporting Standards (IFRS) appropriate to Joel's Bargains business. Show all workings. e a w a UD Duplo robial find View Sign Window Help Tools BCOMDEG Accoun 3/9 75% 2 QUESTION TWO 125 Joel Mabena is the sole owner of a general dealer business, Joels Bargains. The following information was provided for the year ended 31 December 2020 Joel's Bargains Thal balance as at 31 December 2020 Debit R 172 200 Credit R 20 200 150 000 144000 2400 42 600 2000 115200 Equipment Accumulated depreciation Fred deposit Inventory-trade goods Stationery on hand at January 2020 Dectors control Allowance for credits Bank Long term borrowings - ABC Finance Creditors control Capital - Joel Mabera Drawing Sales Cost of a Returns from debtors Interest on red depot Profit on sale oregent Pantal income Credes hance 80 000 35 800 318 200 35 000 711200 328 000 3200 16.000 1 000 9600 1600 400 69600 4.600 Story Sundrypen Worston-ABC France 7000 1184000 1104 RT DELL 50% 4 / 9 4. A new tenant moved into office space avalable for rent on 1 September 2020 and prepaid the rent for 12 months unti 31 August 2021. No deposit was required. The rent remained unchanged for the 12 month penod, I The txed deposit was invested for 5 years and matures on 31 December 2024. Interest on the investment is provided for at 12% per year Provide for depreciation of equipment at 20% per year on the dimin shing balance method. No equipment was bought during the year but equipment was sold on 2 January 2020. The same was conreatly recorded in the above accounting records 1. Creat losses baddest 600 must be written of 35 irrecoverableThereafter adjus! the swance for creat Corvii torba de o 55 of outstanding debtors 4. Longtem Wings of 100 000 was obtained from ABC Finance on July 2016 The borrowing bears interest 14 per year and the capital step by five equat mit with the final 30 2020 The first iniment suny paid on me 2020 or meat year net to be update 2 Duroy penses de 200 trattene foranuary 2021 Requiso Opricomotrend Othmon Fas AE Window He RCOMDEG NON @ 3 1193 > QUESTION TWO [25] Joel Mabena is the sole owner of a general dealer business, Joel's Bargains. The following information was provided for the year ended 31 December 2020: Joel's Bargains Trial balance as at 31 December 2020. Debit R 172 200 Credit R 20 200 Equipment Accumulated depreciation Forced deposit Inventory-trade goods Stationery on hand at January 2020 Debtors control Allowance for credit losses Bank Long term borrowings - ABC Finance Creditors control Capital - Joel Mabena 160 000 144 000 2 400 42 600 2.000 115 200 80 000 25 800 318 200 x] PB P3 AB Sign Window Help ools BCOMDEG Accoun 10 0 o 119% 711 200 328 000 3200 Sales Cost of sales Retums from debtors Interest on fixed deposit Profit on sale of equipment Rental income Credit losses Insurance Salaries and wages Stationery Sundry expenses Interest on loan-ABC Finance 16 000 1 000 9 600 1 600 8.400 69 600 4 600 38 200 7000 1 184 000 1 184 000 Additional information: 1 On 31 December 2020 stationery of R1 000 and trade goods of R143 400 were on hand. 2. Siiso took out a fire insurance policy on 1 October 2020 and paid the annual premium of R8 000 forinsurance cover until 30 September 2021 agn Window Help BCOMDEG Accoun.. X 49 119%- 3. Employee salaries of R7 000 were not yet paid nor recorded at 31 December 2020. 3 4. A new tenant moved into office space available for rent on 1 September 2020 and prepaid the rent for 12 months until 31 August 2021. No deposit was required. The rent remained unchanged for the 12 month period 5. The fixed deposit was invested for 5 years and matures on 31 December 2024. Interest on the investment is provided for at 12% per year. *] Pi w on Window Help BCOMDEG Accoun. * 119- 5. The fixed deposit was invested for 5 years and matures on 31 December 2024. Interest on the investment is provided for at 12% per year. 6. Provide for depreciation of equipment at 20% per year on the diminishing balance method. No equipment was bought during the year but equipment was sold on 2 January 2020. The sale was correctly recorded in the above accounting records. 7. Credit losses (bad debts) of R600 must be written off as irrecoverable. Thereafter, adjust the allowance for credit losses (provision for bad debts) to 5% of outstanding debtors. 8. Long term borrowings of R100 000 was obtained from ABC Finance on 1 July 2018. The borrowing bears interest at 14% per year and the capital is repayable by five equal annual instalments with the first instalment payable on 30 June 2020. The first instalment was duly paid on 30 June 2020. Interest for the current year needs to be updated. 9. Sundry expenses include security fees of R2 200 that have been paid for January 2021. x] Pa P] AS Sign Window Help BCOMDEG_Accoun 4/9 119- Required: Prepare the statement of profit or loss and other comprehensive income for the year ended 31 December 2020 to comply with the requirements of International Financial Reporting Standards (IFRS) appropriate to Joe's Bargains business, Show all workings. W PAS ow Help BCOMDEG Accoun... X 3 / 9 114% a QUESTION TWO [25] Joel Mabena is the sole owner of a general dealer business, Joel's Bargains. The following information was provided for the year ended 31 December 2020: Joel's Bargains Trial balance as at 31 December 2020 Debit R 172 200 Credit R 20 200 Equipment Accumulated depreciation Fixed deposit Inventory - trade goods Stationery on hand at 1 January 2020 Debtors control Allowance for credit losses Bank Long term borrowings - ABC Finance Creditors control Capital - Joel Mabena Drawings Sales 160 000 144 000 2 400 42 600 2 000 115 200 80 000 25 800 318 200 88 000 711 200 P I indow Help BCOMDEG Accoun, 1145 BE > 328 000 3 200 16 000 1 000 9 600 Cost of sales Returns from debtors Interest on fixed deposit Profit on sale of equipment Rental income Credit losses Insurance Salaries and wages Stationery Sundry expenses Interest on loan-ABC Finance 1 600 8 400 69 600 4 600 38 200 7 000 1 184 000 1 184 000 Additional information: 1. On 31 December 2020 stationery of R1 000 and trade goods of R143 400 were on hand, 2. Sifiso took out a fire insurance policy on 1 October 2020 and paid the annual premium of R8 000 for insurance cover until 30 September 2021 3. Employee salaries of R7 000 were not yet paid or recorded at 31 December 2020 a w P] AB to dow Help BCOMDEG Accoun.. X 114% 4. A new tenant moved into office space available for rent on 1 September 2020 and prepaid the rent for 12 months until 31 August 2021. No deposit was required. The rent remained unchanged for the 12 month period. 5. The fixed deposit was invested for 5 years and matures on 31 December 2024. Interest on the investment is provided for at 12% per year. 6. Provide for depreciation of equipment at 20% per year on the diminishing balance method. No equipment was bought during the year but equipment was sold on 2 January 2020. The sale was correctly recorded in the above accounting records. 7. Credit losses (bad debts) of R600 must be written off as irrecoverable. Thereafter, adjust the allowance for credit losses (provision for bad debts) to 5% of outstanding debtors, 8. Long term borrowings of R100 000 was obtained from ABC Finance on 1 July 2018, The borrowing bears interest at 14% per year and the capital is repayable by five equal annual instalments with the first instaiment payable on 30 June 2020. The first instalment was duly paid on 30 June 2020. Interest for the current year needs to be updated w PAS Window Help BCOMDEG Accoun.. 4 / 9 114% 9. Sundry expenses include security fees of R2 200 that have been paid for January 2021. Required: Prepare the statement of profit or loss and other comprehensive income for the year ended 31 December 2020 to comply with the requirements of International Financial Reporting Standards (IFRS) appropriate to Joel's Bargains business. Show all workings