Extract from the accounting records of Malvern Traders on $28$ February $2022$ after the Statement of

Comprehensive Income was drawn up

R

Creditors control $320000$

Debtors control $80000$

Accrued income $16000$

Income received in advance $32000$

Trading inventory $280000$

Consumable stores on hand $8000$

Accrued expenses $24000$

Prepaid expenses $4000$

Cash float $12000$

Bank $($CR$)60000$

Fixed deposit: ZAP Bank $200000$

Capital $(01$ March $2021)2000000$

Drawings $960000$

Long$-$term loan: ZAP Bank $400000$

Property, plant and equipment $2356000$

Additional information that must be considered:

$$ According to the Statement of Comprehensive Income the net profit for the year ended $28$ February $2022$

amounted to R$1080000.$

$$ The proprietor took R$12000$ worth of trading goods for his personal use after stocktaking was done but this

has not been recorded.

$$ Payments amounting to R$72000,$ including interest of R$24000,$ will be made to ZAP Bank towards the loan

in the next financial year.

$$ Sixty percent $(60\%)$ of the fixed deposit matures on $31$ May $2022$ and the balance matures on $31$ May $2023.$