Question 1 43 Marks Phala-Phala is a retailer, selling mango to Otavi local residence. The retailer does not keep full set of records. The following records have been extracted from the books as at 30 June 2022. 30 June 2022 N$ To be determined To be determined To be determined To be determined 33,900 12,000 To be determined 450 (15,500) 600 4,600 300 30 June 2021 N$ Fixtures and Fittings - Cost 20,000 Accumulated depreciation - Fixtures 8,000 Motor Vehicle - Cost 22,000 Accumulated Deprection - Motor Vehicle 4,180 Inventory 18,000 Trade Receivables 10,000 Allowances for Receivables 500 Prepayments - Rates 400 2,000 Bank Cash Trade Payables Accruals - Light and Heat The following is the cash and bank for the year ended 30 June 2022. Cash (NS) 600 Balance b/f Receipts: Cash sales 600 4,000 250 From receivables Loan received (Long term loan) 15,000 Page 11 of 23 Bank (NS) 2,000 140,000 30,000 Proceeds of selling motor vehicle during the year Cash banked Total Payments: Trade payables Rates Light and heat. Telephone: Loan interest. Insurance Rent Wages and salaries Cash deposit Purchase fixtures Purchase new motor vehicle Sundry expenses Bank Deposit 15,600 15,000 600 8,200 Page 12 of 23 15,000 195,200 110,000 9,000 2,000 1,500 1,500 1,000 20,000 25,000 15,000 5,000 20,000 700 (15,500) The following further information is available: 1) The loan was received at the beginning of the year and is entitled to 5% intere12/23 2) The motor vehicle disposed of during the year had cost N$10,000 and the accumulated depreciation on it as at 30 June 2021 was N$1,900. 3) Discount received during the year amounted to N$500. 4) Goods amounting to N$1,000 at cost were withdrawn by Mr. Phala (owner) during the year 5) Depreciation policy is as follows: a) Fixtures and fittings, 20% pa on a straight-line basis. b) Motor vehicles, 10% pa on a reducing-balance basis. 6) The allowance for trade receivables is to be provided at 5% pa on the closing receivables. Required: Prepare the statement of comprehensive statement as at 30 June 2022. (25 Marks) Prepare the statement of financial position as at 30 June 2022. (18 Marks)