HFAC$130-1-$JanJun$2024-$FA$1-$GC$-$V$\mathrm{.}2-07022024$

Additional Information;

All the appropriate reversal entries were processed correctly on $1$ January $2023.$

The bookkeeper has not recorded the following items relating to the financial year ended $31$ December $2023.$

A telephone on hand on $31$ December $2023$ amounted to R $10478$ at cost$.$

received on $4$ Jor $R5664$ relating to the month of December $2023$ was

A sales invoice for $R28320$ relating to computer

R $14160$ sold to Karoo Traders on $31$ December $2023$ has costing recorded.

The prepaid insurance of R$163123($see the pre$-$adjustment trial balance$)$ includes an amount of R$101952$ paid on $31$ August $2023,$ covering the year from $1$ September $2023$ to $31$ August $2024.$

The fixed deposit investment was made on $1$ May $2023$ and earns interest at $10\%$ per annum. The interest on this investment is received quarterly in arrears $($on $1$ August, $1$ November, $1$ February and $1$ May$)$

The fees income of $R37008($refer to trial balance$)$ includes an amount of R$32568($received in December $2023),$ which relates to computer training provided in January $2024.$

The physical count concluded on $31$ December $2023$ revealed that inventory on hand had a cost of R $501440$ and a net realizable value $($NRV$)$ of R$494360.$

Required:

a$)$ Prepare the journal entries required to record each transaction on additional information point $1.$ No narrations are required.

$(15$ marks$)$

b$)$ Prepare the statement of comprehensive income for BSG Solutions for the year ended $31$ December $2023.$

$(10$ marks$)$

c$)$ Prepare the statement of financial position for BSG Solutions as at $31$ December $2023.$

$(15$ marks$)$

Round off answers to the nearest rand.

$4$

HFAC$130-1-$JanJun$2024-$FA$1-$GC$-$V$\mathrm{.}2-07022024$