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The following trial balanon was prepared by the bookkamp 2020: of Ndiampi Fabrics at your-and 30 April DR R Capital: S Style (01/08/2019) Drawings 156 000 10% Mortgage lour 12 600 30 000 Ancounts payable Land, at cost 24 000 Machinery, at cost 234 000 Accumulated depreciation: Machinery (01/06/2019) 54 000 Accounts receivable 12 800 95 000 Allowance for credit losses 6 500 Bank Inventory 38 000 Sales 28 500 380 000 Cost of sales 190 000 Rent income 14 300 Stationery expense 2 500 Prepaid advertising 4 200 Interest expense 4 800 673 600 673 600 The following additional information must be taken into consideration: 1. During the March - April national lockdown S Style took some pieces of clothing, with a sales value of R5 800, for his children. The amount was incorrectly recorded as a credit sale. Ndiempi Fabrics applies a mark-up on sales of 50%. 2. The mortgage loan was taken out on 1 January 2018. On 1 January 2020 the interest rate increased from 9% per annum to 10% per annum. Interest is payable annually in arrears on the first day of January. The capital is repayable at the end of the loan term on 31 December 2023. The bookkeeper correctly recorded the interest payment on 1 January 2020 3. No depreciation has been recorded for the year. Machinery is depreciated on the straight line basis at 20%% per annum. A new machine was purchased on 1 February 2020 for R32 000 and the entry was correctly recorded. No other machinery was bought or sold during the year. Land is not depreciated Fishy Fashions, one of Ndiempi Fabrics customers, went insolvent during the March - April national lockdown. The liquidators of Fishy Fashions paid 40%% of R5 500 that was owed to Ndiempi Fabrics. The receipt was not recorded and the balance of the debt must still be written off as irrecoverable. 5. Prepaid advertising paid on 1 January 2020 relates to advertising for the period 1 January 2020 to 31 December 2020. Stationery purchased on 1 May 2019 was recorded as an expense on the date of purchase. At year-end R210 worth of stationery was still on hand. Rent income includes the May 2020 rental that was received on 30 April 2020. On 26 March 2020 clothes with a sales value of RG 500 were sold to a customer on credit. The customer settled the amount owing on 16 April and qualified for a 5% settlement discount. No entries have been recorded for these transactions due to the commencement of the national lockdown on 2 7 March 2020July 2020: RNC11 1/RNCV11 U/RP101/RS101/R88101 Page a of 2 pages QUESTION 1 (continued) REQUIRED: (2) Use the abovementioned information to prepare the correcting and adjusting general journal entries. Narrations are required. (2115) (b) Prepare the Statement of Profit or Loss for Ndiempi Fabrics for the year ended 30 April 2020 (9%) (0) Prepare the Statement of Financial Position (in vertical format) for Ndiempi Fabrics at 30 April 2020. Include only the note to capital. (14) (d) Briefly explain the financial impact the increased interest rate will have on Ndiempt's interest expense, Its profit for the year, as well as its cash on hand at year end. Amounts are not required. (2) (e) S Style recently read an interesting article stating that many businesses are being liquidated as a result of the national lockdown. He is currently concerned about the potential impact this may have on his business if more of his debtors are also liquidated 1. Give the accounting assumption which may have been relevant to the article and briefly explain why It. Explain to S Style the potential impact the lockdown and the liquidation of debtors will have on Ndiempi Fabrics future operations Note: Show all workings and calculations clearly Work to the nearest RI