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QUESTION 1 (25 marks) The following balances were taken from Hashtag Traders, a general dealer in Rustenburg, on 31 May 2020, the end of the accounting period. R R 2 000 000 45 000 950 000 390 000 89 800 112 000 13 265 450 000 32 000 3 800 550 000 1 500 Capital Drawings Land and buildings at cost Vehicles at cost Equipment at cost Accumulated depreciation on vehicles (1 June 2019) Accumulated depreciation on equipment (1 June 2019) Trading inventory (1 June 2019) Debtors control Allowance: credit losses Bank (favourable) Petty cash Creditors control Accumulated profit/(loss) Sales Purchases Sales returns Water and electricity Credit losses Telephone Carriage on purchases Rent expense Salaries and wages Bank charges Rates and taxes Consumables Stationery 60 000 319 235 2 895 320 985 790 7 430 15 650 550 18 900 7 950 120 000 420 000 2963 10 500 2 100 5 700 Additional information: 1. The entity makes use of the periodic inventory system. A physical stock count on 31 May 2020, showed the following inventories on hand: a. Trading inventory: R560 000 b. Stationary: R2 200 C. Consumables: R750 2. On 24 May 2020, the owner took goods for his personal use to the value of Rs 500. No accounting entry has yet been made. 3. A debtor's account of R4 320 must still be written off as irrecoverable. 4. The allowance for credit losses must be adjusted to 10% of the outstanding debtors. 5. Land and buildings, purchased on 1 June 2019, are situated on Stand 1302, Rustenburg, and are not depreciated. Depreciation on other assets must still be provided for: Vehicles: 20% on the straight-line method; and b. Equipment: 15% on the reducing balance method. a. MARKS 15 REQUIRED: a. Prepare the Statement of Financial Position on 31 May 2020 for Hashtag Traders. You will be penalized if the correct format is not used. b. Show the appropriate notes to the financial statements for the year ending 32 May 2020. You will be penalized if the correct format is not used. TOTAL MARKS 10 25