..Il tnmobile E 2:24 AM CO 45% Bismark Untitled Question 1 The following are the records of a business which has not kept a full set of accounts: Assets and liabilities 01.03.2018 28.02.2019 N$ N$ Non - assets (book value) 160 000 40 000 30 000 Accounts receivable 45 000 Accounts payable 25 000 Inventory 30 000 Wages owing 8 000 Prepaid insurance 800 Balance at bank / (overdrawn) 25 000 7 000 700 (5 000) Wages Summary of the bank transactions in the year: Payments Receipts Purchase of new fixed assets 50 000 98 000 Insurance 8 000 Rent and rates 16 000 Postage and telephones 21 000 Payments to suppliers 210 000 Misc. expenses 16 000 Drawings 40 000 Receipts from debtors 480 000 It has been decided to depreciate fixed assets by 20%. Required Calculate the opening capital. [6 marks] b) Calculate the bank balance as at 28 February 2018. (12 marks] c) Calculate the total amount of sales for the year. [2 marks] d) Calculate the total amount of purchases for the year. [2 marks] Insurance account [3 marks] f) Wages account [3 marks] g) Prepare the Trial Balance as at 28 February 2019. [11 marks] NB. All relevant working must be shown