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<\/div><\/div><\/div> E STATEMENT AND NOTE FOR TRADE AND OTHER RECEIVABLES are provided with information taken from the books of MM Traders, Their icial year ends on 29 February 2016. (65 marks; 40 minutes) ADJUSTMENTS AND ADDITIONAL INFORMATION QUIRED: The debtor W WiMams returned goods with the soling price of RB 480. The mark-up where asanction was never recorded. Prepare the Income Statement for the year ended 29 February 2016. on cost is 805%. This brandache Prepare the trade and other receivables note for the yoar ended 29 February 2016. 154] The physical srock-laking was done on 20 February 2018, and the stock to the value o RE7 500 was on hand, ORMATION: (1 1) Packing material to the value of RG 750 was used during the accounting period. Pre-Adjustment Trial Balance on 29 February 2016: Received the account for water and electricity for February 2016 from City Council, R 200. No entry was made. BALANCE SHEET SECTION as Molol M Mathebula, a debior, was declared insolvent. The business received a final divider Capital. Mayor Credit of 40 cant in each rand. The R350 that was received was properly recorded an banked on 26 February 2016. The remainder must still be written off as irrecoverable. 20 0no HOW : Mayer 35 505 The Bank statement from Bank of Africa reflected the following on 29 February 2016: 135 600 Equipment tal cost Bank charges R200 Accumulated depreciation on vehicles 13\/2015) 2:10 000 Interest on current account R155 Accumulated depreciation on equipment 1\/32015) Loan - Bank of Akira Unpaid cheque (in settlement of a debt of R490) R450 Fixed Doposit: Bank of America 10% p.a. 187 000 7 Trading Bock 150 600 Provision for bad debts is adjusted to R2 220. Debiors contol Provision for bad dobly 1 2 840 Insurance expense includes an annual premium of 1 320 paid for the period 1 Augus 2015 to 31July 2016. Petty caugh 161 CAR Creditors control NOMINAL ACCOUNTS SECTION 32 560 One employco was omitted in the Salaries Journal for February 2016: Sales Cost of sales 1 520 000 Debtors allowances 400 800 Gross Rent income 23 800 BB 200 Salary Deductions Employers Salanes and wages R3 650 Contribution Net 264 000 7 Employer's contribution 30 500 R750 Salary R10 400 Bad debts 121 200 Water and electricity 48 507 Rent income includes rent for March and April 2016. Note that rent was increased 10% on 1 October 2015. Discount slowed The loan statement received from the Bank of Africa: Telephone 17 ROD Insurance 28 800 Packing matgrin 18 206 Bank charges 4 846 Balance on 1 March 2015 Interest on loan Capitalised interest R 277 000 Interest on fixed deposit 13 750 Repayments during the year including interest ? 2 620 000 620 000 Balance on 29 February 2016 90 000 Interest is capitalised at the beginning of each year. 215 000 Interest on fixed deposit is still outstanding. The fixed deposit was unchanged during the financial year. Depreciation on tang ible\/fixed assets amounts to R34 000 for the year",
"transcribed_text": "",
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"cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/649592eaa157d_32303.jpg",
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"question_posted": "2024-06-28 03:52:27",
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