just part B please in the format shown at the end.
Dec 5 Section A - You must answer ALL questions in this section Question 1 Sigma Computer Repairs, a start-up business set-up as a sole trader by Harper, started trading on 19 December 2020. The transactions that follow all took place in the month of December: Dec 1 Harper started Sigma Computer Repairs by investing 20,000, of which 8,000 was raised through an interest-free small-enterprise loan from a local government agency. The loan is repayable after 2 years with nothing to pay during the loan term. The remaining start-up capital came from Harper's personal savings. Dec 1 A two-year lease was agreed on a small commercial unit with an annual rental of 3,000. The rent is to paid monthly in arrears, with the first payment due on 31 December Harper paid registration and licensing fees for the business. These one-off fees amounted to 740. Dec 6 Desks to carry out repairs, high chairs, shelving units and other fixtures were purchased at a cost of 435. The entire amount was paid in cash. Dec 7 Service equipment was acquired at a cost of 12,000. Harper made a 50% down payment immediately and the balance is due to be paid after 90 days. Dec 7 Harper purchased service supplies (consisting mainly of IT consumables) amounting to 1,500 on account from an established supplier on 30 day terms. The invoice was received with the supplies but won't be paid until early January Dec 9 The business received 1,900 for services rendered to two local businesses, who had asked Harper to set-up their IT systems. The monies were received directly into the bank account Dec 12 Harper rendered services worth 4,250 on account. As per agreement with the customer, this amount is to be collected after 15 days. Under the accrual basis of accounting, Harper records income when it's earned. Dec 15 Rendered services to a big corporation. As per agreement, the 3,400 amount due will be collected after 30 days. Dec 24 Harper withdrew 700 cash from the business account due to an emergency personal need Dec 27 The customer due to pay the invoiced amount of 4,250 on this date, paid 3,000 and agreed to settle the account in a further seven days time. Dec 31 Travel, subsistence and other incidental expenses, that meet the criteria for business expenditure, amounted to 595 and had been paid by the month end. Separately, the rent due on this date was also paid to the landlord via bank transfer. 327 worth of service supplies were in hand at the end of the month. Dec 31 Required a) Record the first month's transactions for Sigma Computer Repairs on the worksheet template provided (NOTE: You must ensure your completed worksheet is copied over and embedded into your submission document) (15 marks) b) Construct the income statement for the period and statement of financial position for Sigma Computer Repairs as at 31 December 2020 using the proformas provided. (NOTE: You must ensure your completed statements are copied over and embedded into your submission document) (20 marks) Income statement Statement of financial position Non-Current assets Revenue Cost of Goods Sold Gross Profit Current assets Expenses: Total assets Profit for period Current liabilities Non-current liabilities Total liabilities Equity Total liabilities and equity
