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Question 4 [27] FINANCIAL STATEMENTS, INCORPORATING ADJUSTMENTS Mr Byte is the owner of Transcend Traders, a computer shop that has been trading for the past 5 years. Transcend Traders uses the periodic inventory system to record its inventory. The entity is NOT a registered VAT vendor. According to the accounting policies of the entity. depreciation must be provided for at 25% on motor vehicles, using the reducing balance method, and 20% on furniture and fittings, using the cost method. At the end of each year, the provision for credit losses must be adjusted to 2%% of total outstanding debtors. The pre-adjustment trial balance on 31 July 2020 was extracted from the records of Transcend Traders. TRIAL BALANCE AS AT 31 JULY 2020 DR CR Capital 616 928 Drawings 13 600 Land and buildings 863 000 Motor vehicles 236 000 Accumulated depreciation: Motor vehicles 36 000 Fumiture and fittings 54 000 Accumulated depreciation: Furniture and fittings 6 000 Debtors control 34 840 Allowance for credit losses 360 Creditors control 44 600 Trading inventory (1 August 2019) 45 430 Bank 42 558 Sales 960 000 Rent received 33 600 Commission income 24 000 Sales returns 23 600 Purchases 244 660 Purchases returns 6 000 Advertising 3 000 Electricity 27 370 Insurance 23 680 Interest paid 742 Printing and stationery 34 658 Travel 60 000 Wages 20 350 1 727 488 1 727 488 Additional information (not yet considered): 1. Inventory on hand on 31 July 2020 amounts to R68 560. 2. Commission income due for July 2020, R3 890, has not been received yet. 3. An amount of R1 500, being the insurance for August 2020, is included in the insurance expense. 4. Wages for the last week of July 2020, R3 450, have not been paid yet. 5. Rent received from a tenant for August 2020, R3 500, was banked during July 2020. 6. Notification was received that a debtor owing Transcend Traders R340 was declared insolvent and his debt should be written off. 7. An invoice for July 2020, R1 168. from the stationery supplier was received very late and still need to be recorded. 8. The profit AFTER the adjustments above is R544 472. 9. Please show all calculations Required: Prepare the statement of financial position for Transcend Traders as at 31 July 2020. Question 4 [27] Statement of financial position of Transcend Traders as at 31 July 2020 R R (27)