Myoli and Maduna, leveraging their passion for craftsmanship and home aesthetics, established a close corporation known as Qubulashe WoodGuys. This company is dedicated to the preservation and beautification of wooden decks, serving the homeowners of the Eastern Cape with exceptional maintenance services. With a keen eye for detail and a commitment to quality, Qubulashe WoodGuys has quickly become synonymous with the protection and restoration of these outdoor spaces.

The company prides itself on using locally sourced materials and employing local artisans to deliver services that not only enhance the longevity of wooden decks but also reflect the unique character of the Eastern Cape.

The information below reflects their business activities for the financial year ending $29$ February $2024$ encapsulating their journey of growth and the trust they have earned from their community in the province.

$1.$ EXTRACT OF BALANCES AS AT $29$ February $2024$:

R

Buildings $3,830,200$

Accumulated depreciation: Buildings $(1$ March $2023)283,500$

Land $1,420,100$

Equipment $($at cost$)898,200$

Accumulated depreciation: Equipment $(1$ March $2023)164,500$

Vehicles $($at cost$)1,115,700$

Accumulated depreciation: Vehicles $(1$ March $2023)166,800$

Investments $560,000$

Fixed deposit: EC People$$s Bank $174,500$

Trade receivables control $570,600$

Allowance for credit losses $10,000$

Prepaid expenses $21,200$

Allowance for settlement discount granted $14,800$

Loan to Maduna $96,900$

Trade payables control $948,400$

Long$-$term loan: EC People$$s Bank $1,888,600$

Member's contributions $2,779,700$

Retained earnings $(1$ March $2023)$ Dr $331,100$

Loan from Myoli $593,300$

Profit for the year $($before year$-$end adjustments$)2,157,000$

$2.$ Additional information

$2\mathrm{.}1.$ The CC$$s investment portfolio includes:

An investment in MLL Decking $($Pty$)$ Ltd valued at R$230,000.$

Ownership of $12,000$ shares in Mega Timber Ltd$,$ with a cost of R$330,000.$ These shares had a market value of R$29$ each as of February $29,2024.$

$2\mathrm{.}2.$ All loans extended to members are callable at any time, whereas the loan from Myoli is due in full on November $30,2025.$

$2\mathrm{.}3.$ The accountant failed to record the disposal of a company vehicle that originally cost R$188,000.$ The vehicle was sold for R$84,000$ in cash on November $1,2023.$ The accumulated depreciation on this vehicle was R$94,000$ at the time of sale.

$2\mathrm{.}4.$ The depreciation for the fiscal year, still to be accounted for, has been accurately determined as follows:

Buildings: R$183,000$

Equipment: R$57,800$

Vehicles: R$73,500$

$2\mathrm{.}5.$ The fixed deposit placed by the company with EC People$$s Bank is scheduled to mature on December $31,2028.$

$2\mathrm{.}6.$ The long$-$term loan they obtained from EC People$$s Bank on December $1,2023,$ is secured by a first mortgage on the company's land and buildings. The repayment plan is set over four annual instalments with the first due on December $1,2024.$

$2\mathrm{.}7.$ A telephone statement, reflecting R$10,900$ amount owing, from Viva Networks for the month of February $2024$ was received by the company on March $4,2024.$

$2\mathrm{.}8.$ Due to strategic expansion and the need for additional working capital, the following decisions were made by the company:

On February $29,2024,$ they admitted a new partner, Hlathi, who contributed R$210,000$ in cash and equipment valued at R$70,200$ to the company's assets. This transaction has not yet been reflected in the financial records.

Question $48$

Which one of the following alternatives represents the correct prepayments amount that must be disclosed in the statement of financial position of Qubulashe WoodGuys as at $29$ February $2024?$

a$.$

R$22,000$

b$.$

R$21,200$

c$.$

R$21,000$

d$.$

R$22,100$

Question $49$

Which one of the following alternatives represents the correct fixed deposit amount that must be disclosed under non$-$current assets section in the statement of financial position of Qubulashe WoodGuys as at $29$ February $2024?$

a$.$

R $0$

b$.$

R $174,500$

c$.$

R $1,888,600$

d$.$

R $174,000$

Question $50$

Which one of the following alternatives represents the correct carrying amount for equipment amount that must be disclosed in the statement of financial position of Qubulashe WoodGuys as at $29$ February $2024?$

a$.$

R $898,200$

b$.$

R $675,900$

c$.$

R $803,900$

d$.$

R $746,100$

Question $51$

Which one of the following alternatives represents the correct loan from members amount that must be disclosed under current liabilities in the statement of financial position of Qubulashe WoodGuys as at $29$ February $2024?$

a$.$

R $593,300$

b$.$

R $96,900$

c$.$

R $593,000$

d$.$

R $0$

Question $52$

Which one of the following alternatives represents the correct fixed deposit amount that must be disclosed under current assets section in the statement of financial position of Qubulashe WoodGuys as at $29$ February $2024?$

a$.$

R $0$

b$.$

R $1,888,600$

c$.$

R $174,500$

d$.$

R $174,000$