nated Question 3 oduction to Financial 37 Marks The following information relates to Beats Music Pty for the financial year ended 30 April 2020. Pre-adjustment trial balance as at 30 April 2020 Debit R Credit R Capital Drawings Land and Buildings at cost 336 500 70 560 300 000 Furniture and equipment at cost (Purchased 1 May 2019) Vehicle at cost (Purchased 1 December 2019) 60 000 54 720 Long-term loan 310 000 104 500 Debtors Control Creditors Control Bank Inventory Sales Income Cost of Sales expense Salaries and wages expense Electricity expense Interest Expense 37 020 29 700 766 115 387 000 148 000 66000 20 615 110 000 Rent expense Insurance expense 24 500 1412 615 1 412 615 Additional information (not provided for in the above trial balance) . During the entire financial year, an amount of R5 500 was paid and recorded at each month-end towards the electricity account. The balance of the municipality electricity account for April 2020 showed a closing balance (payable) of R250. Additional insurance at R5 400 per annum was paid and recorded on 1 February 2020 for the first annual insurance period (1 February 2020 to 31 January 2021). Provide for: depreciation on furniture and equipment at 25% per annum according to the straight line method, and -> depreciation on the vehicle at 20% per annum according to the straight line method. The long-term loan was obtained from Green Bank on 1 December 2018 at 11,4% interest per annum. The interest is payable annually on 30 November, commencing as from 30 November 2019 (for the period 1 December 2018 to 30 November 2019). The capital amount of the loan is repayable on 30 November 2023. The monthly rent expense is R10 000. Only the rent paid has been accounted for. The sales income amount includes an amount of R32 500 received from Ms Acapella (a customer). MusicBeats is still waiting for the order of these items from their suppliers and will only be able to deliver them to Ms Acapella on the 15th of May 2020.