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Part 2 ( 3 5 marks; 5 3 minutes ) Everest is a sole trader that has a 3 1 December 2 0 1 6
Part marks; minutesEverest is a sole trader that has a December financial year end. Thebusinesssells a range of camping gear to a large customer base. Per inspection of theamounted to Bsto DeCember O the oWner's equity balanceThe profit for the period for the year ended December amounted toaccountant as at December :BankVehiclesIoventoryAccount NameEquipmenLong term loanNrg orhavon is relevant tor the preparation of the financial statementsAccounts receivableataking into account the following adjustments:nd trialffromnYou are reguired to:DRthis transaction.RandriodQuestiontrial balOOMr Everest. the owner oOk campig,gear with a cost oT R Sas aa giftb A new point of sales system was installed on June for an amountof Rs cash. The system is expected to operate over a period of c included in the profit figure is an amount of RO o for water andthat was prepared by theelectricity for months Jauary to November The invoice forDeemper oT was notCapturea asnG payment In relaton tothe invoice invoice amounted to R Payment of the R was made inearly January CRRandwere however calculated beforedmadeProrithe owner durina the erngnto aGCOunt cash drawingse Included in the profit figure is an amount of R for advertising inrelation to the maintenance oT the businesss website. The amount of Rperiod of service wOuld extend months from the date of paymentg Everest operates an annual Km run from which they collect a fee fromthe various participants. The run is scheduled for February Anamount of R has been collected from participants who would like tobe include in the run. No record of the R has been made in therecords.the Statement of Changes in Equity for the yearended December Prepare the Statement of Financial Position as at December Marks marks marksA donation of camping gear was given to a school in sponsorship of theirgoods had a seling price of R o No record has been made regarding
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