PART 2 QUESTION The pre-adjustment trial balance of AmaZing Dealers on 28 February 2020 is provided to you: (The financial year runs from 1 March 2019 28 February 2020)

ADDITIONAL INFORMATION: 1. After the physical stock count on 28 February 2020, the inventory amounted to R13 000. 2. Depreciation on equipment is written off at 10% per annum according to the diminishing (reducing) balance method. 3. A debtor was declared insolvent and a debt of R1 000 must still be written off. 4. The allowance for credit losses must be adjusted to 10% of outstanding debtors. 5. The electricity bill for February 2020 of R550 must still be accounted for. 6. Part of the building was rented out for the entire financial year, but rent has been received for 10 months only (until 31 December 2019). YOU ARE REQUIRED TO: Compile the Statement of Profit or Loss and Other Comprehensive Income for the year ended 28 February 2020; and Prepare the Statement of Financial Position on 28 February 2020, in order to answer the multiple-choice questions on eFundi.

Question 1 of 102 Points

The amount disclosed for electricity in AmaZing Dealers' statement of profit or loss and other comprehensive income for the year ended 28 February 2020 is:

• A. R6 000
• B. R5 450
• C. R7 100
• D. R6 550

Reset Selection

Question 2 of 102 Points

The depreciation amount disclosed in AmaZing Dealers' statement of profit or loss and other comprehensive income for the year ended 28 February 2020 is:

• A. R3 000
• B. R10 600
• C. R2 000
• D. R2 500

Question 3 of 102 Points

The total amount disclosed for current liabilities in AmaZing Dealers' statement of financial position on 28 February 2020 is:

• A. R30 000
• B. R30 550
• C. R550
• D. R31 000

Question 4 of 102 Points

The amount disclosed for cost of sales in AmaZing Dealers' statement of profit or loss and other comprehensive income for the year ended 28 February 2020 is:

• A. R52 000
• B. R41 500
• C. R69 500
• D. R56 500

Question 5 of 102 Points

Under current assets, the amount disclosed for inventory in the statement of financial position on 28 February 2020 of AmaZing Dealers is:

• A. R15 000
• B. R4 500
• C. R13 000
• D. R10 500

Question 6 of 102 Points

The total amount disclosed for non-current assets in the statement of financial position of AmaZing Dealers on 28 February 2020 is:

• A. R106 000
• B. R116 000
• C. R104 000
• D. R103 000

Question 7 of 102 Points

Under current assets, the amount disclosed for trade debtors in the statement of financial position on 28 February 2020 of AmaZing Dealers is:

• A. R20 000
• B. R18 100
• C. R17 100
• D. R19 000

Question 8 of 102 Points

The gross profit of AmaZing Dealers disclosed in the statement of profit or loss and other comprehensive income for the year ended 28 February 2020, is:

• A. R50 500
• B. R51 000
• C. R64 000
• D. R68 500

Question 9 of 102 Points

Which ONE of the following accounts was NOT disclosed (or did not occur) in AmaZing Dealers' statement of financial position on 28 February 2020?

• A. Accrued expenses
• B. Trade creditors
• C. Accrued income
• D. Prepaid expenses

Question 10 of 102 Points

What is the bookvalue (carrying amount) of equipment on 28 February 2020?

• A. R30 000
• B. R20 000
• C. R18 000
• D. R17 000