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Please assist me with 1.3. The pre-adjustment trial balance of Kanda Traders, owned by Mr Kanda, for the year ending 31 August 2022 is as
Please assist me with 1.3.
The pre-adjustment trial balance of Kanda Traders, owned by Mr Kanda, for the year ending 31 August 2022 is as follows: Pre-adjustment trial balance as at 31 August 2022 Additional information: 1. Subscription fees of R12 600 covers a 12 -month period, starting from 1 March 2022 until 28 February 2023. 2. Depreciation for the year has not been provided. Motor vehicles are depreciated at 20% per annum using the straight-line method and machinery at 25% per annum on the reducing balance method. 3. The insurance paid was for an eight-month period in the financial year. Insurance for the rest of the year has not yet been paid. 4. Rent income is fixed at R8 800 per month. 5. A stock count performed on 31 August 2022 revealed that inventory on hand was R25 000 . Required: 1.1 Prepare the general journal entries to account for the adjustments in 'Additional information'. 1.2 Prepare the statement of profit or loss and other comprehensive income for the year ended 31 August 2022. 1.3 Prepare the statement of financial position as at 31 August 2022Step by Step Solution
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