Please assist with answering the multiple choice questions on all 3 pictures from question 1.1 to 1.5 Thank you.

Note: Value Added Tax (VAT) must be ignored Use the formats contained in your study guide to answer questions 2 to 5 1. 2. (20 Marks) QUESTION 1 REQUIRED For each of the following questions, write down only the letter of the correct answer e.g. 1.6 C. Do not show any calculations. 1.1 RC Traders, which had a favourable bank balance of R20 000, sold goods on credit to G. Hamlyn on 01 March 2018, with the credit terms of 2/10 net 30. The goods cost R4 000 and were sold to him at cost plus 40%. G. Hamlyn settled the account on 08 March 2018. The amount received by RC Traders from G. Hamlyn on 08 March 2018 was R5 600 R5 040 R5 488 none of the above 4 marks) 1.2 On 30 November 2017, Reef Traders sold equipment that cost R20 000 on credit for R7 000. The accumulated depreciation on the equipment sold amounted to R10 000 on 01 March 2017, Depreciation is calculated at 25% per year on cost. The financial year of Reef Traders ends on the last day of February each year. The equipment was sold at a profit of R750 a loss of R750 a profit of R2 000 none of the above (4 marks) The following information was extracted from the records of McCraw Stores for June 1.3 2018 June Transactions Units of inventory 200 400 2 000 1400 400 3 800 Price per unit R3.00 R3.20 R3.25 R3.30 R3.50 R5.00 Opening inventory 01 05 14 27 30 Purchases Purchases Purchases Sales for June The value of inventory on 30 June 2018, using the first-in-first-out (FIFO) method was R2 100 R2 060 R1 880 none of the above 1.4 The following balances appeared in the Post-Closing Trial Balance of Wilton Traders on 30 June 2018, the end of the financial year: Creditors control 360 000 36 000 1 200 000 96 000 Income received in advance Long-term loan Bank (CR balance) Note: R240 000 of the long-term loan is payable during the financial year ended 30 June 2019 The amounts that will be reflected as Non-current liabilities and Current liabilities on the Statement of Financial Position of Wilton Traders as at 30 June 2018 are Non-current liabilities R960 000 R1 200 000 R960 000 Current liabilities R732 000 R492 000 R636 000 none of the above 4 marks 1.5 The following balances appeared in the books of Herald Stores on 28 February 2018, the end of the financial year: Purchases Sales Opening inventory Closing inventory Carriage on purchases R256 000 92 000 40 000 48 000 20 000 If Herald Stores uses the periodic inventory system, the cost of sales for the year ended 28 February 2018 is R324 000 R268 000 R280 000 none of the above (4 marks)