please assist with Question2

QUESTION 2: NOTES TO THE BALANCE SHEET AND BALANCE SHEET (35 marks, 25 minutes) The information below was taken from the books of Kelso Traders. Their financial year ends 30 June 2019. REQUIRED: 2.1. Notes to the Balance Sheet: 2.1.1 Fixed Assets (12) 2.1.2 Trade and other receivables (4) 2.1.3 Owner's Equity (4) Equity and Liabilities Section of the Balance Sheet on 30 June 2019. 2.2 (15) Credit 900 000 40 250 125 000 INFORMATION: EXTRACT FROM THE TRIAL BALANCE OF KELSO TRADERS - JUNE 2019 Balance sheet section Fol Debit Capital (1/7/2018) Drawings 135 466 Land and Buildings (1/7/2018) 580 000 Equipment (cost price) (1/7/2018) Vehicles (cost price) (1/7/2018) 500 000 Accumulated depreciation on equipment (1/7/2018) Accumulated depreciation on vehicles(1/7/2018) Fixed Deposit : Aladdin Bank Loan: FNB Trading Stock 38 692 Debtors control 23 466 creditors control bank 94 000 Petty cash 1 000 cash float 400 Consumable stores on hand 607 Prepaid expenses 2 435 Accrued expenses Income received in advance (Deferred income) Accrued income 3 400 286 393 326 758 3 670 2 300 Copyright reserved Please turn over EXTRACT FROM THE FIXED ASSETS NOTE: Land & Vehicles Equipment buildings 40 000 Carrying value at beginning of year Cost Accumulated depreciation 580 000 375 000 580 000 500 000 0 (125 000) (40 250) 0 (8 000) Additions at cost Depreciation Carrying value at end of year Cost Accumulated depreciation (0) 780 000 780 000 (0) (48 250) Additional information: The buildings were extended during the year. This transaction was recorded properly. The owner contributed his capital in January 2019. The Post Closing Trial Balance on 30 June 2019 showed capital's balance as R814 879. On 1 December 2018 the business bought a new vehicle cash for R120 000. The transaction was accidentally credited to Creditor's Control Rectify the error. Depreciation on vehicles is calculated at 15% p.a. on the diminishing method. The loan is repaid in equally monthly instalments of R1 500. The net profit for the year amounted to R350 345. 35 opyright reserved Please turn over