Please note there is an error. Long term loan is R50 000. *NOT R30 000*

Given information for questions 1, 2, 3 and 4: S van Wyk and B Khumalo are in a partnership trading as Bafana Traders. The following information pertains to 28 February 2020, the end of the financial year of the partnership: 1. EXTRACT of balances as at 28 February 2020: w 20 Allowance for credit losses Bank (cr) Bank charges. Capital: S van Wyk Capital: Khumalo Current account: S van Wyk (dr) Current account: B Khumalo (cr). Trade debtors control.. Drawings: S van Wyk Drawings: B Khumalo Equipment at cost.. Vehicles at cost Accumulated depreciation Equipment (1 March 2019) Accumulated depreciation: Vehicles (1 March 2019). Insurance Interest on bank overdraft Interest on long-term loan Inventory (1 March 2019). Delivery expenses (on sales) Long-term loan.. Purchases... Purchases returns Rent paid..... Salaries and wages Sales... Settlement discount granted Stationery (purchased) .. 3 000 32 280 400 50 000 60 000 4 000 3 000 64 500 45 000 15 000 45 000 63 950 4 500 7 000 500 1 610 3 000 88 400 3 600 30 000 252 130 2 130 12 000 33 750 398 270 1 140 1 200 2. Additional information: 2.1 The allowance for credit losses must be adjusted to R3 500. 2.2 The original loan was acquired from Bowler Bank on 1 March 2018 at 12% interest per annum, payable every six months. A further loan of R20 000 was acquired on 01 November 2019 from Bowler Bank. The capital amount of the loan is repayable in 5 equal instalments with the first instalment due on 1 March 2022. 28 2.3 Provision must be made for depreciation on equipment at 15% per annum on the straight line method. 24 A new vehicle with a value of R33 950 was purchased on 01 September 2019. Depreciation is provided at 20% per annum on the diminishing balance method on all vehicles. 2.5 Inventory on hand at 28 February 2020: Merchandise: R83 000 Stationery: R 120 QUESTION 1 Which one of the following alternatives represents the correct amount that must be disclosed as gross profit in the statement of profit or loss and other comprehensive income of Bafana Traders for the year ended 28 February 2020? 1. R141 730 2. R142 610 3. R143 730 4. R142 870 QUESTION 2 Which one of the following alternatives represents the correct amount that must be disclosed as depreciation in the statement of profit or loss and other comprehensive income of Bafana Traders for the year ended 28 February 2020? 1. R19 540 2. R18 140 3. R14 745 4.R16 145 QUESTION 3 Assuming that the depreciation only for this question amounted to R10 000. Which one of the following alternatives represents the correct amount that must be disclosed as "Distribution, administrative and other expenses in the statement of profit or loss and other comprehensive income of Bafana Traders for the year ended 28 February 2020? 1. R62 330 2. R56 330 3. R58 230 4. R61 830 QUESTION 4 Which one of the following alternatives represents the correct amount that must be disclosed as "Finance Costs in the statement of profit or loss and other comprehensive income of Bafana Traders for the year ended 28 February 2020? 1. R4 400 2. R6 010 3. R6 410 4. R6 000 QUESTION 5 Joseph and Jane are in partnership and they share profits and losses in the ratio of 3:2, respectively. They decided to admit Anton as a partner and a fifth interest in the partnership was sold to him. Joseph and Jane relinquished Anton's interest to him in the proportion of 2:1, respectively. Which one of the following alternatives indicates the correct new profit-sharing ratio? 1. Joseph, Jane and Anton's new profit-sharing ratio is 3:2:1, respectively 2. Joseph, Jane and Anton's new profit-sharing ratio is 7:5:3, respectively 3. Joseph, Jane and Anton's new profit-sharing ratio is 12:8:5, respectively 4. Joseph, Jane and Anton's new profit-sharing ratio is 1:1:1, respectively