Prepare the Statement of Financial Position of Scampi Traders as at 28 February 2022. Note: The Statement of Comprehensive Income and the notes to the financial statement are not required, INFORMATION The information provided below was extracted from the accounting records of Scampi Traders on 28 February 2022, the end of the financial year. SCAMPI TRADERS PRE-ADJUSTMENT TRIAL BALANCE AS AT 28 FEBRUARY 2022 Balance sheet accounts section Capital Drawings Vehicles at cost Debit (R) Credit (R) 114 000 285 000 Equipment at cost Accumulated depreciation on vehicles Accumulated depreciation on equipment Trading inventory Debtors control Provision for bad debts Bank Creditors control 165 000 105 000 48 000 35 850 240 950 138 000 54 000 6 600 61.500 Mortgage loan: Maxi Bank (16% p.a.) Nominal accounts section Sales Cost of sales Sales returns Salaries and wages Bad debts Consumable stores Rent expense Motor expenses Bad debts recovered 360 000 4500 129 000 1500 2300 34 500 26 700 Telephone 9300 Electricity and water 18 600 Bank charges Insurance Interest on mortgage loan Commission income 3700 8100 7800 105 000 742 500 1300 9.000 1358 850 1358 850 ADDITIONAL INFORMATION AND ADJUSTMENTS 1. According to physical stocktaking on 28 February 2022, the following were on hand 1.1 Trading inventory, R103 000 1.2 Consumable stores, R200. 2. 3. 5 6. 7. 8. Rent has been paid up to 31 March 2022. Note: The rental was increased by R350 per month with effect from 01 February 2022. A debtor who owed R1 000 was declared insolvent. Forty percent (40%) of the amount owing was received from his insolvent estate on 27 February 2022 and recorded. The balance of his account must now be written off The provision for bad debts must be decreased by R300. Provide for outstanding interest on the loan from Maxi Bank. Interest is not capitalised. The loan was obtained on 01 March 2021. Loan repayments (excluding interest) totalling R20 000 are expected to be made in the next financial year. The telephone account for February 2022 was due to be paid on 03 March 2022, R800. According to the bank statement, service fees of R200 were levied by the bank. This has not been recorded. Received an amount for R500 from H. Smit whose account was written off previously. No entry was made for this 9 10. 10.1 A debtor whose account of R4 000 was overdue for one month must be charged interest at a rate of 15% per annum. Provide for depreciation as follows: On equipment at 10% per annum on cost 10.2 On vehicles, R19 650 11. The net profit for the year ended 28 February 2022, AFTER taking the above into account, was R102 050