QUESTION 1 (20 MARKS) P. Gumede is the proprietor of PG Stores. He commenced trading on 01 March 2017. At the end of the second year of trading his bookkeeper resigned unexpectedly and Mr Gumede found that the financial statements for the year ended 28 February 2019 were incomplete He requires your assistance in completing them. The pre-adjustment trial balance, adjustments and additional information that were extracted from the accounting records as at 28 February 2019 are presented below. REQUIRED Complete the financial statements that appear after the adjustments and additional information) with the missing amounts and details. The entire statements must be submitted. Where applicable. show your workings in brackets Note: The notes to the financial statements and Statement of Changes in Equity are not required. INFORMATION PG STORES PRE ADJUSTMENT TRIAL BALANCE AS AT 28 FEBRUARY 2015 ADJUSTMENTS AND ADOMIONAL INFORMATION 1. No entry was made for trading inventory that was taken by the proprietor for his personal use. De Credit 870 700 Balance sheet account section Capital Drawing Land and buiding 234000 VOICES COM 275.000 201 000 Accumulated depresiones Acum depresion Trading story 94000 70 000 Det 101000 Provision for bad debts 5000 1 500 500 Cash Petty cash Credo LOOR T Bank [12 pal 50 000 9500 2. mentors on 28 February 2019 according to physical studiating were as follows: 2.1 Trading inventory R125.000 22 Stationery 3. The telephone account of R1 000 for February 2013 was erroneously paid twice, on 25 February 2019 and 27 February 2018 4 Rent has been received up to 31 laruary 2019. 5. A debtor. P. Peter, was declared insolvent. On 25 February 2019, his insolvent estate pada tre and final dividend of scents in the tand. An amount of 10 was received and recorded. The balance of his account must now be written off 6. The provision for bad debts must be increased by 1000 7. The insurance total includes an amount of R7 200 that was paid for the period of November 2055 to 31 October 2013 & resten kan for February 2018 has not yet been paid test is not capitalised Note: A repayment of R18 000 (excluding interest is expected to be made in March 2013 reduce the table 9. Depreciation must be brought into account each year as follows 3. On verliest 20% per annum using the diminishing balance method 92 On equipment at 15% per annum on cost. Note: Equipment with a cost price of R20 000 was purchased and recorded on December 2018 Nominal section 1277 000 700 000 15 000 1210 Cost of sales Saleset Wing Bank charges Rent income Parking material 66000 Aang 17000 38000 7000 2000 1000 2000 Rates Bad det Discount slowed Discount received Seadionary Interest on water and electric Insurance Telephone 20 000 50 000 REFER TO THE INCOMPLETE FINANCIAL STATEMENTS THAT FOLLOW AND ALL IN THE MISSING AMOUNTS AND DETAILS WHERE APPLICABLE SHOW YOUR WORKINGS IN BRACKETS. 36000 25000 HIGHLIGHT YOUR ANSWERS FOR THE MISSING AMOUNTS OR SHOW THEM IN BOLD PRINT GORS STATIMINTO COMPREHENSIVE INCOME FOR THE YEAR ENORED SRBRUARY 2018 Sie power Decor 200 Series Cash and choulent LOUITY AND ARTES Discorso Creditors.com Operating Tedes QUESTION 1 (20 MARKS) P. Gumede is the proprietor of PG Stores. He commenced trading on 01 March 2017. At the end of the second year of trading his bookkeeper resigned unexpectedly and Mr Gumede found that the financial statements for the year ended 28 February 2019 were incomplete He requires your assistance in completing them. The pre-adjustment trial balance, adjustments and additional information that were extracted from the accounting records as at 28 February 2019 are presented below. REQUIRED Complete the financial statements that appear after the adjustments and additional information) with the missing amounts and details. The entire statements must be submitted. Where applicable. show your workings in brackets Note: The notes to the financial statements and Statement of Changes in Equity are not required. INFORMATION PG STORES PRE ADJUSTMENT TRIAL BALANCE AS AT 28 FEBRUARY 2015 ADJUSTMENTS AND ADOMIONAL INFORMATION 1. No entry was made for trading inventory that was taken by the proprietor for his personal use. De Credit 870 700 Balance sheet account section Capital Drawing Land and buiding 234000 VOICES COM 275.000 201 000 Accumulated depresiones Acum depresion Trading story 94000 70 000 Det 101000 Provision for bad debts 5000 1 500 500 Cash Petty cash Credo LOOR T Bank [12 pal 50 000 9500 2. mentors on 28 February 2019 according to physical studiating were as follows: 2.1 Trading inventory R125.000 22 Stationery 3. The telephone account of R1 000 for February 2013 was erroneously paid twice, on 25 February 2019 and 27 February 2018 4 Rent has been received up to 31 laruary 2019. 5. A debtor. P. Peter, was declared insolvent. On 25 February 2019, his insolvent estate pada tre and final dividend of scents in the tand. An amount of 10 was received and recorded. The balance of his account must now be written off 6. The provision for bad debts must be increased by 1000 7. The insurance total includes an amount of R7 200 that was paid for the period of November 2055 to 31 October 2013 & resten kan for February 2018 has not yet been paid test is not capitalised Note: A repayment of R18 000 (excluding interest is expected to be made in March 2013 reduce the table 9. Depreciation must be brought into account each year as follows 3. On verliest 20% per annum using the diminishing balance method 92 On equipment at 15% per annum on cost. Note: Equipment with a cost price of R20 000 was purchased and recorded on December 2018 Nominal section 1277 000 700 000 15 000 1210 Cost of sales Saleset Wing Bank charges Rent income Parking material 66000 Aang 17000 38000 7000 2000 1000 2000 Rates Bad det Discount slowed Discount received Seadionary Interest on water and electric Insurance Telephone 20 000 50 000 REFER TO THE INCOMPLETE FINANCIAL STATEMENTS THAT FOLLOW AND ALL IN THE MISSING AMOUNTS AND DETAILS WHERE APPLICABLE SHOW YOUR WORKINGS IN BRACKETS. 36000 25000 HIGHLIGHT YOUR ANSWERS FOR THE MISSING AMOUNTS OR SHOW THEM IN BOLD PRINT GORS STATIMINTO COMPREHENSIVE INCOME FOR THE YEAR ENORED SRBRUARY 2018 Sie power Decor 200 Series Cash and choulent LOUITY AND ARTES Discorso Creditors.com Operating Tedes