QUESTION 1 (30 marks) (68 minutes) The following balances were extracted from the accounting records of Brakes Lid for the financial year ended 28 February 2022 : Additional information: 1. Brakes Ltd maintained a consistent 40% gross profit percentage throughout the current year. 2. A credit sales transaction that took place on 28 February 2022 with a total consideration of R200 000 , was not yet recorded. The sale consisted of a significant financing component, with a condition that the amount must be paid on 28 February 2023. Brakes Ltd determined that the amount that reflects the credit risk is 13,5% per annum. QUESTION 1 (30 marks) (68 minutes) The following balances were extracted from the accounting records of Brakes Lid for the financial year ended 28 February 2022 : Additional information: 1. Brakes Ltd maintained a consistent 40% gross profit percentage throughout the current year. 2. A credit sales transaction that took place on 28 February 2022 with a total consideration of R200 000 , was not yet recorded. The sale consisted of a significant financing component, with a condition that the amount must be paid on 28 February 2023. Brakes Ltd determined that the amount that reflects the credit risk is 13,5% per annum