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Question 1 Answer ALL questions. ( 1 0 0 MARKS ) QUESTION 1 ( 2 0 Marks ) RYOBI TRADERS STATEMENT OF COMPREHENSIVE INCOME FOR
Question Answer ALL questions. MARKS QUESTION Marks RYOBI TRADERS STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED FEBRUARY Workings R Sales Cost of sales Gross profit Other operating income Gross operating income Operating expenses Operating profit Net profit for the year QUESTION MARKS REQUIRED Use the information provided below to prepare the Statement of Comprehensive Income for the year ended February INFORMATION FIESTA TRADERS PREADJUSTMENT TRIAL BALANCE AS AT FEBRUARY Debit R Credit R Balance Sheet accounts section Capital Drawings Land and buildings Vehicles at cost Equipment at cost Accumulated depreciation on vehicles Accumulated depreciation on equipment Fixed deposit: Rio Bank pa Trading inventory Debtors control Provision for bad debts Bank Cash float Creditors control Mortgage loan: Rio Bank pa Nominal accounts section Sales Cost of sales Sales returns Salaries and wages Bad debts Stationery Rates and taxes Motor expenses Repairs to building Telephone Electricity and water Bank charges Insurance Interest on mortgage loan Interest on fixed deposit Rent income Adjustments and additional information Stocktaking on February revealed the following inventories: Trading inventory R Stationery R The telephone account for February R was due to be paid on March A debtor who was declared insolvent paid R which represented of her debt. The balance of her account must now be written off. The provision for bad debts must be decreased to R Rent has been received up to March Note: The rental was increased by R per month with effect from November The insurance total includes an annual premium of R that was paid for the period June to May Provide for outstanding interest on the mortgage loan for February Provide for the outstanding interest on fixed deposit. The investment in fixed deposit was made on September A payment for the annual service of a motor vehicle was not recorded, R Provide for depreciation as follows: On equipment at pa on cost On vehicles at pa using the diminishing balance method. Note: A vehicle with a cost price of R was purchased on December The purchase has been recorded.
Question
Answer ALL questions.
MARKS
QUESTION
Marks
RYOBI TRADERS
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED FEBRUARY
Workings
R
Sales
Cost of sales
Gross profit
Other operating income
Gross operating income
Operating expenses
Operating profit
Net profit for the year QUESTION MARKS
REQUIRED
Use the information provided below to prepare the Statement of Comprehensive Income for the year ended
February
INFORMATION
FIESTA TRADERS
PREADJUSTMENT TRIAL BALANCE AS AT FEBRUARY
Debit R Credit R
Balance Sheet accounts section
Capital
Drawings
Land and buildings
Vehicles at cost
Equipment at cost
Accumulated depreciation on vehicles
Accumulated depreciation on equipment
Fixed deposit: Rio Bank pa
Trading inventory
Debtors control
Provision for bad debts
Bank
Cash float
Creditors control
Mortgage loan: Rio Bank pa
Nominal accounts section
Sales
Cost of sales
Sales returns
Salaries and wages
Bad debts
Stationery
Rates and taxes
Motor expenses
Repairs to building
Telephone
Electricity and water
Bank charges
Insurance
Interest on mortgage loan
Interest on fixed deposit
Rent income
Adjustments and additional information
Stocktaking on February revealed the following inventories:
Trading inventory R
Stationery R
The telephone account for February R was due to be paid on March
A debtor who was declared insolvent paid R which represented of her debt. The balance of
her account must now be written off.
The provision for bad debts must be decreased to R
Rent has been received up to March Note: The rental was increased by R per month
with effect from November
The insurance total includes an annual premium of R that was paid for the period June
to May
Provide for outstanding interest on the mortgage loan for February
Provide for the outstanding interest on fixed deposit. The investment in fixed deposit was made on
September
A payment for the annual service of a motor vehicle was not recorded, R
Provide for depreciation as follows:
On equipment at pa on cost
On vehicles at pa using the diminishing balance method. Note: A vehicle with a cost price of
R was purchased on December The purchase has been recorded.
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