QUESTION 1 FINANCIAL STATEMENTS 30 MARKS The balances listed below are for Vusi Traders for the year ended 30 April 2020: - R Capital contribution 400 000 Drawings 27 310 Vehicles 200 000 Mortgage Loan from C Bank 120 000 Bank (favourable balance) 74 490 Sales 275 000 Interest from investments 11 500 Cost of sales 182 000 Telephone account 11 200 Discount Allowed 12 400 Salaries 50 000 Stock 53 000 Receivables/ Debtors 28 000 Equipment 66 000 Payables/ Creditors 71 000 Land and Buildings 195 000 Interest paid on loan 69 000 Rent received 88 000 Depreciation 35 000 Stationery 6 100 Discount received 44 000 REQUIRED: 1.1 Prepare statement of profit & loss and other comprehensive Income (Income Statement) 15 marks 1.2 Prepare the Statement of Financial Position (Balance Sheet) 15 marks