QUESTION 1 FINANCIAL STATEMENTS OF A SOLE PROPRIETORSHIP (20)

Use the information given below to prepare the Statement of Financial Position of Anele Traders as at 28 February 2018. The notes to the financial statements are not required. INFORMATION

Extract from the accounting records of Anele Traders on 28 February 2018 after the Statement of Comprehensive Income was drawn up. R

Consumable stores on hand 4 000

Accrued expenses 12 000

Prepaid expenses 2 000

Cash float 6 000

Bank (CR) 30 000

Fixed deposit: EFT Bank 100 000

Capital (01 March 2017) 1 000 000

Drawings 480 000 Loan: EFT Bank 200 000

Property, plant and equipment 1 178 000

Creditors control 160 000

Debtors control 40 000

Accrued income 8 000

Income received in advance 16 000

Trading inventory 140 000 Additional information that must be taken into account:

According to the Statement of Comprehensive Income, the net profit for the year ended 28 February 2018 amounted to R540 000. The proprietor took R6 000 trading goods for his personal use after stocktaking was done but this has not been recorded. Payments amounting to R36 000, including interest of R12 000, will be made to EFT Bank towards the loan in the next financial year. Sixty percent (60%) of the fixed deposit matures on 31 May 2018 and the balance matures on 31 May 2019.