Question 1 Prepare the Statement of Financial Position of Scampi Traders as at 28 February 2022 Note: The Statement of Comprehensive Income and the notes to the financial statement are not required. INFORMATION The infomation provided below was extracted from the accounting records of Scampi Traders on 28 Februar 2022, the end of the financa year. SCAMPRADORS PRE ADJUSTMENT TRANCE AS AT 28 FEBRUARY 2022 Debit (R) Credit Balance sheet accounts section Capital 240 950 Drawings 112 000 Vehides at cost 285 000 Equipment a cs 165 000 Accumulated depreciation on vehides 138 000 Accumulated depreciation on equipment 2 000 Trading inventory 106 000 Debtors control 48000 Provision for bad debts 6 600 Bank 35850 Creditats com 6 500 Mortgage loan: Maxi Bank 16% pe 105 000 ADDITIONAL INFORMATION AND ADJUSTMENTS 1. According to physical stocktaking on 28 February 2022, the following were on hand 1.1 Trading inventory, R103 000 1.2 Consumable stores, R200. 2. Rent has been paid up to 31 March 2022. Note: The rental was ncreased by R350 per month with effect from 01 February 2022 3. A debtor who owed R1 000 was dedared insolvent. Forty percent (40% of the amount owing was received from his insolvent estate on 27 February 2022 and recorded the balance of his account must now be written off 4. The provision for bad debts must be decreased by 800. 5. Provide for outstanding interest on the loan from Mai Bank Interest is not capitalised The loan was obtained on 01 March 2021. Loan repayments (excluding interest) totalling R20 000 are expected to be made in the next financial year. 6. The telephone account for February 2012 was due to be paid on 03 March 2022 R800. 7. According to the bank statement service fees of R200 were levied by the bank This has not been recorded 8. Received an amount for R500 from H. Smit whese account was written off previously. No entry was made for this 9. A debtor whose account of R4 000 was overdue for one month must be charged interest at a rate of 15% per annum 10. Provide for depreciation as follows: 10.1 On equipment at 10% per annum on cast 10.2 On vehicles, R19 650 11. The net profit for the year ended 28 February 202, AFTER taking the above into account was R102 050. Nominal accounts section Sales 742 SOD Cost of sales 360 OOG Sales retums 4 500 Salaries and wages 129 000 Bad debis 1500 Consumable stores 2300 Rent expense 34 500 Motor expenses 26 700 Bad debits recovered 6300 Telephone 9300 Electricity and water 18 600 Bank charges 3 700 Insurance 8100 Interest on morigage loan 7 800 Commission income 9000 1 358 850 1 358 850 (Ctrl) Question 1 Prepare the Statement of Financial Position of Scampi Traders as at 28 February 2022 Note: The Statement of Comprehensive Income and the notes to the financial statement are not required. INFORMATION The infomation provided below was extracted from the accounting records of Scampi Traders on 28 Februar 2022, the end of the financa year. SCAMPRADORS PRE ADJUSTMENT TRANCE AS AT 28 FEBRUARY 2022 Debit (R) Credit Balance sheet accounts section Capital 240 950 Drawings 112 000 Vehides at cost 285 000 Equipment a cs 165 000 Accumulated depreciation on vehides 138 000 Accumulated depreciation on equipment 2 000 Trading inventory 106 000 Debtors control 48000 Provision for bad debts 6 600 Bank 35850 Creditats com 6 500 Mortgage loan: Maxi Bank 16% pe 105 000 ADDITIONAL INFORMATION AND ADJUSTMENTS 1. According to physical stocktaking on 28 February 2022, the following were on hand 1.1 Trading inventory, R103 000 1.2 Consumable stores, R200. 2. Rent has been paid up to 31 March 2022. Note: The rental was ncreased by R350 per month with effect from 01 February 2022 3. A debtor who owed R1 000 was dedared insolvent. Forty percent (40% of the amount owing was received from his insolvent estate on 27 February 2022 and recorded the balance of his account must now be written off 4. The provision for bad debts must be decreased by 800. 5. Provide for outstanding interest on the loan from Mai Bank Interest is not capitalised The loan was obtained on 01 March 2021. Loan repayments (excluding interest) totalling R20 000 are expected to be made in the next financial year. 6. The telephone account for February 2012 was due to be paid on 03 March 2022 R800. 7. According to the bank statement service fees of R200 were levied by the bank This has not been recorded 8. Received an amount for R500 from H. Smit whese account was written off previously. No entry was made for this 9. A debtor whose account of R4 000 was overdue for one month must be charged interest at a rate of 15% per annum 10. Provide for depreciation as follows: 10.1 On equipment at 10% per annum on cast 10.2 On vehicles, R19 650 11. The net profit for the year ended 28 February 202, AFTER taking the above into account was R102 050. Nominal accounts section Sales 742 SOD Cost of sales 360 OOG Sales retums 4 500 Salaries and wages 129 000 Bad debis 1500 Consumable stores 2300 Rent expense 34 500 Motor expenses 26 700 Bad debits recovered 6300 Telephone 9300 Electricity and water 18 600 Bank charges 3 700 Insurance 8100 Interest on morigage loan 7 800 Commission income 9000 1 358 850 1 358 850 (Ctrl)