Question 16 (30 marks) The following information relates to Queen Traders, Sunay Queen is the sole owner of the business. Balances of Queen Traders on 30 June 2023.

Capital R800 000

Drawings R15 000

Land and Building R1 000 000

Vehicle R112 000

Office equipment R29 000

Inventory R20 000

Accounts receivable R10 800

Petty Cash R500

Mortgage loan R210 000

Bank Overdraft R5 600

Accounts Payable R22 300

Sales R915 000

Cost of sales R560 000

Wages R50 000

Salaries R152 000

Rent income R24 000

Rates R9 500

Water and electricity R12 500

Travel expenses R6 400

Printing and stationery R1 200

Telephone R8 000

Profit on sale of an asset R10 000

NOTES: Income Tax calculations of 28% do not apply to this question.

Required:

16.1 Prepare an Income Statement (Statement of Comprehensive Income) for Queen Traders for the year ended 30 June 2023. (15 marks)

16.2 Prepare a Balance Sheet (Statement of Financial Position) for Queen Traders for the year ended 30 June 2023 (15 marks)