Question 2

TRIAL BALANCE OF SIPHO SUPPLIERS AS AT 28 FEBRUARY 2020
	Debit	Credit
Capital		295 189
Land and buildings	250 000
Accounts receivable	58 200
Accounts payable		49 200
Bank overdraft		17 500
Vehicles	145 000
Furniture at cost	100 000
Purchases	71 900
Railage on purchases	7 150
Railage on sales	2 750
Inventory (1/03/2019)	37 000
Sales returns	4 950
Purchase returns		6 000
Discount received		3 600
Rent received		12 000
Telephone	6 820
Sales		365 000
Wages	40 000
Insurance	3 500
Advertising	4 050
Drawings	13 000
Petty cash	4 169
	R748 489	R748 489

Inventory as at 28 February 2020 was valued at R28 500.

REQUIRED

Prepare the Statement of Comprehensive Income/ Income Statement for the year ended 28 February 2020. (18)

Prepare the Statement of Financial Position/ Balance sheet as at 28 February 2020. (14)

Prepare the Statement of Changes in Equity. (4)