QUESTION 3 CACC012 TEST TWO JANUARY 2020 [10 MARKS/15 MINUTES] Skalayo Ltd was incorporated in 2012 and is involved in the manufacture and distribution of athletic sneakers. The company has a 31 March financial year end. The entity is NOT registered for VAT Skalayo Ltd's Finance manager requested you to assist with the preparation of the financial statements for the year ended 31 March 2020. The following information was made available to you in respect of the year ended 31 March 2020: POST-ADJUSTMENT TRIAL BALANCE: 31/3/2020 Credit losses Income tax expense Sales Notes Debit Credit R R 73 120 211 460 7 642 560 Land at cost 3 572 800 Prepaid expenses-31/3/2020 (Rent) 10.000 Accumulated depreciation-Vehicles Vehicles at cost Profit on sale of investment Other expenses Income received in advance - 31/3/2020 107 000 1 317 000 7 200 540 720 5 260 Inventory-opening Purchases 280 000 2 657 800 Transport costs - purchases 265 720 Dividends received 3 75 400 Trade receivables 31/3/2020 1 311 000 Rent income 47 260 Trade payables 950 120 Cash on hand 31 000 Depreciation-vehicles 107 000 Accrued expenses - 31/3/2020 4 600 Interest on fixed deposit 44.600