QUESTION $3$ MegaBuild Inc. is a renowned construction company based in Durban. The company specialises in building luxury apartments and commercial spaces. MegaBuild Inc. has a financial yearend of $31$ December. You have been provided with an extract trial balance for the $11$ months ended $30$ November $2024,$ as well as transactions for the month of December $2024.$ An extract of the trial balance of MegaBuild Inc. as at $30$ November $2024$: Account Credit $($R$)$ Debit $($R$)$ Bank Overdraft $210000$ Loan: Money Bank $(12\%)1200000$ Interest expense $132000$ The following transactions took place during the month of December $2024$: $1.$ MegaBuild secured a deal to construct a new $10-$floor luxury apartment building. The client paid $20\%$ of the total contract value of R$25000000$ as a down$-$payment to MegaBuild. Construction of the new $10-$floor luxury apartment will only begin on $01$ January $2025.2.$ Construction materials were purchased on credit from BuildMart for R$6500000.$ MegaBuild negotiated a $5\%$ discount if the amount is paid within $15$ days. The company paid $50\%$ of the amount owed to BuildMart within the agreed time. $3.$ MegaBuild sold one of its older cranes for R$800000$ cash. The crane originally cost R$1200000$ and had accumulated depreciation of R$500000$ up to the date of sale. $4.$ On $1$ December, Money Bank increased the loan to MegaBuild by a cash amount of R$500000.$ Interest on the loan is paid by MegaBuild on the last day of each month. The loan capital will be repaid in full on $31$ December $2025.$ The loan was initially taken out on $1$ January $2019.5.$ MegaBuild earned a monthly rental income of R$120000$ from one of the company$$s commercial properties. $6.$ Salaries for the month totalled R$2000000.$ However, $10\%$ was deferred to be paid next month. $60$ HFAC$131-1-$Jan$-$Jun$2024-$FA$1-$LVN$-$V$3-20240119$ ANNEXURE F: FORMATIVE ASSESSMENT $17.$ To bolster its operations, the company purchased a second$-$hand truck on $31$ December $2024$ for R$750000.$ A deposit of R$250000$ was immediately made. The remaining R$500000$ was financed through a loan from East Bank. The bank extended a $4-$year loan at an annual interest rate of $7\mathrm{.}2\%.$ REQUIRED: Prepare the following accounts in the General Ledger of MegaBuild Inc for the month of December $2024.$ Entry dates are not required, but ensure that the accounts are balanced and appropriately closed off: $3\mathrm{.}1$ Bank Account $3\mathrm{.}23\mathrm{.}3$ Loan Account Interest Expense Account Competency Framework Reference: B$1\mathrm{.}2$ Accounting information systems $(13$ mark$)(3$ marks$)(4$ marks$)$ a$)$ Maintain an accounting information system that is manual, automated or a combination of both. $---$ End of Question $3---$ HFAC$131-1-$Jan$-$Jun$2024-$FA$1-$LVN$-$V$3-2024011961$