QUESTION B4		(16 marks / 29 minutes)
The following information relates to Wise Close Corporation:
			R	R
	Sales			280 700
	Inventory 1 March 2003		20 300
	Purchases		182 000
	Interest received			1 600
	Advertising		4 100
	Leasing charges		8 200
	Rent (paid to M Moore)		5 800
	Salaries and wages		6 000
	Commission		4 100
	Salaries of members: A Amber		18 000
		M Moore	18 000
	Bad debts		1 500
	Travelling expenses		4 200
	Accounting officers remuneration		3 000
	Insurance		2 000
	Cash in bank		3 000
	Interest on loan from A Amber		1 500
	Members contributions: A Amber			30 000
		M Moore		20 000
	Loan from A Amber			15 000
	Vehicles at cost		30 000
	Equipment at cost		10 000
	Accounts receivable		22 800
	Investment at cost		13 000	10 200
	Accounts payable
			357 500	357 500

2. Additional information:

2.1 The close corporation was incorporated on 1 March 1993.

2.2Inventory o hand at 28 February 1994 amounted to R21 800.

2.3The following must still be provided for:

2.3.1	Depreciation on fixed assets as follows:
	Vehicles	R 1 000
	Equipment	R 800
2.3.2	S A Normal tax for the year, R10 100.
2.3.3	A Profit distribution to members as follows:
	A Amber (60%)	R 5 400
	M Moore (40%)		R 3 600
			R 9 000

Required:

1. The income statement of Wise Close Corporation for the year ended

28 February 2004 in accordance with generally accepted accounting practice

2. The statement changes in equity of Wise Close Corporation for the year ended 28 February 2004.

3..The statement of transactions with members.