QUESTION ONE Maria Jacobs owns a stationery shop, Polka Dots, trading in stationery. The following information needs to be taken into account for the financial year ended 31 December 2022. Polka-Dots uses the Perpetual Inventory Method to record trading stock and is not registered as a VAT vendor. No Transactions that need to be taken into account for the 2022 financial year 1 2 3. 4 5 6 7 8 9 10 11 [85] 12 Posters were sold for R550 in cash to a primary school. Cost price of the goods is R360. Mrs Strong returned unwanted goods charged to her account at R800. The cost of the goods is R500. Mr. Prince applied to open an account at Polka-Dots. A limit of R2 000 was approved. Stationery of R1 750 was sold to Mr Prince on credit. Cost price of the goods is R950. Bank charges of R45 was charged to the bank account but not yet recorded. Electricity and water account of R850 was received but not yet paid nor recorded. A long-outstanding dispute with a cell-phone company was finally resolved whereby they recorded a debit of R140 to our account that must be recorded and paid by Polka- Dots. To replenish stocks, goods to the value of R5 000 were bought on credit from Great Ltd. January 2023 rental of R600 was paid as per the lease agreement. Cash sales of R750 were made to Mrs. Strong. The cost of the goods is R400. Fuel of R800 for the delivery truck was posted to the salaries and wages account. Mr. Plan's son was accepted to study at a university. Stationery needs are not yet finalised. Mr Plan paid R4 000 to Polka-Dot to apply to his son's stationery needs. Mr I

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