QUESTION TWO [20] 2.1 Small Time Dealers purchased goods to the value of R19 000. All the goods were sold within 20 days. It was determined that the following additional expenses should be allocated to this parcel of goods; rental of R1 000, electricity of R380 and wages of R1 500. The total selling price of the goods was R32 300 Required: Calculate the total costs to be taken into account against the total selling price. (3) 2.2 The following information was provided by Smart Mobiles for the year ended 31 July 2019. Smart Mobiles rents a small kiosk in the mall where Ringo Smart, the owner sells mobile phones to the general public. Smart Mobiles uses the periodic inventory method to keep records of trading inventory transactions. The following information was provided; Extracted from the post-adjustment trial balance at 31 July 2019 R Inventory at 1 August 2018 50 000 Sales 555 000 Carriage on sales 10 000 Purchases 408 000 Purchases returns 45 000 Customs duty 11 000 Inventory on hand at 31 July 2019 91 000 Required: Calculate the gross profit percentage on sales for the year ended 31 July 2019. (6) 2.3 The following information was taken from the accounting records of Midway retailers at 30 September 2019 R Trade receivables at 30 September 2019 Allowance for credit losses (Provision for bad debts) 1 500 Credit losses (bad debts) written off during the year 36 000 1 300 Additional information: 1. An amount of R1 200 must be written off as irrecoverable. 2. The allowance for credit losses must be maintained at 5% of outstanding debtors. Required: Calculate the amount to be shown as credit losses (bad debts) in the statement of comprehensive income for the year ended 30 September 2019. (6) 2.4 Super Eats started their business on 2 January 2017 and purchased two delivery motorbikes at R30 000 each. The financial year end of the entity ends on 31 December of every year and depreciation on the motorbikes is calculated at 30% per year on the diminishing balance method. One of the bikes was involved in an accident on 31 March 2019 and was completely written off. Insurance paid out R12 500 for the damaged bike. Required: Calculate the profit or loss on scrapping the motorbike that was involved in an accident. All workings must be rounded off to the nearest whole number