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QUESTION TWOCapital: Amanda ( 1 January 2 0 0 9 ) . Capital: Sphindile ( 1 January 2 0 0 9 ) Current account: Amanda

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QUESTION TWOCapital: Amanda (1 January 2009).Capital: Sphindile (1 January 2009)Current account: Amanda (1 January 2009)(cr)Current account: Sphindile (1 January 2009)(dr).Land and buildings at cost.Vehicles at cost..2.Accumulated depreciation: Vehicles (1 January 2009).Debtors controlCreditors control.Bank (dr).Fixed deposit: Third National Bank.Drawings: Amanda...Drawings: Sphindile..Loan to Sphindile...Loan from Amanda...Allowance for credit losses..Sales.Purchases...Inventory (merchandise)(1 January 2009).Salaries and wages...Water and electricity.Interest expense: Loan from Amanda..Settlement discount grantedInterest income: Fixed deposit.Stationery consumed.Telephone expenses.Insurance on purchases.Freight on sales..Partnership agreement:The partnership agreement stipulates the following:a. The partners Amanda and Sphindile share the profits or losses in the ratio of 3:2 respectively.Year-end adjustments:1. Inventory on hand at 31 December 2009:Merchandise83000Stationery (stationery purchased is recorded in the stationery consumed account)(25 MARKS)35000025000060000R4000049400019800042000REQUIRED:145560106300NB: Show all calculations.26582190006480043200408001700002500650000b. Interest at 10% per annum is allowed on the opening balances of the partners' capital accounts.c. Amanda is entitled to a 10% commission on sales.30400070800132960470054003800171050002620845003200ROn 30 September 2009, a delivery vehicle was purchased for R85000 cash. All the necessary entries weremade in the books.8503. Depreciation must be provided on vehicles at 10% per annum according to the straight-line method4. The loan from Amanda was obtained on 1 September 2007 at 5% interest per annum. The loan will be repaidin five equal annual instalments, starting from 31 December 2010. The interest must be paid to Amandaannually5. During the financial year Sphindile was granted an interest free loan which she agreed to settle in full on 30June 2010.6. The water and electricity account of R400 for December 2009 was received on 10 January 2010.7. A debtor owing the business R5560 has for the past financial year defaulted on his payments and his accountmust be written off as irrecoverable. The allowance for credit losses must be adjusted to R3200.8. During the financial year R40000 was paid to Amanda as commission on sales. These payments wererecorded in the salaries and wages account9. The fixed deposit at Third National Bank was made on 1 January 2008 for a period of 5 years at 9% interestper annum. The interest is receivable at the end of each borrowing year.Prepare the statement of profit or loss and other comprehensive income of A&S Supermarket for the yearended 31 December 2009. Your answer must comply with the requirements of International Financial ReportingStandards (IFRS) appropriate to the business of the partnership (notes and comparative figures are notrequired). please show the format in excell
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