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QUESTION TWOCapital: Amanda ( 1 January 2 0 0 9 ) . Capital: Sphindile ( 1 January 2 0 0 9 ) Current account: Amanda
QUESTION TWOCapital: Amanda January Capital: Sphindile January Current account: Amanda January crCurrent account: Sphindile January drLand and buildings at costVehicles at costAccumulated depreciation: Vehicles January Debtors controlCreditors control.Bank drFixed deposit: Third National Bank.Drawings: Amanda...Drawings: Sphindile..Loan to Sphindile...Loan from Amanda...Allowance for credit losses..Sales.Purchases...Inventory merchandise January 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 : respectively.Yearend adjustments: Inventory on hand at December :MerchandiseStationery stationery purchased is recorded in the stationery consumed account MARKSRREQUIRED:NB: Show all calculationsb Interest at per annum is allowed on the opening balances of the partners' capital accounts.c Amanda is entitled to a commission on salesROn September a delivery vehicle was purchased for R cash. All the necessary entries weremade in the books Depreciation must be provided on vehicles at per annum according to the straightline method The loan from Amanda was obtained on September at interest per annum. The loan will be repaidin five equal annual instalments, starting from December The interest must be paid to Amandaannually During the financial year Sphindile was granted an interest free loan which she agreed to settle in full on June The water and electricity account of R for December was received on January A debtor owing the business R 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 R During the financial year R was paid to Amanda as commission on sales. These payments wererecorded in the salaries and wages account The fixed deposit at Third National Bank was made on January for a period of years at 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 December 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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