See Thru (Pty) Ltd ("See Thru") is a glass manufacturing company operating throughout South Africa. See Thru has a 31 December financial year end. The pre-adjustment trial balance of See Thru as at 30 November 2022 is as follows: Vehicles - Cost Debit R Credit R 600 000 150 000 65 000 10 000 38 500 Accumulated Depreciation-Vehicles Inventory Stationery on hand Trade receivables Accrued rental income (1 January 2022) Bank (Supa Bank) Loan from Busy Bank (12% p.a.) Trade payables Share capital Retained earnings Sales Rental Income 5 500 50 000 Cost of Sales Wages Interest Expense Telephone Expense 115 000 120 000 45 000 100 000 211 750 260 000 63 250 40 000 11 000 15 000 950 000 950 000 The following transactions took place during December 2022: Date 1 Dec 2022 Transaction See Thru increased their loan with Busy Bank to R150 000. The applicable interest rate remained unchanged. Interest is paid on an annual basis. The interest for the 2022 financial year was outstanding at year end. The loan will be held for another ten years with repayments of the capital amount taking place in two years time 4 Dec 2022 See Thru purchased inventory on credit from ClearU at a cost of R30 000. 5 Dec 2022 One of the owners of See Thru had a private event whereby he took 100 flute glasses. The selling price of each flute glass was R14 with a mark up on cost of 40% being applicable. 8 Dec 2022 See Thru sold two boxes of champagne glasses to DineNDash on credit for R1 680. This is the only credit purchase that DineNDash has made. All inventory has a 40% mark up on cost ACCT101 MAIN EXAMINATION 2023 11 Dec 2022 A cash customer purchased ten boxes of wine glasses which cost R4 000 in total 14 Dec 2022 20 Dec 2022 BeerHut, a debtor, paid R13 000 into the bank account of See Thru See Thru was informed that DineNDash had been declared insolvent and would only be able to pay R900 in full and final settlement of the outstanding balance on 2 January 2023 28 Dec 2022 The bookkeeper was unsure how to treat the accrued rental income balance on 1 January 2022 (see trial balance) and has not processed any entry as yet. The rental agreement indicates that rent is received in arrears on the first day of the month Le. rental for January is received on 1 February. Monthly rental increases by 10% 1 July annually 29 Dec 2022 The bookkeeper incorrectly paid the telephone account which reflected an amount of R1 500 twice in November. The bookkeeper was therefore not meant to pay the telephone account (an amount of R1 500) again in December, however the bookkeeper paid R1 500 during December 30 Dec 2022 See Thru purchased furniture (in cash) to use by the administration staff at a cost of R50 000. Stationery on hand amounted to RB 000. The bank statement reflected bank charges of R1 600 incurred for the month of December 2022 Total depreciation for the year amounted to R150 000. Required: 1.1 Prepare the journal entries for See Thru Limited for the year ended 31 December 2022 given the information provided above. Ignore dates. Marks 30 1.2 Prepare the Statement of profit or loss and other comprehensive income for See Thru Limited for the year ended 31 December 2022 12 Comparatives are not required. 1.3 Prepare the Statement of financial position for See Thru Limited as at 31 December 2022. 18 Comparatives are not required. TOTAL 60