Telephone 9 300 Electricity and water 18 600 Bank charges 3 700 Insurance Interest on mortgage loan Commission income 8 100 7 800 9 000 1 358 850 1 358 850 ADDITIONAL INFORMATION AND ADJUSTMENTS 1. According to physical stocktaking on 28 February 2022, the following were on hand: 1.1 Trading inventory, R103 000 1.2 Consumable stores, R200. 2. 3. Rent has been paid up to 31 March 2022. Note: The rental was increased by R350 per month with effect from 01 February 2022. A debtor who owed R1 000 was declared insolvent. Forty percent (40%) of the amount owing was received from his insolvent estate on 27 February 2022 and recorded. The balance of his account must now be written off. 4. The provision for bad debts must be decreased by R300. 5. 6. 7. 8. Provide for outstanding interest on the loan from Maxi Bank. Interest is not capitalised. The loan was obtained on 01 March 2021. Loan repayments (excluding interest) totalling R20 000 are expected to be made in the next financial year. The telephone account for February 2022 was due to be paid on 03 March 2022, R800. According to the bank statement, service fees of R200 were levied by the bank. This has not been recorded. Received an amount for R500 from H. Smit whose account was written off previously. No entry was made for this. 9. A debtor whose account of R4 000 was overdue for one month must be charged interest at a rate of 15% per annum. 10. Provide for depreciation as follows: 10.1 On equipment at 10% per annum on cost. 10.2 On vehicles, R19 650. 11. The net profit for the year ended 28 February 2022, AFTER taking the above into account, was R102 050. Telephone 9 300 Electricity and water 18 600 Bank charges 3 700 Insurance Interest on mortgage loan Commission income 8 100 7 800 9 000 1 358 850 1 358 850 ADDITIONAL INFORMATION AND ADJUSTMENTS 1. According to physical stocktaking on 28 February 2022, the following were on hand: 1.1 Trading inventory, R103 000 1.2 Consumable stores, R200. 2. 3. Rent has been paid up to 31 March 2022. Note: The rental was increased by R350 per month with effect from 01 February 2022. A debtor who owed R1 000 was declared insolvent. Forty percent (40%) of the amount owing was received from his insolvent estate on 27 February 2022 and recorded. The balance of his account must now be written off. 4. The provision for bad debts must be decreased by R300. 5. 6. 7. 8. Provide for outstanding interest on the loan from Maxi Bank. Interest is not capitalised. The loan was obtained on 01 March 2021. Loan repayments (excluding interest) totalling R20 000 are expected to be made in the next financial year. The telephone account for February 2022 was due to be paid on 03 March 2022, R800. According to the bank statement, service fees of R200 were levied by the bank. This has not been recorded. Received an amount for R500 from H. Smit whose account was written off previously. No entry was made for this. 9. A debtor whose account of R4 000 was overdue for one month must be charged interest at a rate of 15% per annum. 10. Provide for depreciation as follows: 10.1 On equipment at 10% per annum on cost. 10.2 On vehicles, R19 650. 11. The net profit for the year ended 28 February 2022, AFTER taking the above into account, was R102 050. Motor expenses Bad debts recovered 26 700 Telephone 9 300 Electricity and water 18 600 Bank charges 3 700 Insurance Interest on mortgage loan Commission income 8 100 7 800 1 300 9 000 1 358 850 1 358 850 ADDITIONAL INFORMATION AND ADJUSTMENTS 1. According to physical stocktaking on 28 February 2022, the following were on hand: 1.1 Trading inventory, R103 000 1.2 Consumable stores, R200. 2. 3. Rent has been paid up to 31 March 2022. Note: The rental was increased by R350 per month with effect from 01 February 2022. A debtor who owed R1 000 was declared insolvent. Forty percent (40%) of the amount owing was received from his insolvent estate on 27 February 2022 and recorded. The balance of his account must now be written off. 4. The provision for bad debts must be decreased by R300. 5. 6. 7. 8. 9. Provide for outstanding interest on the loan from Maxi Bank. Interest is not capitalised. The loan was obtained on 01 March 2021. Loan repayments (excluding interest) totalling R20 000 are expected to be made in the next financial year. The telephone account for February 2022 was due to be paid on 03 March 2022, R800. According to the bank statement, service fees of R200 were levied by the bank. This has not been recorded. Received an amount for R500 from H. Smit whose account was written off previously. No entry was made for this. A debtor whose account of R4 000 was overdue for one month must be charged interest at a rate of 15% per annum. 10. Provide for depreciation as follows: 10.1 On equipment at 10% per annum on cost. 10.2 On vehicles, R19 650. 11. The net profit for the year ended 28 February 2022, AFTER taking the above into account, was R102 050. Motor expenses Bad debts recovered 26 700 Telephone 9 300 Electricity and water 18 600 Bank charges 3 700 Insurance Interest on mortgage loan Commission income 8 100 7 800 1 300 9 000 1 358 850 1 358 850 ADDITIONAL INFORMATION AND ADJUSTMENTS 1. According to physical stocktaking on 28 February 2022, the following were on hand: 1.1 Trading inventory, R103 000 1.2 Consumable stores, R200. 2. 3. Rent has been paid up to 31 March 2022. Note: The rental was increased by R350 per month with effect from 01 February 2022. A debtor who owed R1 000 was declared insolvent. Forty percent (40%) of the amount owing was received from his insolvent estate on 27 February 2022 and recorded. The balance of his account must now be written off. 4. The provision for bad debts must be decreased by R300. 5. 6. 7. 8. 9. Provide for outstanding interest on the loan from Maxi Bank. Interest is not capitalised. The loan was obtained on 01 March 2021. Loan repayments (excluding interest) totalling R20 000 are expected to be made in the next financial year. The telephone account for February 2022 was due to be paid on 03 March 2022, R800. According to the bank statement, service fees of R200 were levied by the bank. This has not been recorded. Received an amount for R500 from H. Smit whose account was written off previously. No entry was made for this. A debtor whose account of R4 000 was overdue for one month must be charged interest at a rate of 15% per annum. 10. Provide for depreciation as follows: 10.1 On equipment at 10% per annum on cost. 10.2 On vehicles, R19 650. 11. The net profit for the year ended 28 February 2022, AFTER taking the above into account, was R102 050