The following information pertains to KPMJ Ltd and covers questions 13 - 24: KPMJ Ltd is a company incorporated in 2017 and has a 28 February financial year-end. The company's accountant presented the following information to you as the accounting officer of the company: KPMJ LTD EXTRACT OF BALANCES AS AT 28 FEBRUARY 2022: Retained earnings (1 March 2021) Share capital: Ordinary shares (1 March 2021) Inventory (1 March 2021) Trade receivables control Petty cash Loan: PWA Bank R 200,900 600,900 34,700 244,200 5,900 102,600 SARS (income tax) (Dr) 24,500 Land and buildings at revaluation 963,900 Equipment at cost 501,900 Accumulated depreciation: Equipment 72,000 Revaluation surplus (1 March 2021) 85,000 Income received in advance 6,900 Allowance for credit losses 5,200 Bank (Dr) 111,900 Trade payables control 189,300 Auditor's remuneration 36,100 Sales 1,163,730 Carriage on sales 2,000 Settlement discount received 1,700 Allowance for settlement discount granted 6,300 Purchases 234,800 Salaries and wages 229,900 Carriage on purchases 1,400 Directors' remuneration 174,000 Settlement discount granted 7,200 Stationery 10,500 Telephone 5,100 Additional information: 1. The allowance for credit losses must be adjusted to R7 600. A debtor who owes the business R9 300 was declared insolvent and must be written off as irrecoverable. 2. The income tax for the financial year ended 28 February 2022 amounted to R121 100 and must still be recorded. 3. Authorised share capital is 400 000 NPV ordinary shares. Share capital stated above consists of ordinary shares issued at R3.5 per share. On 01 December 2021, the directors issued 57 000 shares at R4.8 per share, the shares were taken up by the public on 1 February 2022, this transaction has not been recorded. 4. The loan from PWA was acquired on 1 March 2018 at an interest rate of 8% per annum. Interest on all loans for the current financial year has not yet been accounted for. The loan is repayable in four annual equal instalments with effect from 1 March 2022. 5. Directors made the following resolutions at year end Dividends declared at 80 cents per share and will paid at the end of April 2022 A total bonus amounting to R82 500 must be paid to directors on 30 April 2022