The following information relates to Question 1 and 2: On 1 July 2020 Mimi opened a...

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The following information relates to Question 1 and 2: On 1 July 2020 Mimi opened a clothing shop called Mimi Ltd. The trial balance for the first year is as follows: Mimi Ltd: Trial Balance at 30 June 2021 E Sales Purchases 75,200 12,160 Plant and equipment at cost 20,000 Trade receivables 1,200 Trade payables 1,600 Cash and cash equivalents 3,260 Long-term investments 5,000 Income from investments 1,200 Salaries 24,000 Rent 18,000 Insurance Advertising Lighting and heating Share capital at 1 July 2020 7,200 860 1,320 15,000 93.000 93,000 Additional information at 30 June 2021: inventory is valued at cost at 890 Included in this valuation is inventory costing 100, which are items from last season, and can only be sold for 50. Advertising paid in advance is 260. 2.190 was owed for light and heating . Plant and equipment has a useful life of ten years and a residual value of 2,000. It . is to be depreciated using the straight-line method. An allowance for doubtful debts is to be made at the rate of 10% of the trade receivables balance at 30 June 2021. . No dividends are paid during the year. (Continued.../) The following information relates to Question 1 and 2: On 1 July 2020 Mimi opened a clothing shop called Mimi Ltd. The trial balance for the first year is as follows: Mimi Ltd: Trial Balance at 30 June 2021 E Sales Purchases 75,200 12,160 Plant and equipment at cost 20,000 Trade receivables 1,200 Trade payables 1,600 Cash and cash equivalents 3,260 Long-term investments 5,000 Income from investments 1,200 Salaries 24,000 Rent 18,000 Insurance Advertising Lighting and heating Share capital at 1 July 2020 7,200 860 1,320 15,000 93.000 93,000 Additional information at 30 June 2021: inventory is valued at cost at 890 Included in this valuation is inventory costing 100, which are items from last season, and can only be sold for 50. Advertising paid in advance is 260. 2.190 was owed for light and heating . Plant and equipment has a useful life of ten years and a residual value of 2,000. It . is to be depreciated using the straight-line method. An allowance for doubtful debts is to be made at the rate of 10% of the trade receivables balance at 30 June 2021. . No dividends are paid during the year. (Continued.../)