The following information was taken from the records of Planet Cycles. The financial year ended 28 February 2023.

List of balances for the shop on 28 February 2023 (amongst others) are:

Capital

1 400 000

Drawings

101 500

Land and buildings

1 000 350

Vehicles

700 000

Equipment

435 400

Accumulated depreciation on vehicles

280 000

Accumulated depreciation on equipment

193 500

Fixed deposit : Cape Bank (8% p.a.)

105 000

Trading stock

236 045

Debtors control

132 700

Creditors control

77 370

Bank

96 355

Cash float

1 500

Loan : Unity Commercial Bank (9,5% p.a.)

320 000

Rent

83 200

Adjustments and additional information: All calculations and workings must be shown.

1. The net profit (after taking all the adjustments into account) was R500 500.

2. Unused consumable stores amounted to R2 390.

3. The business makes allowance for a provision for bad debts equal to 5% of the Debtors Control balance.

4. An insurance policy for R4 860 was entered into on 1 May 2022. The annual premium was paid in full.

5. The telephone account of R2 850 was only settled on 5 March 2023.

6. A commission fee of R5 350 was still receivable on 28 February 2023.

7. Depreciation on vehicles at 20% p.a. on carrying value and equipment at 15% p.a. on cost.

8. A new vehicle was purchased on 1 June 2022 for R145 000.

9. Interest on loan is capitalised. A fixed amount of R8 600 per month, inclusive of interest, was paid from the time the loan was received.

10. R30 000 of the fixed deposit matures on 31 July each year.

11. The rent for March 2023 was received and deposited on 27 February 2023.

Required:

Complete the following notes to the Financial Statements:

4.1 Trade and other receivables. (7)

4.2 Trade and other payables. (5)

4.3 Fixed assets. (17)

4.4 Complete the Statement of Financial Position (Balance Sheet) on 28 February 2023.

Notes are not required.