The following is the general ledger balances of Herbie a herb trading business entity as at 31 July 2018: HERBIE EXTRACT FROM THE LIST OF BALANCES AT 31 JULY 2018 100 000 52 000 100 000 46 000 116 000 11 200 200 000 38 974 380 000 192 888 27 000 9 000 77 900 105 100 2 000 260 000 5 584 7 600 8 500 376 000 80 000 67 000 Vehicles at cost (1 August 2017). Accumulated depreciation: Vehicles (1 August 2017 Inventory: Trading (1 August 2018) Stationery (1 August 2017 Fixed deposit. Bank (favourable). Mortgage (ZZC bank). Commission income Packing materials (1 August 2017 Rental income Water and electricity expenses. Deposit water and electricity Bank charges. Interest income Trade receivables Trade payables 1 An annual rental income of R27 000 was received on 1 October 2017 2. On the 31 June 2017 water and electricity of R32 500 was paid for the period up to 30 December 2018 3. On 31 July 2018 stationery on hand amounted to R13 000. 4. On 31 August 2017 Herbie bought a new delivery van for R80 000 cash. 5 Depreciation must still be provided for as follows Vehicles at 20% per annum on the diminishing-balance method. 8. Packing materials on hand at 31 July 2018 amounted to R8 000 7. On the 31 August 2018 an instalment of 5% of mortgage was due. The interest payable on the mortgage is at a rate of 15% per annum and is still due for the current year 8 An inventory count on 31 July 2018 revealed that inventory amounting to R88 000 was on hand. 9. You may assume that the total comprehensive loss for the year, after all the above adjustments have been taken into account, amounted to R31 243. QUESTION 3 (continued) REQUIRED Marks 22h (a) (b) Prepare the statement of financial position of Herbie as at 31 July 2018. Prepare the note for property, plant and equipment of Herbie for the year endec 34 Please note: The statements must comply with the requirements of International Financial Reporting Standards (FRS) appropriate to the business of the entity All calculations must be shown. Notes on accounting policy are not required The following is the general ledger balances of Herbie a herb trading business entity as at 31 July 2018: HERBIE EXTRACT FROM THE LIST OF BALANCES AT 31 JULY 2018 100 000 52 000 100 000 46 000 116 000 11 200 200 000 38 974 380 000 192 888 27 000 9 000 77 900 105 100 2 000 260 000 5 584 7 600 8 500 376 000 80 000 67 000 Vehicles at cost (1 August 2017). Accumulated depreciation: Vehicles (1 August 2017 Inventory: Trading (1 August 2018) Stationery (1 August 2017 Fixed deposit. Bank (favourable). Mortgage (ZZC bank). Commission income Packing materials (1 August 2017 Rental income Water and electricity expenses. Deposit water and electricity Bank charges. Interest income Trade receivables Trade payables 1 An annual rental income of R27 000 was received on 1 October 2017 2. On the 31 June 2017 water and electricity of R32 500 was paid for the period up to 30 December 2018 3. On 31 July 2018 stationery on hand amounted to R13 000. 4. On 31 August 2017 Herbie bought a new delivery van for R80 000 cash. 5 Depreciation must still be provided for as follows Vehicles at 20% per annum on the diminishing-balance method. 8. Packing materials on hand at 31 July 2018 amounted to R8 000 7. On the 31 August 2018 an instalment of 5% of mortgage was due. The interest payable on the mortgage is at a rate of 15% per annum and is still due for the current year 8 An inventory count on 31 July 2018 revealed that inventory amounting to R88 000 was on hand. 9. You may assume that the total comprehensive loss for the year, after all the above adjustments have been taken into account, amounted to R31 243. QUESTION 3 (continued) REQUIRED Marks 22h (a) (b) Prepare the statement of financial position of Herbie as at 31 July 2018. Prepare the note for property, plant and equipment of Herbie for the year endec 34 Please note: The statements must comply with the requirements of International Financial Reporting Standards (FRS) appropriate to the business of the entity All calculations must be shown. Notes on accounting policy are not required