The following trial balance of Princess Sekome, a general dealer, trading as Sekome Traders, was prepared by the firm's bookkeeper on 31 December 2020, the financial year-end. Sekome Traders consistently marks up goods by 50% on cost. SEKOME TRADERS TRIAL BALANCE AT 31 DECEMBER 2020 Capital: Princess Sekome (01 January 2020) Drawings Land, at cost 11% Mortgage loan: SHAI BANK Motor vehicles, at carrying amount Inventory (01 January 2020) Office supplies Accounts receivable Accounts payable Bank Sales Purchases Sales returns Transport costs Rent revenue DR CR R R 234 050 58 000 270 000 120 000 157 000 64 050 2 640 19 200 91 650 34 840 383 200 134 520 2080 2 200 24 000 Interest expense Insurance expense Salaries and wages expense 11.550 4 800 161 700 R887 740 R887 740 The following additional information must be taken into consideration: 1. The business insurance policy is paid annually on 31 July of each year. The payment was made and correctly recorded on 31 July 2020. 2. 3. 4. 5. Office space has been let to a tenant since 1 January 2019 at a monthly rental of R2 500. Rent was increased by 15% on 1 October 2020. Rent payments received from the tenant are often irregular, due to the impact of lockdown restrictions on the business finances. The mortgage loan had been obtained on 1 July 2019 and is repayable on 1 July of each year in five equal instalments. The first repayment was made and correctly recorded on 1 July 2020. Interest is payable quarterly in arrears on 1 July, 1 October, 1 January and 1 April. An old delivery vehicle was purchased on 1 January 2019. A second delivery vehicle was purchased on credit on 31 October 2020 at a cost of R92 000. This purchase was correctly recorded by the bookkeeper. Depreciation on vehicles is recorded 20% on carrying amount. The owner, Princess Sekome, had taken inventory with a selling price of R3 000 for her personal use during December 2020. This transaction had been recorded as follows: Dr Capital Cr Sales 3 000 3000