The information below was taken from the ledger of Good Products on 30 June 2020. Adjustments for year end have not yet been made. Preadjustment Trial Balance on 30 June 2020

Adjustments which have not yet been taken into account: 1. The telephone account for June 2020 amounting to R1 610, was only received on 5 July 2020. 2. The Bank Statement received on 3 July 2020 showed the following charges for June: Service Fees R285 Cash Handling Fees R382 Credit card charges R158 Interest on debit balance R125 3. The rent expense includes the expense for July 2020. There was no increase in rent during the year. 4. Advertising includes R1 200 for the placement of Julys advertising. 5. An employee has not been paid her June salary of R8 000. 6. Commission still outstanding for June 2020: R2 450. 7. Depreciation must be provided for: Equipment: R12 000 Vehicles: R35 000 8. According to a physical count: Trading inventory on hand was R86 400. Stationery with a cost of R500 was unused.

Required:

Prepare the statement of profit or loss and other comprehensive income for the year ended 30 June 2020.

Prepare the trade and other receivable note for the year ended 30 June 2020.

Details Debit Credit Statement of Financial Position Section Capital 142 300 50 000 80 000 23 000 175 000 85 000 Drawings Equipment Accumulated Depreciation: Equipment Vehicles Accumulated Depreciation: Vehicles Trading Inventory Debtors Control Allowance for Credit Losses Bank Creditors Control Nominal Accounts Section 86 700 47 149 2 500 43 600 35 150 Sales 952 200 22 530 619 980 15 200 8 760 16 950 4250 65 000 Sales Returns Cost of Sales Advertising Bank Charges Commission Income Interest on Overdraft Rent Expense Salaries Stationery Telephone Rent Income Water and Electricity Repairs and Maintenance Credit Losses 88 000 7540 28 091 50 400 20 000 22 500 3 000 Sundry expenses 7 400 1 351 100 1 351 100 Statement of Profit or Loss and Other Comprehensive Income for the year ended 30 June 2020 R R Revenue Less: Cost of Sales Gross Profit Add: Other Income Gross Income Less: Distribution, Administrative and other expenses Profit before Finance Costs Less: Interest Expense Net Profit/Total comprehensive income Trade and other receivables