The owner of Time Traders requested you to calculate the net profit for the year ended 30 June 2020. Mr Minute, the owner, has not been very diligent in keeping records. He has presented you with the following information: - His assets and liabilities at the beginning of the financial year were as follows: - The bank statements show a credit balance of R48 790 as at 30 June 2020. - All the cash received has been deposited. - A stock-take performed on 30 June 2020, showed inventory on hand with a cost price of R230 000. - The debtors balance at year-end is R38 000 and the creditors balance is R16 225 . - Equipment was purchased during the year at a cost price of R5 000. - Depreciation on vehicles for the year amounted to R20 000 and for the equipment R15 000. - The owner took R23 000 in cash for personal use during the year ended 30 June 2020. - R5 000 was repaid on the loan during the year. Question 7 (Marks: 10) Plane CC was registered on 1 August 2015. The founding statement of the Close Corporation (CC) sets out the following: The nature of the business - a spare parts retailer Names of the members and their interests and contributions made on 1 August 2015: The following balances, amongst others, appeared in the CC's books at the end of the current financial year, 31 July 2020: END OF PAPER (C) The Independent Institute of Education (Pty) Ltd 2020 Page 14 of 1