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this needs to be answered in a trade and receivables journal (7 marks) trade and other payables journal (5 marks) a fixed asset journal (17
this needs to be answered in a trade and receivables journal (7 marks) trade and other payables journal (5 marks) a fixed asset journal (17 marks) and a balance sheet (28 marks)
please give full calculations, thank you
Question 4 [57] The following information was taken from the records of Planet Cycles. The financial year ended 28 February 2023. far the shop on 28 February 2023 (amongst others) are: 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 R2390. 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 R145000. 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. 4.2 Trade and other payables. 4.3 Fixed assets. 4.4 Complete the Statement of Financial Position (Balance Sheet) on 28 February 2023. Notes are not required. (28)Step by Step Solution
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