Use the given information below to answer questions 1 4:

The following information relates Windblade Traders, a partnership established on 1 March 2021 by A Wind and B Blade:

1. Balances as at 28 February 2022:

WINDBLADE TRADERS
LIST OF BALANCES AS AT 28 FEBRUARY 2022
Capital: A Wind	R180 000
Capital: B Blade	R96 000
Land and buildings at cost	R450 000
Equipment at cost	R155 000
Accumulated depreciation: Equipment	R15 500
Bank (Dr)	R69 125
Trade receivables control	R75 700
Inventory (1 March 2021)	R6 100
Long-term loan (ACCA Bank)	R360 000
Trade payables control	R29 975
Sales	R635 290
Purchases	R402 620
Drawings: A Wind	R36 000
Drawings: B Blade	R39 000
Settlement discount received	R8 360
Delivery cost on sales	R1 520
Bank charges	R3 780
Depreciation	R15 500
Telephone expenses	R18 600
Water and electricity	R17 520
Salaries and wages	R35 180
Stationery consumed	R1 380
Interest on loan	R14 400

1. Additional information:

2.1 Partnership agreement:

2.1.1 The partners share profit and losses in the ratio of 2:1 respectively.

2.1.2 Interest at 10% per annum is to be allowed on the balances of the capital accounts.

2.1.3 Each partner is entitled to a salary of R3 100 per month. One of the partners is overseas at the moment and he has already taken his salary for March 2022. This transaction has been recorded.

2.2 Year-end adjustments:

2.2.1 On 1 March 2021 on of the partners contributed R6 000 worth of inventory as part of his capital contribution.

2.2.2 At 28 February 2022 the value of inventory on hand amounted to R12 500

2.2.3 The land and buildings consist of an office stand 184 in Centurion Business Park and serves as security for the long-term loan from ACCA Bank. The loan was obtained on 30 April 2021 at 11% interest per annum. The interest is payable half yearly at the end of August and February.

2.2.4 The telephone expense amount includes R1 200 which is private telephone account of A Wind. An account for February 2022 of R1 740 was received late and must still be recorded.

2.2.5 During the year B Blade received R5 000 as a travel allowance to attend a training in Namibia. He used R800 to pay for a Covid-19 test which was required to enter Nambia and R4 000 on meals whilst he was on training.

Question 4.1 Which one of the following alternatives represents the correct amount that must be disclosed as cost of sales in the statement of profit or loss and other comprehensive income of Windblade Traders for the year ended 28 February 2022?

1. R404 480

2. R387 760

3. R400 260

4. R387 860

5. R396 120

Question 4.2 Which one of the following alternatives represents the correct amount that must be disclosed as telephone expense in the statement of profit or loss and other comprehensive income of Windblade Traders for the year ended 28 February 2022?

1. R19 140

2. R18 540

3. R15 060

4. R16 800

5. R17 340

Question 4.3

Which one of the following alternatives represents the correct amount that must be disclosed as finance costs in the statement of profit or loss and other comprehensive income of Windblade Traders for the year ended 28 February 2022?

1. R43 200

2. R33 000

3. R39 600

4. R36 000

5. R14 400

Question 4.4 Which one of the following alternatives represents the correct amount that must be disclosed as total drawings in the statement of changes in equity of Windblade Traders for the year ended 28 February 2022?

1. R73 300

2. R73 400

3. R76 200

4. R81 200

5. R75 000