Use the information below to answer the following 10 questions. Gordon and Ramsey are two brothers of the Ramsey family, they are qualified Chefs. The two brothers are in a partnership, trading as Mister Chef, rendering private catering services and a restaurant business. The partners share profits and losses in the ratio of 4:3. The following information was extracted from the accounting records of the partnership: Trial balance of Mister Chef as at 28 February 2023, the end of the financial year: Extract Trial balance of Mister Chef as at 28 February 2023, the end of the financial year: Capital: Gordon 405000 Capital: Ramsey 270000 Current account: Gordon (Dr) 6250 Current account: Ramsey (Cr) 18750 Land and buildings at cost 540000 Inventory 22500 Vehicles at cost 262500 Furniture and fittings at cost 72000 Accumulated depreciation: Vehicles (01 March 2022) 43781.25 Accumulated depreciation: Furniture and fittings (01 March 2022) 14593.75 Revenue: Restaurants 373125 Revenue: Catering 124375 Stationery consumed 38750 Trade receivables control 31250 Trade payables control 16250 Drawings: Gordon 45625 Drawings: Ramsey 36250 Fuel and maintenance 2750 Salaries and wages 212625 Credit losses recovered 1875 Allowance for settlement discount granted 5000 Settlement discount granted 2250 Transportation expenses 4500 Additional information: Extract of the partnership agreement: The partners are entitled to a salary of R6 500 per month each. The partners are each entitled to a bonus of 15% of the total comprehensive income after the allocation of salaries to partners. Year-end adjustment: 1. The partners each received R30 000 as a salary during the year. Gordon and Ramsey further received R7 000 each as travel allowance to use to travel to their clients in and around Gauteng. The salaries and travelling allowances paid were included in the salaries and wages expense amount above. 2. On 1 August 2022, furniture with a cost R5 000 was purchased. The accountant mistakenly recorded the transaction as purchases of stationery in the books of the partnership. The entry is still yet to be rectified. 3. Due to the nature of their business Mister Chef keeps their inventory on hand at a minimal. The opening inventory balance was R12 000, purchases during the year amounted to R205 000. A settlement discount of R9 500 was received on the purchases. 4. On 28 February 2023 Mr Trump a debtor owing Mister Chef R1 200 for a private catering event was declared insolvent, and his account must be written off as irrecoverable. After this incident Mister Chef decided to create an allowance for credit losses amounting to R5 000. 5. The fixed deposit of R150 000 at Espedata Bank was made on 1 March 2022 for a period of 5 years at 9% interest per annum. The interest is receivable at the end of each borrowing year. There were no entries recorded in the books of Mister Chef relating to the fixed deposit. 6. Mister Chef purchased an additional Tayota 4x4 which will be used as transportation for catering equipment and staff. The vehicle was purchased for R450 000 cash on 31 October 2022. 7. On the 31 November 2022 Mister Chef sold an old office furniture for R12 000. The furniture was original purchased for R32 000 on 1 June 2019. 8. Accounting policies relating to the assets of Mister Chefs are as follows: Furniture and fittings are depreciated at 20% per annum on the diminishing method, the residual value is zero. Vehicles are depreciated at 10% per annum on the diminishing method, the residual value is 10% of the vehicle cost. 9. Mister Chef received a R50 000 loan from Gordon on 1 February 2023 at 5% interest per annum. The loan will be repaid in three equal annual installments, starting from 31 January 2023. The interest must be paid to Gordon annually. This transaction has not been recorded in the books of the partnership. All amounts must be rounded off to the nearest Rand. QUESTION 1 Which one of the following alternatives represents the correct amount that must be disclosed as Revenue in the statement of profit or loss and other comprehensive income of Mister Chef for the year ended 28 February 2023? A. R495 250 B. R497 500 C. R370 875 D. R122 125 Clear my choice Question 14 Not yet answered Marked out of 2.00 QUESTION 2 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 Mister Chef for the year ended 28 February 2023? A. R196 750 B. R194 500 C. R185 000 D. R217 000 Clear my choice Question 15 Not yet answered Marked out of 2.00 QUESTION 3 Which one of the following alternatives represents the correct amount that must be disclosed as other income in the statement of profit or loss and other comprehensive income of Mister Chef for the year ended 28 February 2023? A. R13 500 B. R16 000 C. R1 875 D. R15 375 Clear my choice Question 16 Not yet answered Marked out of 2.00 QUESTION 4 Assume a loss on sale of furniture of R1 200. Which one of the following alternatives represents the correct amount that must be disclosed as distribution, administrative and other expenses (Excluding depreciation, Credit losses and Salaries expense) in the statement of profit or loss and other comprehensive income of Mister Chef of Mister Chef for the year ended 28 February 2023? A. R42 200 B. R254 825 C. R48 400 D. R82 200 Clear my choice Question 17 Not yet answered Marked out of 2.00 Flag question Question 5 Which one of the following alternatives represents the correct amount that must be disclosed as Salaries expense in the statement of profit or loss and other comprehensive income of Mister Chef of Mister Chef for the year ended 28 February 2023? A. R198 625 B. R138 625 C. R152 625 D. R212 625 Clear my choice Question 18 Not yet answered Marked out of 2.00 Question 6 Assuming depreciation amount of R15 000 before considering the depreciation for the new asset purchased in the 2023 financial year. Which one of the following alternatives represents the correct total depreciation amount for furniture and fittings in the statement of profit or loss and other comprehensive income of Mister Chef of Mister Chef for the year ended 28 February 2023? A. R16 000 B. R15 583 C. R15 500 D. R15 667 Clear my choice Question 19 Not yet answered Marked out of 2.00 Question 7 Assuming depreciation amount of R25 000 before considering the depreciation for the new assets purchased in the 2023 financial year. Which one of the following alternatives represents the correct total depreciation amount for Vehicles in the statement of profit or loss and other comprehensive income of Mister Chef of Mister Chef for the year ended 28 February 2023? A. R65 500 B. R41 875 C. R38 500 D. R35 125 Clear my choice Question 20 Not yet answered Marked out of 2.00 Question 8 Which one of the following alternatives represents the correct amount that must be disclosed as profit/loss on sale of furniture and fittings in the statement of profit or loss and other comprehensive income of Mister Chef of Mister Chef for the year ended 28 February 2023? A. R2 797 Profit B. R6 263 Profit C. R-2 797 Loss D. R-6 263 Loss Clear my choice Question 21 Not yet answered Marked out of 2.00 Question 9 Which one of the following alternatives represents the correct amount that must be disclosed as credit losses in the statement of profit or loss and other comprehensive income of Mister Chef of Mister Chef for the year ended 28 February 2023? A. R6 200 B. R5 000 C. R3 800 D. R1 200 Clear my choice Question 22 Not yet answered Marked out of 2.00 Question 10 Which one of the following alternatives represents the correct amount that must be disclosed as finance cost in the statement of profit or loss and other comprehensive income of Mister Chef of Mister Chef for the year ended 28 February 2023? A. R 300 B. R 208 C. R2 500 D. R 417