Use the information provided below, for C City for the financial year ended 31 December 20.8, to answer questions 12 and 13: C City runs a business. He wants to apply a double entry system for the very first time and he needs your assistance. After an investigation, you ascertained the following information regarding his small business: On 1 January 20.8 C City had the following assets and liabilities: Land and building ............ Inventory Bank. Trade receivables control Trade payable control. An analysis of his cash journals revealed the following: Receipts 150 000 6 800 9 500 3960 10 200 Payments Received from debtors.................. 146 960 Creditors and suppliers of merchandise. 78 000 Refund from creditors. .......... 450 Debtors cheques dishonoured............. 560 Rent income...... 2 550 Water and electricity..... 1 500 Interest on positive bank balance.... 125 Telephone expenses..... 900 Wages............ 3 500 Drawings.......... 6 700 You also ascertain the following: (a) H Head, a debtor who owed R568 was written off during the year as irrecoverable. (b) Settlement discount granted amounted to R496 and settlement discount received amounted to R1 250. On 31 December 20.8, C City valued inventory at R 5 500, debtors owed him R5 900 and he owed creditors R12 500. The amount for net sales to be disclosed as revenue in the statement of profit or loss and other comprehensive income for the year ended 31 December 20.8? (1) R148 908 (2) R149 404 (3) R148 809 (4) R146 960 (5) R149 635 13. Amount to be disclosed as cost of sales in the statement of profit or loss and other comprehensive income for the year ended 31 December 20.8? (1) R79 300 (2) R78 000 (3) R81 150 (4) R69 900 (5) R78 050