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REQUIRED: Use the information below to prepare the Statement of Comprehensive Income of Ayoba Traders for...

REQUIRED: Use the information below to prepare the Statement of Comprehensive Income of Ayoba Traders for the year ended 28 February 2019

INFORMATION: Ayoba Traders Pre-adjustment trial balance as at 28 February 2019

DEBIT CREDIT BALANCE SHEET ACCOUNTS SECTION

Capital 596 000 Drawings 130 500 Equipment 145 000 Depreciation on equipment 33 000 Land and buildings 600 000 Fixed deposit (8 % p.a.) 50 000 Loan (DBS Bank 16 % p.a.) 60 000 Debtors control 51 630 Creditors control 74 800 Bank 18 720 Petty cash 1 500 MODULE ACCOUNTING TOTAL MARKS 20 MARKS NOMINAL ACCOUNTS SECTION Sales 841 600 Opening inventory 105 330 Purchases 408 760 Purchases returns 4 500 Sales returns 6 000 Rent income 80 400 Interest on fixed deposit 2 000 Bank charges 2 700 Water and electricity 18 810 Telephone 5 250 Insurance 5 850 Interest on loan 7 250 Rates and taxes 24 600 Salaries and wages 84 640 Consumable stores 10 960 Advertising 14 800 1 692 300 1 692 300 Adjustments 1. On 28 February 2019 consumable stores amounted to R900 2. Inventory on hand on 28 February 2019 amounted to R91 000. 3. Bad debts of R240 must be written off 4. Insurance includes R500 for the business owner’s personal insurance 5. The tenant has already paid rent for March 2019. The rental was R6 000 and was increased by 10 % from 01 December 2018. 6. Advertising includes a payment of R1 080 for the period 01 November 2018 to 30 April 2019. 7. Depreciation for equipment is calculated at 10 % p.a. on the diminishing balance method. 8. The fixed deposit investment was made on 01 June 2018. Provide for outstanding interest on this investment. The investment will mature on 01 June 2019. 9. The loan with DBS Bank was obtained on 01 February 2018. Provide for outstanding interest on this loan.

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ekkarill92 answered 2 years ago
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