2019 Bafnx 4A & Bafex 4A Class exercise - financial statements 1 PDF

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The following information relates to the trial balance of Speedy Dealers on 31 December 20x1.

Debit R Capital Cash at bank Buildings Vehicles Furniture Salaries Electricity and water Sales Carriage on sales Purchases Carriage on purchases Sales returns and allowances Purchases returns and allowances Commission received Rent received Insurance Packing material Drawings Credit losses Opening inventory Debtors Creditors Accumulated depreciation: Vehicles Accumulate depreciation: Furniture

Credit R 500 000

11 900 360 000 240 000 30 000 77 000 6 600 507 230 1 340 341 000 800 1 230 1 100 960 5 720 5 500 1 600 8 800 460 8 000 80 280

1 174 510

101 500 52 000 6 000 1 174 510

ADDITIONAL INFORMATION 1. Inventory on 31 December 20x1: Trading stock R13 000 Packing material R350 2. Debtor P. Jabu is insolvent; his debt of R240 has to be written off as irrecoverable. 3. An employee is on leave and his January salary of R3 000 has been paid to him in advance. 4. Delivery fees of R100 on purchases have not yet been paid. 5. An insurance premium of R500 per month has been paid until the end of November 20x1. 6. Rent has been received until the end of January 20x2. 7. Commission to the value of R1 760 was earned on 28 December 20x1. This amount is still outstanding. 8. Provision must be allowed for depreciation as follows: Vehicles R31 500 Furniture

R2 500

Required Draft a statement of profit or loss and other comprehensive income, and a statement of financial position for Speedy Dealers....