It is not complete , please look at page numbers. It is complete. Please do 4.2.2. Please show working out. Thank you. nformation:2 of 2--ors owing R2 500 must be written off as irrecoverable.2.An allowance for credit losses must be created, R3 100.O The Independent Institute of Education (Pty) Ltd 2019Page 9 of 131920193.An amount of R4 500 for an insurance premium has already been paid for August 2019.4.Glassware Traders has rented out a storeroom since 1 August 2018 and receives a rental ofR2 000 per month.5.Interest on Loan is calculated at 12% per annum. The loan was negotiated and received on30 September 2018. No capital and interest payments have been made to date. A capitalrepayment of R50 000 is due to be paid on 1 October 2019.6.According to a physical stock-take, the following was on hand on 31 July 2019:Trading Inventory R156 000;Stationary R14 500.7.An amount of R5 000 for an advertisement that was published on 25 July 2019 has not yetbeen paid.8.Joe Slow, a debtor previously written off as a bad debt, paid R500 to honour his debt.Required:Q.4.1Prepare the Statement of profit or loss and other comprehensive income ofGlassware Traders for the year ended 31 July 2019.Q.4.2Prepare the following notes to the financial statements for the year ended 31 July2019:Q.4.2.1InventoriesQ.4.2.2Trade and other ReceivablesQ.4.2.3Trade and other Payables Question 4The following information was taken from the books of Glassware Traders, a sole trader ownedand run by Light Dlamini, at the end of the financial year:Pre-adjustment trial balance of Glassware Traders as at 31 July 2019Statement of financial position sectionCapital300 000Drawings105 000Debtors Control62 000Creditors Control93 000Inventory160 000Land and Buildings400 000Loan: ABBA Bank200 000Bank45 000Nominal accounts sectionSales1 340 000Cost of Sales640 000Salaries and Wages360 000Telephone140 000Advertising65 000Stationery25 000Insurance45 000Rent Income26 000Credit Losses2 0002 004 0002 004 000Ignore VAT.Additional information:1.Debtors owing R2 500 must be written off as irrecoverable.2.An allowance for credit losses must be created, R3 100.O The Independent Institute of Education (Pty) Ltd 2019Page 9 of 13

In the notes to financial statements related to trades and other receivables, the balance of trade…

Answered: Q.4.2 Prepare the following notes to…

Q.4.2 Prepare the following notes to the financial statements for the year ended 31 July 2019: Q.4.2.1 Inventories Q.4.2.2 Trade and other Receivables Q.4.2.3 Trade and other Payables

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter21: The Statement Of Cash Flows

Section: Chapter Questions

Problem 8P: Spreadsheet from Trial Balance Heinz Companys post closing trial balance as of December 31, 2018,...

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