Hi please help with Q2.1 onlyPrepare the statement of profit or loss and other comprehensive income for the year ended 28 February 2021 Question 2The following Pre-adjustment Trial Balance was taken from the books of Jakarta Traders for theyear-ended 28 February 2021FolDEBITCREDITStatement of financial position sectionCapital939 540Drawings16 000Land and buildings1 100 000Vehicles480 000Accumulated depreciation: Vehicles120 000Fixed Deposit: ABC Bank85 700Trading inventory42 740Petty cash2 000Bank8 920Debtors Control27 820Allowance for credit losses2 000Creditors Control12 140Long-term loan: XYZ Bank744 000Nominal accounts sectionSales1236 000Sales returns36 000Cost of sales976 000Rent income52 000Interest on fixed deposit7 840Telephone76 080Interest on long term loan119 040Salaries and wages43 320Advertising18 000Postage and stationery9 500Insurance80 000Credit losses10 2403 122 4403 122 440Additional information:According to a physical stock-take the following was on hand on 28 February 2021:o Trading inventory R42 000Postage and stationery R2 000Depreciation must be written off on vehicles at 25% per annum according to thediminishing balance method. No vehicles were purchased or sold during the currentfinancial yearSalaries and wages for February have not yet been paid, R16 000Advertising for March has been prepaid R3 600Rent for March was received in February R4 000Interest on fixed deposit accrued R1 000Allowance for credit losses must be increased by 10% of the allowanceQ.2.1 Prepare the statement of profit or loss and other comprehensive income for theyear ended 28 February 2021Q.2.2 Prepare the statement of financial position as at 28 February 2021Show all workingsRound off to the nearest RandIgnore VATNotes to the Financial statements are not required Question 2Q.2.1STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME OFJAKARTA TRADERS FOR THE YEAR ENDED 28 FEBRUARY 2021NOTERR

Statement of Comprehensive Income: Net income and other comprehensive income (OCI) is shown in…

Question 2 The following Pre-adjustment Trial Balance was taken from the books of Jakarta Traders for the vear-ended 28 February 2021 Fol DEBIT CREDIT Statement of financial position section Capital 939 540 Drawings 16 000 Land and buildings 1 100 000 Vehicles 480 000 Accumulated depreciation: Vehicles 120 000 Fixed Deposit: ABC Bank 85 700 Trading inventory 42 740 Petty cash 2 000 Bank 8920 Debtors Control 27 820 Allowance for credit losses 2 000 Creditors Control 12 140 Long-term loan: XYZ Bank 744 000 Nominal accounts section Sales 1236 000 Sales returns 36 000 Cost of sales 976 000 Rent income 52 000 Interest on fixed deposit 7 840 Telephone 76 080 Interest on long term loan 119 040 Salaries and wages 43 320 Advertising 18 000 Postage and stationery 9 500 Insurance 80 000 Credit losses 10 240 3 122 440 3 122 440

Question 2 The following Pre-adjustment Trial Balance was taken from the books of Jakarta Traders for the vear-ended 28 February 2021 Fol DEBIT CREDIT Statement of financial position section Capital 939 540 Drawings 16 000 Land and buildings 1 100 000 Vehicles 480 000 Accumulated depreciation: Vehicles 120 000 Fixed Deposit: ABC Bank 85 700 Trading inventory 42 740 Petty cash 2 000 Bank 8920 Debtors Control 27 820 Allowance for credit losses 2 000 Creditors Control 12 140 Long-term loan: XYZ Bank 744 000 Nominal accounts section Sales 1236 000 Sales returns 36 000 Cost of sales 976 000 Rent income 52 000 Interest on fixed deposit 7 840 Telephone 76 080 Interest on long term loan 119 040 Salaries and wages 43 320 Advertising 18 000 Postage and stationery 9 500 Insurance 80 000 Credit losses 10 240 3 122 440 3 122 440

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

Chapter12: Intangibles

Section: Chapter Questions

Problem 10MC

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