The following Pre-adjustment Trial Balance was taken from the books of Jakarta Traders for the year-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 8 920 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 1 236 000 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
The following Pre-adjustment Trial Balance was taken from the books of Jakarta Traders for the year-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 8 920 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 1 236 000 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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Good day please help me with this question from my textbook
Q.2.2 Prepare the statement of financial position as at 28 February 2021 (27)
Show all workings
Round off to the nearest Rand
Ignore VAT
Notes to the Financial statements are not required
![The following Pre-adjustment Trial Balance was taken from the books of Jakarta Traders for the
year-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
8 920
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
1 236 000
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
Additional information:
According to a physical stock-take the following was on hand on 28 February 2021:
Trading inventory R42 000
Postage and stationery R2 000
Depreciation must be written off on vehicles at 25% per annum according to the
diminishing balance method. No vehicles were purchased or sold during the current
financial year
Salaries and wages for February have not yet been paid, R16 000
Advertising for March has been prepaid R3 600
Rent for March was received in February R4 000
Interest on fixed deposit accrued R1 000
Allowance for credit losses must be increased by 10% of the allowance](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa1dff170-05c0-4524-b2d4-30ebba3f1a28%2F8b8e4350-363c-4ea4-8d8f-fea697bf246a%2Fpx2h07g_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The following Pre-adjustment Trial Balance was taken from the books of Jakarta Traders for the
year-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
8 920
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
1 236 000
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
Additional information:
According to a physical stock-take the following was on hand on 28 February 2021:
Trading inventory R42 000
Postage and stationery R2 000
Depreciation must be written off on vehicles at 25% per annum according to the
diminishing balance method. No vehicles were purchased or sold during the current
financial year
Salaries and wages for February have not yet been paid, R16 000
Advertising for March has been prepaid R3 600
Rent for March was received in February R4 000
Interest on fixed deposit accrued R1 000
Allowance for credit losses must be increased by 10% of the allowance
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