Hi please help with Q2: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 Q.2STATEMENT OF FINANCIAL POSITION OF JAKARTA TRADERS AS AT28 FEBRUARY 2021NOTER 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 sectionSales1 236 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: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 allowance

The statement of financial position is balance sheet prepared on the basis of adjusted Trial…

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

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

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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Question

Hi please help with Q2: Prepare the statement of financial position as at 28 February 2021 Show all workings Round off to the nearest Rand Ignore VAT Notes to the Financial statements are not required

Q.2
STATEMENT OF FINANCIAL POSITION OF JAKARTA TRADERS AS AT
28 FEBRUARY 2021
NOTE
R

Question 2
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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