Prepare the following for Warrior Traders for the financial year ended 28 February 20213.1 The statement of profit or loss and other comprehensive income; and3.2 The statement of changes in equity. The trial balance and additional information given below were extracted from the accountingrecords of Warrior Traders as at 28 February 2021, the end of the financial year.Warrior TradersPre-adjusted trial balance on 28 February 2021Debit (R) Credit (R)162 000Capital70 000180 000120 000DrawingsVehicles at costEquipment at costAccumulated depreciation on vehiclesAccumulated depreciation on equipment90 00038 000Trading inventoryDebtors control70 00032 000Provision for bad debts4 000Bank22 000Cash floatCreditors controlMortgage loan: Aries Bank (16% p.a.)2 00040 00080 000Sales485 000240 0005 00084 000Cost of salesSales returnsSalaries and wagesBad debtsConsumable storesRent expenseMotor expenses5 0002 00028 00015 000Bad debts recoveredTelephoneElectricity and waterBank charges2 0007 00011 0003 000Insurance4 0006 000Interest on mortgage loanCommission income5 000906 000906 000 Adjustments and additional information:1. According to physical stocktaking done on 28 February 2021, trading inventory onhand amounted to R68 000.2. Consumable stores used during the financial year amounted to R1 800.3. No entry has been made for a commission of 10% earned bit not received on 500items that were sold for R60 each.4. Received a cheque for R600 from an insolvent debtor, J Marsh, who was only able topay 30% of her debt. The balance of his account must now be written off.5. The provision for bad debts must be decreased to R1 500.6. The telephone account for February 2021 has not yet been paid, R700.7. The rental agreements signed with the lessor were as follows:• R30 000 for the period 01 January 2020 to 31 December 2020R36 000 for the period 01 January 2021 to 31 December 20218. The loan from Aries Bank was obtained on 01 September 2020. Provide for theoutstanding interest.9. The insurance total includes an annual premium of R1 800 that was paid for theperiod 01 June 2020 to 31 May 2021.10. The bank statement for February 2021 reflected bank charges of R180 that have notyet been recorded.11. The electricity and water account was debited with an amount of R1 000 for personalelectricity account of the proprietor, that was paid with a business cheque12. Provide for depreciation as follows:• On equipment at 15% per annum on cost• On vehicles at 25% per annum on the diminishing balance method13. An account received from Heidi Motors to replace two tyres on the delivery vehicle ofthe business R2 000, has not been recorded.Required:Prepare the following for Warrior Traders for the financial year ended 28 February 20213.1 The statement of profit or loss and other comprehensive income; and3.2The statement of changes in equity.

Name: Prepare the following for Warrior Traders for the financial year ended
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Description: Prepare the following for Warrior Traders for the financial year ended 28 February 20213.1 The statement of profit or loss and other comprehensive income; and3.2 The statement of changes in equity. The trial balance and additional information given b

Calculation of adjusted cost of sales: Cost of sales $240,000 Add: Decrease in trading…

Business

Accounting

The trial balance and additional information given below were extracted from the accounting records of Warrior Traders as at 28 February 2021, the end of the financial year. Warrior Traders Pre-adjusted trial balance on 28 February 2021 Debit (R) Credit (R) 162 000 Capital Drawings 70 000 Vehicles at cost 180 000 120 000 Equipment at cost Accumulated depreciation on vehicles Accumulated depreciation on equipment 90 000 38 000 Trading inventory Debtors control 70 000 32 000 Provision for bad debts 4 000 Bank 22 000 Cash float 2 000 Creditors control 40 000 80 000 485 000 Mortgage loan: Aries Bank (16% p.a.) Sales 240 000 5 000 84 000 5 000 2 000 28 000 15 000 Cost of sales Sales returns Salaries and wages Bad debts Consumable stores Rent expense Motor expenses Bad debts recovered Telephone Electricity and water Bank charges 2 000 7 000 11 000 3 000 Insurance 4 000 6 000 Interest on mortgage loan Commission income 5 000 906 000 906 000

The trial balance and additional information given below were extracted from the accounting records of Warrior Traders as at 28 February 2021, the end of the financial year. Warrior Traders Pre-adjusted trial balance on 28 February 2021 Debit (R) Credit (R) 162 000 Capital Drawings 70 000 Vehicles at cost 180 000 120 000 Equipment at cost Accumulated depreciation on vehicles Accumulated depreciation on equipment 90 000 38 000 Trading inventory Debtors control 70 000 32 000 Provision for bad debts 4 000 Bank 22 000 Cash float 2 000 Creditors control 40 000 80 000 485 000 Mortgage loan: Aries Bank (16% p.a.) Sales 240 000 5 000 84 000 5 000 2 000 28 000 15 000 Cost of sales Sales returns Salaries and wages Bad debts Consumable stores Rent expense Motor expenses Bad debts recovered Telephone Electricity and water Bank charges 2 000 7 000 11 000 3 000 Insurance 4 000 6 000 Interest on mortgage loan Commission income 5 000 906 000 906 000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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