Use the information given below to complete the following financial statements: 1.1 Statement of Comprehensive Income for the year ended 29 February 2024. 1.2 Statement of Financial Position as at 29 February 2024. (Show the workings in brackets next to the relevant details.) Note: Some of the amounts have already been entered in the answer book. INFORMATION The following trial balance, adjustments and additional information were extracted from the records of Aerostat Traders for the financial year ended 29 February 2024: AEROSTAT TRADERS PRE-ADJUSTMENT TRIAL BALANCE AS AT 29 FEBRUARY 2024 Debit (R) Credit (R) Balance sheet accounts section Capital Land and buildings 2 449 000 1 064 000 Vehicles at cost 2 850 000 Equipment at cost 1 650 000 Accumulated depreciation on vehicles Accumulated depreciation on equipment 1 380 000 540 000 Debtors control/Accounts receivable 480 000 Provision for bad debts/Allowance for credit losses 26 000 Bank 358 000 Creditors control/Accounts payable 615 000 Mortgage loan: Med Bank (16% p.a.) 1 050 000 Nominal accounts section Sales 7 425 000 Sales returns Opening stock Purchases Salaries and wages Bad debts Stationery Rent expense Motor expenses Bad debts recovered Telephone Electricity and water Bank charges Insurance Interest on mortgage loan Commission income 45 000 750 000 3.900 000 1 290 000 15 000 23 000 345 000 267 000 13 000 93 000 186 000 37 000 81 000 154 000 13 588 000 90 000 13 588 000
Use the information given below to complete the following financial statements: 1.1 Statement of Comprehensive Income for the year ended 29 February 2024. 1.2 Statement of Financial Position as at 29 February 2024. (Show the workings in brackets next to the relevant details.) Note: Some of the amounts have already been entered in the answer book. INFORMATION The following trial balance, adjustments and additional information were extracted from the records of Aerostat Traders for the financial year ended 29 February 2024: AEROSTAT TRADERS PRE-ADJUSTMENT TRIAL BALANCE AS AT 29 FEBRUARY 2024 Debit (R) Credit (R) Balance sheet accounts section Capital Land and buildings 2 449 000 1 064 000 Vehicles at cost 2 850 000 Equipment at cost 1 650 000 Accumulated depreciation on vehicles Accumulated depreciation on equipment 1 380 000 540 000 Debtors control/Accounts receivable 480 000 Provision for bad debts/Allowance for credit losses 26 000 Bank 358 000 Creditors control/Accounts payable 615 000 Mortgage loan: Med Bank (16% p.a.) 1 050 000 Nominal accounts section Sales 7 425 000 Sales returns Opening stock Purchases Salaries and wages Bad debts Stationery Rent expense Motor expenses Bad debts recovered Telephone Electricity and water Bank charges Insurance Interest on mortgage loan Commission income 45 000 750 000 3.900 000 1 290 000 15 000 23 000 345 000 267 000 13 000 93 000 186 000 37 000 81 000 154 000 13 588 000 90 000 13 588 000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Transcribed Image Text:Use the information given below to complete the following financial statements:
1.1
Statement of Comprehensive Income for the year ended 29 February 2024.
1.2
Statement of Financial Position as at 29 February 2024. (Show the workings in
brackets next to the relevant details.)
Note: Some of the amounts have already been entered in the answer book.
INFORMATION
The following trial balance, adjustments and additional information were extracted from the records of Aerostat
Traders for the financial year ended 29 February 2024:
AEROSTAT TRADERS
PRE-ADJUSTMENT TRIAL BALANCE AS AT 29 FEBRUARY 2024
Debit (R)
Credit (R)
Balance sheet accounts section
Capital
Land and buildings
2 449 000
1 064 000
Vehicles at cost
2 850 000
Equipment at cost
1 650 000
Accumulated depreciation on vehicles
Accumulated depreciation on equipment
1 380 000
540 000
Debtors control/Accounts receivable
480 000
Provision for bad debts/Allowance for credit losses
26 000
Bank
358 000
Creditors control/Accounts payable
615 000
Mortgage loan: Med Bank (16% p.a.)
1 050 000
Nominal accounts section
Sales
7 425 000
Sales returns
Opening stock
Purchases
Salaries and wages
Bad debts
Stationery
Rent expense
Motor expenses
Bad debts recovered
Telephone
Electricity and water
Bank charges
Insurance
Interest on mortgage loan
Commission income
45 000
750 000
3.900 000
1 290 000
15 000
23 000
345 000
267 000
13 000
93 000
186 000
37 000
81 000
154 000
13 588 000
90 000
13 588 000
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