The following information appeared in the financial records of Lavender Traders as at 30 April 2021:...

 

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The following information appeared in the financial records of Lavender Traders as at 30 April 2021: Pre-adjustment trial balance as at 30 April 2021 Statement of financial position section Land and buildings Motor vehicles Furniture and fittings Accumulated depreciation: Motor vehicles Accumulated depreciation: Furniture and fittings Inventory (1 May 2020) Debtors control Provision for credit losses Bank Capital Drawings Creditors control 1. 2. 3. 4, 8. 5. 6. 7. DEBIT 1 238 560 175 400 47 600 42 544 351 435 52 977 235 300 CREDIT Additional information: According to the stocktaking records, the trading inventory on hand amounts to R56 211 on 30 April 2021. An account for stationery was received late and has not been paid yet, R3 450. 21 925 5700 2 000 1 475 024 61 229 The owner prepaid R4 400 on the telephone as he will be out of town for 2 months. At year end, notification was received that a debtor who owes Lavender Traders R735 was declared insolvent and his debt should be written off. Adjust the allowance for credit losses to 1% of outstanding debtors. Rent to be received from the tenant is R7 500 per month. The tenant has paid the rent for May 2021 in April 2021. Depreciation must be provided for at 25% on the cost of motor vehicles and 15% on furniture and fittings, using the diminishing-balance method. The profit for the year AFTER the above adjustments is R532 678. Required: Prepare the statement of financial position of Lavender Traders as at 30 April 2021. SHOW ALL YOUR CALCULATIONS. The following information appeared in the financial records of Lavender Traders as at 30 April 2021: Pre-adjustment trial balance as at 30 April 2021 Statement of financial position section Land and buildings Motor vehicles Furniture and fittings Accumulated depreciation: Motor vehicles Accumulated depreciation: Furniture and fittings Inventory (1 May 2020) Debtors control Provision for credit losses Bank Capital Drawings Creditors control 1. 2. 3. 4, 8. 5. 6. 7. DEBIT 1 238 560 175 400 47 600 42 544 351 435 52 977 235 300 CREDIT Additional information: According to the stocktaking records, the trading inventory on hand amounts to R56 211 on 30 April 2021. An account for stationery was received late and has not been paid yet, R3 450. 21 925 5700 2 000 1 475 024 61 229 The owner prepaid R4 400 on the telephone as he will be out of town for 2 months. At year end, notification was received that a debtor who owes Lavender Traders R735 was declared insolvent and his debt should be written off. Adjust the allowance for credit losses to 1% of outstanding debtors. Rent to be received from the tenant is R7 500 per month. The tenant has paid the rent for May 2021 in April 2021. Depreciation must be provided for at 25% on the cost of motor vehicles and 15% on furniture and fittings, using the diminishing-balance method. The profit for the year AFTER the above adjustments is R532 678. Required: Prepare the statement of financial position of Lavender Traders as at 30 April 2021. SHOW ALL YOUR CALCULATIONS.

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