Prepare the Statement of Comprehensive Income of Dundee Traders for the year ended 28 February 2023....

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Prepare the Statement of Comprehensive Income of Dundee Traders for the year ended 28 February 2023. INFORMATION The pre-adjustment trial balance and additional information given below were extracted from the accounting records of Dundee Traders on 28 February 2023, the end of the financial year. DUNDEE TRADERS PRE-ADJUSTMENT TRIAL BALANCE AS AT 28 FEBRUARY 2023 Balance sheet accounts section Capital Drawings Vehicles at cost Equipment at cost Accumulated depreciation on vehicles Accumulated depreciation on equipment Trading Trading inventory Debtors control Drovin Provision for bad debts Bank Cash float Creditors control Loan: Leo Bank (15% p.a.) Nominal accounts section. Sales Cost of sales Sales returns Salaries and wages Bad debts Cons Consumable stores Loone Rent expense Ma Motor expenses D Bad debts recovered Tal Telephone Electricity and water Bank charges Insurance Interest on mortgage loan Commission income 1. 2. 3. 4677 A 5. 6. 7. 8. Debit (R) 9. 325 000 1 000 000 600 000 10. 11. 320 000 165 000 70 000 10 000 1 100 000 50 000 450 000 20 000 10 000 195 000 65.000 65 000 00000 40 000 50 000 15 000 20 000 25 000 4 530 000 Credit (R) 750 000 Adjustments and additional information According to physical stocktaking undertaken on 28 February 2023, trading inventory on hand amounted to R300 000. 455 000 195 000 5 000 200 000 400 000 2 500 000 4. Received and recorded an amount of R3 000 from an insolvent debtor, K. Mariah, who owed R5 000. The balance of her account must now be written off. The provision for bad debts must be increased by R3 250. The telephone account for February 2023 was due to be paid on 03 March 2023, R4 000. 5 000 20 000 4 530 000 Consumable stores used during the financial year amounted to R9 500. No entry has been made for a commission of 10% earned but not received on items that were sold for R125 000. Rent has been paid for the period 01 March 2022 to 31 March 2023. Make the necessary adjustment. The loan from Leo Bank was obtained on 01 September 2022. Provide for the outstanding interest. (Interest is not capitalised.) The insurance total includes an annual premium of R7 500 that was paid for the period 01 July 2022 to 30 June 2023. The bank statement for February 2023 reflected bank charges of R1 000 that was not recorded. The electricity and water account was erroneously debited with an amount of R10 000 for the personal electricity account of the proprietor that was paid with the funds of the business. 12. Provide for depreciation as follows: 12.1 On equipment at 10% per annum on cost. 12.2 On vehicles at 20% per annum on the diminishing balance. 13. An account received from Honda Motors to repair the delivery vehicle of the business has not been recorded, R15 000. Prepare the Statement of Comprehensive Income of Dundee Traders for the year ended 28 February 2023. INFORMATION The pre-adjustment trial balance and additional information given below were extracted from the accounting records of Dundee Traders on 28 February 2023, the end of the financial year. DUNDEE TRADERS PRE-ADJUSTMENT TRIAL BALANCE AS AT 28 FEBRUARY 2023 Balance sheet accounts section Capital Drawings Vehicles at cost Equipment at cost Accumulated depreciation on vehicles Accumulated depreciation on equipment Trading Trading inventory Debtors control Drovin Provision for bad debts Bank Cash float Creditors control Loan: Leo Bank (15% p.a.) Nominal accounts section. Sales Cost of sales Sales returns Salaries and wages Bad debts Cons Consumable stores Loone Rent expense Ma Motor expenses D Bad debts recovered Tal Telephone Electricity and water Bank charges Insurance Interest on mortgage loan Commission income 1. 2. 3. 4677 A 5. 6. 7. 8. Debit (R) 9. 325 000 1 000 000 600 000 10. 11. 320 000 165 000 70 000 10 000 1 100 000 50 000 450 000 20 000 10 000 195 000 65.000 65 000 00000 40 000 50 000 15 000 20 000 25 000 4 530 000 Credit (R) 750 000 Adjustments and additional information According to physical stocktaking undertaken on 28 February 2023, trading inventory on hand amounted to R300 000. 455 000 195 000 5 000 200 000 400 000 2 500 000 4. Received and recorded an amount of R3 000 from an insolvent debtor, K. Mariah, who owed R5 000. The balance of her account must now be written off. The provision for bad debts must be increased by R3 250. The telephone account for February 2023 was due to be paid on 03 March 2023, R4 000. 5 000 20 000 4 530 000 Consumable stores used during the financial year amounted to R9 500. No entry has been made for a commission of 10% earned but not received on items that were sold for R125 000. Rent has been paid for the period 01 March 2022 to 31 March 2023. Make the necessary adjustment. The loan from Leo Bank was obtained on 01 September 2022. Provide for the outstanding interest. (Interest is not capitalised.) The insurance total includes an annual premium of R7 500 that was paid for the period 01 July 2022 to 30 June 2023. The bank statement for February 2023 reflected bank charges of R1 000 that was not recorded. The electricity and water account was erroneously debited with an amount of R10 000 for the personal electricity account of the proprietor that was paid with the funds of the business. 12. Provide for depreciation as follows: 12.1 On equipment at 10% per annum on cost. 12.2 On vehicles at 20% per annum on the diminishing balance. 13. An account received from Honda Motors to repair the delivery vehicle of the business has not been recorded, R15 000.

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DUNDEE TRADERS STATEMENT OF COMPREHENSIVE INCOME For the Year Ended 28 February 2023 Sales R25... View the full answer