The pre-adjustment trial balance of Wing-It (Pty) Ltd as at 31 August 2022 is presented: Debit...

   

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The pre-adjustment trial balance of Wing-It (Pty) Ltd as at 31 August 2022 is presented: Debit Credit Account Professional fees Goods sold Cost of sales Interest received Interest on loan Bank charges Cleaning Staff welfare Salaries and wages Municipal services Printing and stationery Telephone Fuel and oil Repairs and maintenance: Building Repairs and maintenance: Vehicles Capital: Blue Capital: Green Drawings: Blue Drawings: Green Current account: Blue Current account Green Retained income Land Buildings Accumulated depreciation on buildings Vehicles Accumulated depreciation on vehicles Equipment and electronics Accumulated depreciation on equipment and electronics 8% Long-term loan Bank: FNB Bank: ABSA Debtors control account Allowance for credit losses Creditors control account Petty cash Inventory: Stationery Inventory: Materials 215 000 6 300 3 200 1 500 650 35 850 6 850 16 715 18 600 56 000 5 200 6 850 35 000 27 000 2 500 500 000 1 500 000 380 000 79 500 168 000 85 000 2 685 3.500 14 500 3 170 400 765 000 435 000 19 500 520 000 630 000 6 400 265 000 21 000 65 000 1 500 325 000 32 000 6 400 78 600 3 170 400 Additional Information 1. Professional services to the value of R5 000 has been rendered by Mr. Blue to a trusted client Mrs Navy, but as the accountant is on sick leave an invoice is yet to be submitted to Mrs. Navy. 2. Defective goods to the value of R2 500 was returned by Mr Spring on 31 August 2022. Mr Spring opted to have the refund processed on his account. The goods had an original cost of R1 800. 3. An order to repair the roof of the building, to the value of R7 000 was issued on 31 August 2022. Commencement of the maintenance is planned for 1 October 2022. 4. Mrs Jump's estate was finalised by her lawyer. The final distribution account offers a final settlement of 15c in the rand on her outstanding account of R9 000. The payment was received on 31 August 2022 in cash. 5. The company purchases fuel on account for the company vehicle. The invoice from Petroleum SA has not been received yet. The slips supporting the fuel purchases in August 2022 amounts to R3 500. 6. The advance to Mr Green of R 15 000 was debited to the salaries and wages account. 7. The partnership agreement states that partners earn 7% interest on their capital accounts and 9,5% on their current accounts. Mr Green contributed R130 000 capital on 31 August 2022, which was already recorded. 8. The company policy requires a reported balance on the allowance for credit losses at 10% of outstanding debtors. 9. The stock count performed on 31 August 2022 reported stationery of R2 800 on hand. During this stock take, the supervisor discovered a rodent issue in the materials store. The material loss was calculated at R1 600. Opening materials on 1 September 2021 amounted to R22 400 10. Land is not depreciated 11. Buildings are depreciated at 2% per year on the straight-line basis. 12. Vehicles are depreciated at 25% on the reduced balance method. The residual value of the vehicles was set at R50 000. 13. Equipment is depreciated at 12% on the straight-line basis. Equipment of R15 000 was sold on 1 March 2022. On 1 September 2021 this equipment had accumulated depreciation of R8 400. The equipment was replaced with updated technology to the value of R25 000 on 1 April 2022. The transactions on the sale and purchase were recorded. Depreciation has not been accounted for Prepare the Statement of Comprehensive Income for the period ended 31 August 2022 of Wing-It (Pty) Ltd. The tax rate on private companies set by the South African Revenue Services is 28%. [25] Disclose the property, plant and equipment note in the financial statements of Wing-It (Pty) Ltd for the financial year ended 31 August 2022. The pre-adjustment trial balance of Wing-It (Pty) Ltd as at 31 August 2022 is presented: Debit Credit Account Professional fees Goods sold Cost of sales Interest received Interest on loan Bank charges Cleaning Staff welfare Salaries and wages Municipal services Printing and stationery Telephone Fuel and oil Repairs and maintenance: Building Repairs and maintenance: Vehicles Capital: Blue Capital: Green Drawings: Blue Drawings: Green Current account: Blue Current account Green Retained income Land Buildings Accumulated depreciation on buildings Vehicles Accumulated depreciation on vehicles Equipment and electronics Accumulated depreciation on equipment and electronics 8% Long-term loan Bank: FNB Bank: ABSA Debtors control account Allowance for credit losses Creditors control account Petty cash Inventory: Stationery Inventory: Materials 215 000 6 300 3 200 1 500 650 35 850 6 850 16 715 18 600 56 000 5 200 6 850 35 000 27 000 2 500 500 000 1 500 000 380 000 79 500 168 000 85 000 2 685 3.500 14 500 3 170 400 765 000 435 000 19 500 520 000 630 000 6 400 265 000 21 000 65 000 1 500 325 000 32 000 6 400 78 600 3 170 400 Additional Information 1. Professional services to the value of R5 000 has been rendered by Mr. Blue to a trusted client Mrs Navy, but as the accountant is on sick leave an invoice is yet to be submitted to Mrs. Navy. 2. Defective goods to the value of R2 500 was returned by Mr Spring on 31 August 2022. Mr Spring opted to have the refund processed on his account. The goods had an original cost of R1 800. 3. An order to repair the roof of the building, to the value of R7 000 was issued on 31 August 2022. Commencement of the maintenance is planned for 1 October 2022. 4. Mrs Jump's estate was finalised by her lawyer. The final distribution account offers a final settlement of 15c in the rand on her outstanding account of R9 000. The payment was received on 31 August 2022 in cash. 5. The company purchases fuel on account for the company vehicle. The invoice from Petroleum SA has not been received yet. The slips supporting the fuel purchases in August 2022 amounts to R3 500. 6. The advance to Mr Green of R 15 000 was debited to the salaries and wages account. 7. The partnership agreement states that partners earn 7% interest on their capital accounts and 9,5% on their current accounts. Mr Green contributed R130 000 capital on 31 August 2022, which was already recorded. 8. The company policy requires a reported balance on the allowance for credit losses at 10% of outstanding debtors. 9. The stock count performed on 31 August 2022 reported stationery of R2 800 on hand. During this stock take, the supervisor discovered a rodent issue in the materials store. The material loss was calculated at R1 600. Opening materials on 1 September 2021 amounted to R22 400 10. Land is not depreciated 11. Buildings are depreciated at 2% per year on the straight-line basis. 12. Vehicles are depreciated at 25% on the reduced balance method. The residual value of the vehicles was set at R50 000. 13. Equipment is depreciated at 12% on the straight-line basis. Equipment of R15 000 was sold on 1 March 2022. On 1 September 2021 this equipment had accumulated depreciation of R8 400. The equipment was replaced with updated technology to the value of R25 000 on 1 April 2022. The transactions on the sale and purchase were recorded. Depreciation has not been accounted for Prepare the Statement of Comprehensive Income for the period ended 31 August 2022 of Wing-It (Pty) Ltd. The tax rate on private companies set by the South African Revenue Services is 28%. [25] Disclose the property, plant and equipment note in the financial statements of Wing-It (Pty) Ltd for the financial year ended 31 August 2022.