$1\mathrm{.}3$

REQUIRED

Prepare the Statement of Changes In Equity for the year ended $28$ February $2025.$

$(4$ marks$)$

INFORMATION

The following information was extracted from the accounting records of Magna Traders on $28$ February $2025,$ the end of the financial year:

$\backslash$table$[[,$R$],[$Capital balance $01$ March $2024,700000],[$Total income for the year,$1000000],[$Drawings$,200000],[$Total expenses for the year,$600000],[$Additional capital contributed on $01$ May $2024,300000]]$

$1\mathrm{.}4$

REQUIRED

Prepare the journal entry to record the adjustment as at $28$ February $2025.$

$(4$ marks$)$

INFORMATION

The pre$-$adjustment trial balance of MJ Stores as at $28$ February $2025,$ the end of the financial year, reflected a total of R$18000$ for insurance expense. This total included an annual premium of R$3000$ that was paid for the period $01$ June $2024$ to $31$ May $2025.$