Activity:$5($Final Accounts$)$

Question $4[30$ Marks$]$

The following list of balances was obtained from the books of R$.$ Ramapela at $31$ December $2016.$

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R

Capital: Ramapela

$143100$

Land and buildings

$120000$

Vehicles

$200000$

Inventory $(31$ December $2016)$

$50000$

Bank

$20000$

Petty Cash

$100$

Accounts payable

$30000$

Accounts receivable

$40000$

Accumulated depreciation: Vehicles

$80000$

Sales

$450000$

Cost of sales

$150000$

Interest received

$5000$

Settlement discount received

$500$

Credit losses

$4500$

Salaries and wages

$90000$

Rates and taxes

$2000$

Rent paid

$8000$

Interest paid

$1500$

Stationery

$2500$

Depreciation: Vehicles

$20000$

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Additional information.

Prepaid rent, R$1200.$

Salaries of R$30000$ are still owed to employees.

The allowance for credit losses of R$3000$ must be created.

Interest received in advance, R$500.$

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Required:

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Question $4\mathrm{.}1$

Prepare a statement of profit or loss and other comprehensive income for the year ending $31$ December $2016.(16)$

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Question $4\mathrm{.}2$

Prepare a statement of financial position as at $31$ December $2016.(14)$