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L QUESTION 3 11 MARKS NARC TRADERS STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDING 31 JULY 2020 2020 R 302 500 (276 000) Sales Cost of sales: Opening inventory Purchases Carriage on purchases Less: Closing inventory Gross profit 69 000 287 500 34 500 (115 000) 26 500 169 575 Other income: Rent received 169 575 196 075 (50 600) Other expenses: Depreciation Water and electricity Stationery Commission paid Salaries and wages 13 800 11 500 5 750 4600 14 950 Profit before interest and finance costs Interest received Interest paid Net Profit for the year 145 475 34 500 (26 450) 153 525 NARC TRADERS STATEMENT OF FINANCIAL POSITION ON 31 JULY 2020 2020 2019 370 000 280 000 ASSETS Non-current assets: Buildings at cost Equipment at carrying amount 160 000 210 000 250 000 30 000 303 000 203 000 Current assets: Inventory Trade debtors Petty cash Cash and cash equivalents 183 000 20 000 158 000 10 000 35 000 100 000 TOTAL ASSETS 673 000 483 000 595 250 278 000 200 500 EQUITY AND LIABILITIES Equity: Opening Balance Capital contribution Net profit for the year Drawings 278 000 196 725 153 525 (33 000) 77 500 77 750 205 000 Current liabilities: Accrued expenses Trade creditors Bank overdraft Short-term bank loan 37 500 40 250 25 000 80 000 45 000 55 000 TOTAL EQUITY AND LIABILITIES 673 000 483 000 Additional information: Buildings were sold during the year and new equipment was purchased on the last day of the financial year. Depreciation is not provided for on buildings. Please use the information above to answer the following question. Question of 2 Pointe 2 Points Please download the attachment to answer the next 6 question. The amount for proceeds on sale of buildings are QUESTION 3 INFO.docx 15 KB A. R310 000 B. R60 000 C.R90 000 D. R250 000 E. None of the answers Reset Selection Question of a 2 Points The amount for equipment purchased: A. R138 000 B. None of the answers C.R 193 800 D. R210 000 E. R30 000 Question Sofa 2 Points The amount for cash flow from financing activities: A. R55 000 B. R33000 C.R 196 725 D. R108 725 E. None of the answers Reset Selection Question 6 of 8 1 Points Cash and cash equivalents has decrease A. True B. False Reset Selection Question 7 of 8 2 Points Closing balance for cash and cash equivalents: A. None of the answers B. R35000 C.R135 000 D. R65 000 E. R100 000 Reset Selection Question of 2 Points The cash received from customers' amount: A. R302 500 B.R10000 C. None of the answers D. R312 500 E. R20 000 Reset Selection