Number 2

can you please help me with this question for 20 Marks

Additional Information: Depreciation should be accounted for as follows: Vehicles (5 % on reducing balance method) Equipment (5 % on straight-line method) 2. Rent has been received until the 31 October 2022 3. Debtor A Sims is insolvent; his debt of R 8000 must be written off as irrecoverable 5. Salary of R13000 has been paid in advance. Commission to the value of R 12000 has been earned on 30 September 2022 but not yet received. 6. Inventory on 30 September 2022 amounts to the following: Trading stock R 3500 Packing material R 350 7. Delivery fees of R 500 on purchases have not yet been paid REQUIRED Prepare the statement of profit and loss and other comprehensive income for Polo Trading for the year ended 30 September 2022 detailed below. Write the figures without spacing for example R 250 000 is written as 250000. Where applicable round off to the nearest whole number. Statement of profit and loss for Polo Trading for the year ended 30 September 2022

Write the figures without spacing for example R 250 000 is written as 250000. Where applicable round off to the nearest whole number.

Statement of profit and loss for Polo Trading for the year ended 30 September 2022

Sales

Cost of sales

Opening stock Plus Purchases Less Purchase returns Plus Carriage on purchases Less closing stock

Gross Profit

Other Income

Commissions received Rent Received

Less Operating expenses

Salaries Electricity and water Insurance Packaging material Credit losses Carriage on sales Depreciation

Profit interest and tax

interest expense

profit before tax