On 1 January 2017 V Sharp commenced his second year of trading Sharp's Clothing Wholesalers s applies a consistent mark-up on the cost price of goods to calculate selling price. The business has the following assets and liabilities at 1 January 2017 Capital Accounts payable Rex Textles Land and buildings Inventory Accounts receivable: Buzz Bazaars Cash at bank Transactions for the year were: B 74 100 5 000 56 000 3400 1.000 18 700 Purchased clothing with a catalogue price of R25 500 on credit from Rex Textiles subject to a trade discount of 20%. Sold clothing on credit to Cleo's Clothing for R14 000 1. 2 3 Paid Rex Textiles R5 000. 4 Paid transport costs on goods purchased R400 5. Sold clothing on credit to Delightful Drapers for R8 000 6 7. 8. 9. 10 11. 12. Paid transport costs on goods delivered to Delightful Drapers R150. Paid amount due to Rex Textiles less 2% settlement discount. Received R800 from the liquidators of Buzz Bazaars, the balance of the debt being irrecoverable. Received R13 300 from Cleo's Clothing in full settlement of their account Cash sales for the year, banked R10 800. Paid electricity, wages and telephone R5.750. V. Sharp withdrew R12 000 from the bank for his personal use. A stock count on 31 December 2017 disclosed inventory on hand at cost R7 392. Use the following account numbers and titles: REAL ACCOUNTS NOMINAL ACCOUNTS 10 Capital 50 Sales 11 Drawings 52 Cost of sales 20 Accounts payable: Rex Textiles 60 30 Land and buildings 61 40 Inventory 62 41.1 Accounts receivable: Buzz Bazaars 70 41.2 Accounts receivable Cleo's Clothing 71 RE Transport expense Electricity, telephone, wages expense Bad debts expense Trading summary Profit and loss summary 41.3 42 Accounts receivable: Delightful Drapers Cash at bank REQUIRED: (a) Open ledger accounts and enter balances on 1 January (b) Record the transactions for the year in the ledger accounts. (c) Prepare a trial balance at the end of December and extend it into a worksheet (Use the worksheet provided.) (d) Using the information on the worksheet prepare the Statement of Profit or Loss for the yea 31 December 2017 and a Statement of Financial Position at that date. (e) Record the entries to close the nominal accounts. (f) Balance the real accounts. (g) Prepare a post-closing trial balance