PRACTICE QUESTIONS PBA$4807$

QUESTION $1$: Accounting Equation

The following extract relates to a small dance studio, ABC Dance accounting records as at $31$

December $2019$:

The following transactions occurred during the year:

On $1$ February $2020,$ a rental amount of R$6000$ was paid for a small studio for one year.

A payment of R$1200$ was recelved on $1$ November for dance lessons to be provided evenly

over three months, starting in November.

The balance of consumables was equal to R$1000$ at year$-$end.

The entity paid R$2$O DCO in wages and salaries for the year.

There was also an accorual of R$3000$ for wages and salaries at year$-$end.

R$40$ DOO was received as revenue during the year.

REQUIRED:

$(0)$ Employing the accounting equation, create the following table to show the effect of the above

information on the accounts:

$(18$ marks$)$

Accounting Equation

J Prepare ABC Dance's Statement of Comprehenalve Income for the year$-$ending $31$ December

$(10$ marks$)$

Prepare the Statement of Financlal Position for the year$-$ended $31$ December $2023.$