Question 3 40 Marks Jayly has not kept proper bookkeeping records, but she has kept notes in a personal note form of her business transactions as at 31 May 2020. The following transactions relate to financial year ended on 31 May 2019 Bank DR CR Cash 18 200 1 400 7 800 6 850 22 500 Accounts Receivable and Payable Motor Vehicle (Net Depreciation) Furniture and Fittings at cost Inventory - 31 May 2018 Prepaid Rent and Accrued Stationery Expense 16 700 8 490 510 150 During the financial year ended 31 May 2020, the following transactions occurred. Paid suppliers N$ 26 400 by cheque and NS 990 by cash. During the year received N$ 38 800 by cheque and N$ 2 600 by cash. NS 1 200 set-off was negotiated and granted. During year, customer refund amount to N$ 500 Stationery expense paid during the year was NS 8 700 hd was paid by bank cheque. Rent expense was also paid an amount of N$ 3 420 by cheque. The following expenses were paid by cheque: Transport Expense N$ 750, Telephone Expense NS 2 150 and General Expense NS 680, Staff Welfare N$ 500 and by cash Municipal Service N$ 380. Motor vehicle was acquired on 01 June 2018 and is depreciated at 10% per annum, Furniture and fittings was also acquired on 01 June 2019 and depreciated at 10% per annum and both on straight line method and no scrap value. Page 14 of 19 At 01 June 2020, the following balances still exist in Jayty books: Bank DR CR 22 000 Cash 2630 Rent Expense 540 Stationery Expense 300 Inventory - 31 May 2019 5 540 16 300 Drawings - 31 May 2019 700 1 250 Accounts Receivable and Payable NB: WORKINGS ARE NOT REQUIRED Required: 19 Marks 20 Marks a) Prepare statement of comprehensive income as at 31 May 2020 b) Prepare statement of financial position as at 31 May 2020