QUESTION 4 REQUIRED Use the information provided below to prepare the following financial statements of ART Limiled for the year ended 28 February 2003: Statement of Comprehensive Income Statement of Changes in Equity Ordinary share capital 7% Preference shares (500 000 shares issued at R2 eachi INFORMATION The following information was obtained from the accounting records of ART Limited for the year anded 28 February 2020: ART LIMITED EXTRACT OF THE TRIAL BALANCE AS AT 28 FEBRUARY 2003 (20 Marks) 1. 14 marks 16 marks) Purchases Camage on purchases Ratained earnings (01 March 2022Z) Salas Salas retums Seling and administration expenses Company tax paid Interest on loan Indarm ordinary dividends paid Inventory (01 March 2022) Additional information and adjustments Inventory on 28 February 2000 was valued at a selling price of R600 000. The inventory was pribad at cost plus 50%. A 4 000 000 1 000 000 8 000 000 120 000 2 400 000 19 000 000 200 000 7 000 000 900 000 12 000 80 000 800 000 The assessment from SARS for the year anded 28 February 2003 revealed that an amount of R43 000 was cwed for company tax. The ordinary share capital consisted of 1 500 000 shares of which 1 000 000 have been issued at R4 each. No shares were sold during the financial year anded 29 February 2003 A final dividend of 9 cents per ordinary share was declared. Provide for dividends on the preference shares.

QUESTION 4 (20 Marks) REQURED the year ended 2 Fe Febuary 202 : 41 Staternent of Compehensive incone (I4 naba) 42 Staternert d Changes in Equty (6 maka) INFORMATION inn Adetiond liffomation anu ror pcoced at coer por sos