QUESTION ONE

$(20$ MARKS$)$

THE FOLLOWING INFORMATION WAS EXTRACTED FROM THE RECORDS OF UNITY SUPPLIERS $28$ FEBRUARY $2020$

$\backslash$begin$\{$tabular$\}\{|$l$|$l$|\}$

$\backslash$hline & R $\backslash \backslash$

$\backslash$hline Inventory $(1$ March $2019)$ & $43000\backslash \backslash$

$\backslash$hline Trade receivables & $150000\backslash \backslash$

$\backslash$hline Trade payables & $65000\backslash \backslash$

$\backslash$hline Purchases & $174000\backslash \backslash$

$\backslash$hline Purchases returns & $4100\backslash \backslash$

$\backslash$hline Settlement discount granted & $3217\backslash \backslash$

$\backslash$hline Freight on sales & $14100\backslash \backslash$

$\backslash$hline Sales returns & $2300\backslash \backslash$

$\backslash$hline Insurance expenses & $48160\backslash \backslash$

$\backslash$hline Settlement discount received & $1000\backslash \backslash$

$\backslash$hline Allowance for credit losses & $1900\backslash \backslash$

$\backslash$hline Allowance for settlement discount granted & $4500\backslash \backslash$

$\backslash$hline Carriage on purchases & $200\backslash \backslash$

$\backslash$hline Insurance on purchase & $1300\backslash \backslash$

$\backslash$hline Bank & $112580\backslash \backslash$

$\backslash$hline

$\backslash$end$\{$tabular$\}$

Additional information:

$1.$ On $28$ February $2020$ the inventory on hand amounted to R$65000$

$2.$ Included in the amount of inventory on hand is consumables and stationery amounting to R$2080$ and R$800$

$3.$ The owner took some of the stock bought for R$3800$ as a gift for his aunt.

$4.$ Unity Supplies were offered a discount of $\backslash (10\backslash \%\backslash )$ on an amount of R$9500$ owing to a supplier provided the supplier is paid before $28$ February $2020.$ Unity Supplies intends taking the advantage of the discount offered.

$5.$ Unity maintains a mark$-$up on sales $($margin$)$ of $\backslash (40\backslash \%\backslash ).$

$6.$ The balance of the allowance for settlement discount granted account on $1$ Jan $2020$ must be written back since the trade debtor to whom the discount offering pertained did not settle his account as required. On $31$ December $2020,$ a trade debtor who owes R$34000$ was offered a $\backslash (5\backslash \%\backslash )$ settlement discount, on condition that she settles her account before $15$ January $2021.$ This offering must still be provided for.

Required

Determine the Revenue Amount for the year ended $28$ February $2020.$