QUESTION TWO $[25]$

Vusi Moyo purchased a general dealer store, Moyo$$s$,3$ years ago and has been conducting business from the store located in Umzinto. Moyo$$s retails a variety of goods that are very competitively priced for the benefit of the local communities.

The senior accountant requested that you prepare specific areas of the Financial Statements for the year ended $30$ June $2024.$ The following information was provided to prepare specific areas as described in the $$Required$$ of this question.

Balances as at $30$ June $2024$:

Debit $-$ R

Credit $-$ R

Equipment at cost $(30$ June $2023)$

Accumulated depreciation: Equipment $(30$ June $2023)$

Vehicles at cost $(30$ June $2023)$

Accumulated depreciation: Vehicles $(30$ June $2023)$

Fixed deposit: $10\%($matures in $5$ years$)$

Inventory $(1$ July $2023)-$ Trade goods

$-$

Consumables

Trade Debtors

Allowance for credit losses

Cash Floats: daily

Petty Cash

Bank balance

Accrued income

Accrued expenses

$960000$

$360000$

$100000$

$204650$

$30220$

$62180$

$24000$

$8840$

$81960$

$5290$

$10320$

$96000$

$72000$

$11190$

ADDITIONAL INFORMATION:

$1.$

Depreciation must still be provided as follows:

$$

Equipment: at $10\%$ per year on the Diminishing balance method,

$$

Vehicles at $20\%$ per year on the Straight line method.

$2.$

Transactions for the current financial year: Property, Plant and Equipment:

$$

Equipment: All the Equipment in use was bought on $30$ June $2022.$ Equipment with a cost price of R$200000$ and accumulated depreciation of

R$20000$ at $30$ June $2023$ was sold for R$190000$ on $31$ August $2023.$

$$

Vehicles: Moyo$$s purchased $(2)$ vehicles on $1$ July $2022$ for R$360000.$

An additional vehicle was bought on $1$ September $2023$ for R$120000.$

$3.$ Credit losses of R$1000$ must be written$-$off.

$4.$ On $30$ June $2024$ physical stock was taken on the premises and were valued as follows :

a$.$ Trading inventory R$289710,$

b$.$ Consumables R $33850.$

$5.$ Interest for the current financial year at $10\%$ per year must still be provided on the fixed deposit of R$100000.$

Required:

$2\mathrm{.}1$ Prepare the Property, Plant and Equipment note for the financial statement

of Moyo$$s Retail Store for the financial year ended $30$ June $2024.$ You may $$omit$$ the total column for the Property, Plant and Equipment. $(15)$

$2\mathrm{.}2$ Prepare the Asset section of the Statement of Financial Position as at

$30$ June $2024.(10)$

Your answer must comply with the requirements of the International Financial

Reporting Standard $($IFRS$)$ appropriate to the type of business requiring the financial statements

Show all workings. Where applicable, round off amounts to the nearest Rand.