Requirea

Use the information given below for Madida Traders $($owner M$.$ Madida$)$ to prepare the:

Statement of Comprehensive Income for the year ended $28$ February $20\mathrm{.}15$

Statement of Changes in Equity for the year ended $28$ February $20\mathrm{.}15$

Statement of Financial Position as at $28$ February $20\mathrm{.}15.$

Notes to the financial statements for the year ended $28$ February $20\mathrm{.}15$

Note: Madida Traders uses the periodic inventory system.

Ensure that the financial statements comply with the requirements of statements of Generally Accepted Accounting Practice $($GAAP$).$ Information

Madida Traders

PRE$-$ADJUSTMENT TRIAL BALANCE AS AT $28$ FEBRUARY $20\mathrm{.}15$

$\backslash$table$[[$Balance Shret Accounts Section,Debit $($R$),$Credit $($R$)],[$Drawings$,,595400],[$Land and buildings,$130500,],[,600000,],[$Fued doposit Bon Bank $(8\%$ p$.$ a$),,33000],[$Loan: Zen Bank $(16\%$ p$.$ a$),50000,],[$Dobbors control,,$60000],[$Croditors control,$51630,],[$Cash float,$18720,],[,1500,74400],[$Sales$,,],[$Opening inventary,,$841600],[$Purchases$,105330,],[$Sales returns,$408760,],[$Purchases returns,$6000,],[$Rent income,,$4500],[$Interest on faced depoil,,$80400],[$Bank charpes,,$2000],[$Water and electricity,$2700,],[$Telophone$,18810,],[$Insurance$,5250,],[$Interest on loan,$5850,],[$Rates and taxes,$7250,],[$Salaries and wapes,$24600,],[$Consumable stores,$84640,],[$Advertising$,10960,],[,14800,],[,1692300,1682300]]$Adjustments and additional information

Inventory on hand on $28$ February $20\mathrm{.}15$ amounted to R$91000.$ Inventories are measured at cost$,$ on a FIFO method and at net realisationg value, whichever is the lower.

Consumable stores according to stocktaking on $28$ February $20\mathrm{.}15$ amounted to R$900.$

Advertising included a payment of R$1080$ for advertisements to appear ha a local newspaper from $01$ November $20\mathrm{.}14$ to $30$ April $20\mathrm{.}15.$

Depreciation is provided annually on equipment at $10\%$ p$.$a$.$ using the diminishing balance method.

The loan from Zen bank is an unsecured loan that was granted to Madida Traders on $01$ February $20\mathrm{.}14.$ Provide for the outstanding interest on loan. The loan is repayable in $10$ equal annual instalments. The first instalment is payable on $31$ March $20\mathrm{.}15.$

The investment at Ben Bank was made on $01$ June $20\mathrm{.}14.$ Provide for the outstanding interest on the fixed deposit. The fixed deposit matures on $01$ June $20\mathrm{.}15.$

The tenant has already paid the rent for March $20\mathrm{.}15.$ Note that the monthly rental of R$6000$ was increased by $10\%$ with effect from $01$ December $20\mathrm{.}14.$

A debit order for R$500$ for the insurance of the proprietor's home was erroneously entered in the insurance account.

A debtor who owed R$800$ has been declared insolvent. His estate paid a first and final dividend of $70$ cents in the Rand. The balance of his account must be written off. No entries have been made for these transactions.

A debtor's account with a credit balance of R$200$ must be transferred to her account in the creditors' ledger.