1.1. You are approached by Ms Noline Fester, who is both the owner of Fester Trading (a sole trader that sells stationery), as well as the business' bookkeeper. In May 2016, Noline had the following information at her disposal. • Capital R200 000 • Drawings R25 000 • Cash sales R 500 000 • Cash Purchases R 125 000 • Credit sales R500 000 • Credit purchases R 250 000 • Inventory (closing) R100 000 • Bank (opening) R 20 500 (unfavorable) • Wages R50 000 • Cost of sales R300 000 • Advertising R25 000 • Telephone R13 000

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