Please help with Question 2 for accounting in format provided :Prepare the statement of financial position as at 28 February 2021Show all workingsRound off to the nearest RandIgnore VAT(Notes to the Financial statements are not required) Q.2STATEMENT OF FINANCIAL POSITION OF JAKARTA TRADERS AS AT28 FEBRUARY 2021NOTERR Question 2The following Pre-adjustment Trial Balance was taken from the books of Jakarta Traders for theyear-ended 28 February 2021FolDEBITCREDITStatement of financial position sectionCapital939 540Drawings16 000Land and buildingsVehicles1 100 000480 000Accumulated depreciation: Vehicles120 000Fixed Deposit: ABC Bank85 700Trading inventory42 740Petty cash2 000Bank8 920Debtors Control27 820Allowance for credit losses2 000Creditors Control12 140Long-term loan: XYZ Bank744 000Nominal accounts sectionSales1 236 000Sales returnsCost of sales36 000976 000Rent income52 000Interest on fixed depositTelephoneInterest on long term loanSalaries and wagesAdvertisingPostage and stationery7 84076 080119 04043 32018 0009 500Insurance80 000Credit losses10 2403 122 4403 122 440Additional information:According to a physical stock-take the following was on hand on 28 February 2021:o Trading inventory R42 000Postage and stationery R2 000Depreciation must be written off on vehicles at 25% per annum according to thediminishing balance method. No vehicles were purchased or sold during the currentfinancial yearSalaries and wages for February have not yet been paid, R16 000Advertising for March has been prepaid R3 600Rent for March was received in February R4 000Interest on fixed deposit accrued R1 000Allowance for credit losses must be increased by 10% of the allowance

Income statement The purpose of preparing the income statement is to know the actual net income…

Please help with Question 2 for accounting in format provided : Prepare the statement of financial position as at 28 February 2021 Show all workings Round off to the nearest Rand Ignore VAT (Notes to the Financial statements are not required)

Please help with Question 2 for accounting in format provided : Prepare the statement of financial position as at 28 February 2021 Show all workings Round off to the nearest Rand Ignore VAT (Notes to the Financial statements are not required)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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