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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
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)

Transcribed Image Text:Q.2
STATEMENT OF FINANCIAL POSITION OF JAKARTA TRADERS AS AT
28 FEBRUARY 2021
NOTE
R
R

Transcribed Image Text:Question 2
The following Pre-adjustment Trial Balance was taken from the books of Jakarta Traders for the
year-ended 28 February 2021
Fol
DEBIT
CREDIT
Statement of financial position section
Capital
939 540
Drawings
16 000
Land and buildings
Vehicles
1 100 000
480 000
Accumulated depreciation: Vehicles
120 000
Fixed Deposit: ABC Bank
85 700
Trading inventory
42 740
Petty cash
2 000
Bank
8 920
Debtors Control
27 820
Allowance for credit losses
2 000
Creditors Control
12 140
Long-term loan: XYZ Bank
744 000
Nominal accounts section
Sales
1 236 000
Sales returns
Cost of sales
36 000
976 000
Rent income
52 000
Interest on fixed deposit
Telephone
Interest on long term loan
Salaries and wages
Advertising
Postage and stationery
7 840
76 080
119 040
43 320
18 000
9 500
Insurance
80 000
Credit losses
10 240
3 122 440
3 122 440
Additional information:
According to a physical stock-take the following was on hand on 28 February 2021:
o Trading inventory R42 000
Postage and stationery R2 000
Depreciation must be written off on vehicles at 25% per annum according to the
diminishing balance method. No vehicles were purchased or sold during the current
financial year
Salaries and wages for February have not yet been paid, R16 000
Advertising for March has been prepaid R3 600
Rent for March was received in February R4 000
Interest on fixed deposit accrued R1 000
Allowance for credit losses must be increased by 10% of the allowance
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