QUESTION FIVE FINANCIAL on 28 February 2015, the end of the financial year. REQUIRED (25...
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QUESTION FIVE FINANCIAL on 28 February 2015, the end of the financial year. REQUIRED (25 MARKS) given below was extracted from the accounting records of Gypsey Traders Use the Trial Balance and aditional information to prepare the Statement of Comprehensive Income for the year ended 28 February 2015: INFORMATION Gypsey Traders PRE-ADJUSTMENT TRIAL BALANCE AS AT 28 FEBRUARY 2015 Debit (R) Credit (R) Balance Sheet accounts section Capital Drawings 442 700 131 870 332 000 68 000 Land and buildings Equipment at cost Accumulated depreciation on equipment Fixed deposit: Mod Bank (10% pa) 30 000 15 000 81 000 23 630 145 000 700 Trading inventory Debtors control Bank Cash float Creditors control 22 700 44 000 Loan: Mod Bank (16% pa) Nominal accounts section Sales Cost of sales Sales returns Salaries and wages Rent income Commission income Stationery Advertising Telephone Electricity and water Bank charges Insurance 881 000 448 000 14 000 90 000 15 600 1000 3 600 24 600 8 600 11 800 1 300 7 400 4 000 6 000 20 500 Repairs and maintenance Interest on loan Sundry expenses 1 437 000 1437000
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