Question

The flying langes in Equity of Ace Traders on 25 Februar Oving information was extracted from the Statement of Changes in Equity of Ace bruary 2019, the end of the financial year: 700 000 260 000 102000 Hade and other payah amounts to R97 000 R67 000 R96000 none of the Capital balance (01 March 2018) Additional capital contributed on 01 June 2010 Drawings for the year Net profit for the year Capital balance (28 February 2019) 1 080 000 The net profit for the year is R222 000 R18 000 R53 800 none of the above Questions 1.9 and 1.10 are based on the following information: The following balances, amongst others, appeared in the Post-Closing Trial Balance of Bally Stores on 28 February 2019, the end of the financial year: Property, plant and equipment Creditors control Debtors control Prepaid expenses Bank overdraft Accrued expenses Accrued income Provision for bad debts income received in advance 500 000 60 000 70 000 5000 30 000 6 000 4 000 3 000 1000 1.9 'Trade and other receivables' in the Statement of Financial Position as at 28 February 2019 amounts R82 000 R76 000 R73 000 none of the above

Answer 1

1.8)

Capital Balance (28 Feb 2019)	1,080,000.00
Drawings	102,000.00
Additional Capital	-     260,000.00
Capital Balance (01 Mar 2018)	-     700,000.00
Net Profit	222,000.00

1.9)

Debtors Control	70,000.00
Prepaid Expenses	5,000.00
Provision for Bad Debts	-   3,000.00
Accrued Income	4,000.00
Trade and other Receivables	76,000.00