QUESTION 2: BALANCE SHEET EXTRACT AND NOTES (61 marks; 4…
QUESTION 2: BALANCE SHEET EXTRACT AND NOTES (61 marks; 48 minutes) 2.1 PJ TRADERS The information was extracted from the books of PJ Traders, with partners H. Pollard and E. Jantjies. The financial year ended on 28 February 2019. REQUIRED: 2.1.1 Prepare the following notes to the Balance Sheet for the financial year ended 28 February 2019: ● Capital (8) ● Current Accounts (12) ● Trade and other payables Note: Show all short-term liabilities except Bank Overdraft and current portion of loan in this note. (11) 2.1.2 Complete the Equity and Liabilities section of the Balance Sheet on 28 February 2019. (14) INFORMATION: A. Balances from the ledger on 28 February 2019. R Capital: H. Pollard (1/2/2019) 600 000 Capital: E. Jantjies (28/2/2019) 300 000 Current Account: H. Pollard (1/3/2018) 22 500 Cr Current Account: E. Jantjies (1/3/2018) 57 600 Dr Drawings: H. Pollard 72 000 Drawings: E. Jantjies 96 000 Loan: FR Finkom 450 000 Creditors control 62 750 SARS: PAYE 13 500 Bank 16 600 Cr Accrued expenses / Expenses payable 12 700 Income receive in advance 4 600 Accrued income / Income receivable 17 000 Prepaid expenses 16 300