Use the information provided below to: Manco Traders

1) Calculate the Equity as at 28 February 20.6 BALANCE SHEET AS AT 28 FEB 20.6

2) Prepare a Balance Sheet as at 28 February 20.6
Assets
Information Non current assets
The following are the assets and liabilities of Manco Traders
as at 28 February 20.6
Equipment

Assets R Liabilities R Current assets

Petty cash 400 Creditors 22,000 Inventories
Debtors 26,600 Long term loan 15,000 Debtors
Inventories 30,000 Bank overdraft 5,000 Petty cash
Equipment 25,000

Equity
1) Equity Capital

Assets = Liabilities + Equity Non current liabilities

Equity= Assets - Liabilities Long term loan

Assets 82,000 Current liabilities

Liabilities 42,000 Bank overdraft
Equity 40,000 Creditors
R

25,000

30,000
26,600
400
82,000

40,000

15,000

5,000
22,000
82,000
The following balances/totals of GH services appeared in the ledger
on 28 February 20.6
GH Services
R INCOME STATEMENT FOR THE YEAR ENDED 28 FEBRUARY 20.6
Capital 20,000 R
Bank (DR) 25,000 Income
Telephone 6,000 Fee income 89,000
Water and electricity 8,000 Rent income 12,000
Equipment 64,000
Vehicles 100,000 Expenses
Fee income 89,000 Telephone 6,000
Salaries and wages 30,000 Water and electricity 8,000
Debtors 15,000 Salaries and wages 30,000
Rent income 12,000 Stationary 1,000
Stationary 1,000 Consumable stores 4,000
Creditors 18,000 Rent expense 24,000
Consumable stores 4,000 Net profit for the year
Drawings 28,000
Rent expense 24,000

Prepare the Income Statement for the year ended 28 February 20.6.
YEAR ENDED 28 FEBRUARY 20.6
R
101,000

(73,000)

28,000
JERI'S REPAIRS Assets
BALANCE SHEET AS AT 28 FEBRUARY 20.6 Date Equipment Furniture Receivables Bank
R 01 8,000 22,000 13,000 42,000
Assets
Non current assets
Equipment 8,000 Assets
Furniture 22,000 Date Equipment Furniture Receivables Bank
8,000 22,000 13,000 42,000
Current assets 1-Mar 9,000 (9,000)
Trade and other receivables 13,000 6-Mar (600) 600
Cash and cash equivalents 42,000 10-Mar 11,000
85,000 14-Mar (4,000)
20-Mar 50,000
EQUITY AND LIABILITIES 22-Mar (2,000)
Equity 25-Mar 3,000
Capital 75,000 28-Mar 8,000
29-Mar (2,000)
Current liabilities 31-Mar
Trade and other payables 10,000
Total equity and liabilities 85,000 17,000 33,000 20,400 78,600

JERI'S REPAIRS
INCOME STATEMENT FOR THE MONTH ENDED 31 MARCH 20.6
R R
Income 11,000
Fee income 11,000

Expenses (2,200)
Stationary 200
Consumable stores 2,000
Net profit for the year 8,800
= Equity + Liabilities
= Capital Profit + Payables
= 75,000 + 10,000

= Equity + Liabilities
= Capital Profit + Payables
75,000 10,000

11,000
(4,000)
50,000
(2,000)
3,000
8,000
(2,000)
(200) 200

= 123,000 8,800 + 17,200

JERI'S REPAIRS
BALANCE SHEET AS AT 31 MAR 20.6
R
Assets
Non current assets
Equipment 17,000
Furniture 33,000
Current assets
Trade and other receivables 20,400
Cash and cash equivalents 78,600

149,000

Equity
Capital 131,800

Current liabilities
Trade and other payable 17,200
149,000
 Assets = Equity + Liabilities
1 (300) 300
2 -
3 4,000 4,000
4 (2,400) (2,400)
5 -
6 500 500

2,100 = 1,800 + 300

 Assets = Equity + Liabilities
Date Equipment Vehicles Receivables Bank = Capital Profit + Payables
01 19,000 142,000 17,000 68,000 = 226,000 + 20,000
2 105,000 = + 105,000
6 65,000 = 65,000 +
10 (500) 500 = +
14 12,000 = 12,000 +
18 (300) = (300) +
21 = (250) + 250
25 (400) = (400) +
30 600 = 600 +
31 18,000 = 18,000 +
19,000 247,000 28,500 151,400 = 290,600 30,050 + 125,250

PIPPY PLUMBERS PIPPY PLUMBERS PIPPY PLUMBERS

INCOME STATEMENT FOR THE MONTH ENDED 31 MARCH 20.6 BALANCE SHEET AS AT 31 MAR 20.6 Statement of changes in equi
R R R
Income 30,600 Assets Balance at 28 Feb 20.6
Fee income 30,000 Non current assets Additional capital contributed
Rent income 600 Equipment 19,000 Profit for the month
Vehicles 247,000 Drawings for the month
Expenses 550 Current assets Balance at 31 March 20.6
Fuel/Motor exp (300) Trade and other receivables 28,500
Repairs (250) Cash and cash equivalents 151,400
Net profit for the year 30,050
445,900

Equity
Capital 320,650

Current liabilities
Trade and other payable 125,250
445,900
PIPPY PLUMBERS
Statement of changes in equity
R
Balance at 28 Feb 20.6 226,000
Additional capital contributed 65,000
Profit for the month 30,050
Drawings for the month (400)
Balance at 31 March 20.6 320,650