QUESTION 1

The balances of the accounts below were extracted from the different sections (Balance Sheet section and Nominal Accounts section). Select the relevant accounts supplied and prepare the Balance Sheet of Crazy Stores as at 30 April 2023.

BALANCES OF ACCOUNTS OF CRAZY STORES AS AT 30 APRIL 2023

\begin{tabular}{|l|c|}
\hline
Account & Amount (R) \\
\hline
Vehicles & 120,800 \\
\hline
Capital & 185,540 \\
\hline
Stationery & 2,500 \\
\hline
Bank & 8,850 \\
\hline
Net Income & 10,000 \\
\hline
Furniture & 20,000 \\
\hline
Trading Stock & 9,900 \\
\hline
Debtors & 17,000 \\
\hline
Drawings & 24,700 \\
\hline
Fuel & 15,640 \\
\hline
Equipment & 35,000 \\
\hline
Trade Creditors & 40,710 \\
\hline
\end{tabular}

[23]



Answer :

### Balance Sheet of Crazy Stores as at 30 April 2023

Assets
- Non-current Assets:
- Vehicles: R120,800
- Furniture: R20,000
- Equipment: R35,000

Total Non-current Assets = R175,800

- Current Assets:
- Bank: R8,850
- Trading Stock: R9,900
- Debtors: R17,000

Total Current Assets = R35,750

Total Assets:
[tex]\[ 175,800 + 35,750 = R211,550 \][/tex]

Equity and Liabilities
- Equity:
- Capital: R185,540

Total Equity = R185,540

- Current Liabilities:
- Trade Creditors: R40,710

Total Current Liabilities = R40,710

Total Equity and Liabilities:
[tex]\[ 185,540 + 40,710 = R226,250 \][/tex]

### Summary
The Balance Sheet is summarized as:

[tex]\[ \begin{array}{c|c} \textbf{Assets} & \textbf{Equity and Liabilities} \\ \hline \text{Vehicles} & 120,800 \\ \text{Furniture} & 20,000 \\ \text{Equipment} & 35,000 \\ \text{Bank} & 8,850 \\ \text{Trading Stock} & 9,900 \\ \text{Debtors} & 17,000 \\ \hline \text{Total Assets} & 211,550 \\ \hline & \text{Capital} \\ & 185,540 \\ & \text{Trade Creditors} \\ & 40,710 \\ \hline & \text{Total Equity and Liabilities} \\ & 226,250 \\ \end{array} \][/tex]

In conclusion, the total assets amount to R211,550 and total equity and liabilities amount to R226,250.