1.3
REQUIRED
Prepare the Statement of Changes In Equity for the year ended 28 February 2025.
INFORMATION
(4 marks)
The following information was extracted from the accounting records of Magna Traders on 28 February
2025, the end of the financial year:
Capital balance 01 March 2024
Total income for the year
Drawings
Total expenses for the year
Additional capital contributed on 01 May 2024
R
700 000
1 000 000
200 000
600 000
300 000
1.4
REQUIRED
Prepare the journal entry to record the adjustment as at 28 February 2025.
INFORMATION
(4 marks)
The pre-adjustment trial balance of MJ Stores as at 28 February 2025, the end of the financial year,
reflected a total of R18 000 for insurance expense. This total included an annual premium of R3 000
that was paid for the period 01 June 2024 to 31 May 2025.