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Stokvel Traders (a registered VAT vendor) manufactures and sells luxury goo...
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Stokvel Traders (a registered VAT vendor) manufactures and sells luxury goods. Stokvel Traders further provides certain marketing and advertising services to clients in the tourism industry. The periodic inventory system and control accounts are in use.
The following balances and totals were extracted from the financial records of Stokvel Traders for the year ended 31 March 2022:
|
R
|
Sales
|
1 230 045
|
Services rendered
|
230 000
|
Rent received
|
95 000
|
Insurance
|
67 500
|
Advertising
|
43 700
|
Water and electricity
|
36 800
|
Telephone expenses
|
25 350
|
|
|
Additional information:
Stokvel Traders sublet’s a portion of its office space
to Tourists International for a monthly fee of R10 925 (VAT inclusive).
SA Destinations, made a direct deposit to the amount
of R3 335 in to the bank account of Stokvel Traders for marketing
consultation services to be delivered during April 2022. The transaction was
recorded as income in the accounting records.
The insurance was paid on 1 April 2021 for a period of
15 months.
On 30 March 2022,
Stokvel Traders received an invoice for the water and electricity usage for March
2022 to the amount of R4 300 (VAT exclusive). This transaction has not yet
been recorded.
What is the amount that will be reported as income received in advance in the statement of Financial position as at 31 March 2022?
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