(a)[3]
Prepare the journal entry to record the revaluation of the freehold property on 1 September 2020. No narrative is needed.
(b)[12]
Prepare the income statement for the year ended 31 August 2021. Use the next page for your workings.
(c)[3]
Prepare a statement showing the retained earnings balance at 31 August 2021 after the income statement has been prepared.
(d)[2]
State two methods a business could use to lower the level of trade receivables.
(e)[7]
Advise the directors which option they should choose. Justify your decision.