QUESTION THREE Hardax Limited (Ld) is a presented to you 1 25) Hardax Ltd Extracts from...
Hardax Limited (Ltd) is a company operating in the hardware industry. The following information has been presented to you: Hardax Ltd Extracts from Balance Sheet as at 31 December 2018 2018 2017 Property plant and equipment 320 000 355 000 Expenses prepaid (allowable deduction for 2018) 10 000 0 Income received in advance (taxable in the year of receipt) 28 000 15 000 Additional information: During 2018 depreciation was R35 000 and wear and tear allowed was R25 000. There...
Extracts from the financial statements of ABC Ltd and additional information are provided below. Income statement for the year ended 31 March 2017 $000 800 Credit sales revenue Cost of sale (600) Gross profit 200 Selling expenses (80) Distribution costs (20) Other expenses (20) Profit before taxation 80 Taxation (25%) (20) Profit for the year 60 Additional information 1. Credit sales revenues are expected to increase by 10% in the year to 31 March 2018. 2. The tax rate for...
This is BBM206/05 Business Accounting II subject Question 2 Kopi Sdn Bhd's statement of profit or loss for the year ended 31 December 2018 and statements of financial position at 31 December 2017 and 31 December 2018 were as following: STATEMENT OF PROFIT OR LOSS FOR THE YEAR ENDED 31 DECEMBER 2018 RM'000 RM'000 Revenue 720 Raw materials consumed 70 Staff costs 94 Depreciation 118 Loss on disposal of non-current asset 18 Interest payable (28) Profit before tax Taxation (124)...
QUESTION 3 (25 MARKS) Sejengkal Berhad is a publicly listed company. The following are the Statement of Profit or Loss and the Statement of Financial Position for the company: Statement of Profit or Loss for the year ended 31 December 2018 RM'000 25,500 (14,800 10,700 Revenue Cost of sales Gross profit 2017 RM'000 17,250 (10,350) 6,900 Distribution costs Administrative expenses Finance costs Profit before tax Income tax expense Profit for the year (2,700) (2,100) (650) 5,250 (2,250) 3.000 (1,850) (1,450)...
QUESTION 1 40 MARKS Below are the statements of financial position of PPC Ltd for the financial year ending 31 December 2019 and 2018 together with additional information related to other events in the 31 December 2019 financial year. PPC Balance Sheet as at 31 December 2019 2019 2018 Assets Cash Accounts receivables Inventory Prepaid expenses Long-term investments Land Buildings and equipment Accumulated depreciation TOTAL ASSETS 30 000 410 000 300 000 20 000 50 000 560 000 2 000...
QUESTION 1 40 MARKS Below are the statements of financial position of PPC Ltd for the financial year ending 31 December 2019 and 2018 together with additional information related to other events in the 31 December 2019 financial year. PPC Balance Sheet as at 31 December 2019 2019 2018 Assets Cash Accounts receivables Inventory Prepaid expenses Long-term investments Land Buildings and equipment Accumulated depreciation TOTAL ASSETS 30 000 410 000 300 000 20 000 50 000 560 000 2 000...
QUESTION FIVE [25] The following information was obtained from the accounting records of First Ltd: Summarised financial position for year ended 31 December 2018 2019 R R 95 470 104 865 Nil 1 100 1 600 ASSETS Land and buildings Investments Machinery at carrying amount Cost Accumulated depreciation Inventories Trade debtors Cash at bank 6 500 8 700 (2 200) 12 000 5 400 (3 800) 9 000 10 205 30 700 13 500 Nil TOTAL ASSETS 147 070 137...
QUESTION FIVE [25] The following information was obtained from the accounting records of First Ltd: Summarised financial position for year ended 31 December 2018 2019 R R 95 470 104 865 Nil 1 100 1 600 ASSETS Land and buildings Investments Machinery at carrying amount Cost Accumulated depreciation Inventories Trade debtors Cash at bank 6 500 8 700 (2 200) 12 000 5 400 (3 800) 9 000 10 205 30 700 Nil 13 500 TOTAL ASSETS 147 070 137...
Parnell Company acquired construction equipment on January 1, 2017, at a cost of $71,600. The equipment was expected to have a useful life of five years and a residual value of $12,000 and is being depreciated on a straight-line basis. On January 1, 2018, the equipment was appraised and determined to have a fair value of $66,700, a salvage value of $12,000, and a remaining useful life of four years. In measuring property, plant, and equipment subsequent to acquisition under...
Exercises 1 Blue Limited acquired a property on 1 January 2018 at a cost of N$4.2 million. It was immediately leased out as an investment property for a period of 1.5 years until 30 June 2019. On 1 July 2019 the company took occupation of the property as its administrative headquarters. The fair values of the property were determined as follows: On 31/12/2018: N$4,500 000 On 01/07/2019: N$5,200 000 . On 31/12/2019: N$5,300 000 The accounting policy of the company...