Question 1, 2 and 3
Total current assets = 4,33,910 which comprises of the following:
Trade Receivable= 1,49,800- 4,500 - (10% of 55000) = 1,39,800
Loan to member = 40,000 (Immediately callable loan is considered current in nature)
Investment = 1,55,000 (the fair value of loan has to be considered)
Inventory =1,33,700
Prepaid Expenses = 5,410
Total Non-current assets is ₹ 7,51,780 which comprises of the following:
Land & Building =6,00,000
Furniture & Equipments = 2,70,000
The deductions from Current assets are as follows:
Depreciation on furniture & Equipments =83,220
Depreciation on Building =35,000 (Given in adjustments)
Total Current liabilities is ₹ 2,05,598 which comprises of the following:
Trade Payables= 42,480
Bank o/d =6,220
Tax =1,15,398 (Given in adjustments)
Loan from member (Short term) =25,000 (Only 25,000 is considered in current liabilities since remaining 25,000 is repayable on 01-08-2020 and is considered long term)
Accrued Expenses =16,500
Question 1, 2 and 3 GIVEN INFORMATION FOR QUESTIONS 1-3 The financial information below pertains to Notsonice CC. The information was prepared by the Close Corporation's accountant. The me...
The following information pertains to YBlue Close Corporation for the financial year ended 31 July 2020: 1 EXTRACT of balances at 31 July 2020 R Member's contribution: Y Yellow 270 000 Member's contribution: B Blue 110 000 Retained earnings (31 July 2019) 24 950 Revaluation reserve 34000 Loan from Y Yellow 85000 Loan to B Blue.... 60 000 Interim profit distribution to members 48000 Allowance for credit losses 1 170 Land and buildings at cost 300 000 Equipment at cost....
1 Given information for questions 1, 2, 3, 4, 5 and 6: The following information pertains to YBlue ended 31 July 2020: Close Corporation for the financial year 1. EXTRACT of balances at 31 July 2020 R Member's contribution: Y Yellow 270 000 Member's contribution: B Blue 110 000 Retained earnings (31 July 2019) 24 950 Revaluation reserve 34 000 Loan from Y Yellow 85 000 Loan to B Blue 60 000 Interim profit distribution to members 48 000 Allowance...
The following information pertains to Brilliant CC: EXTRACT FROM THE STATEMENT OF FINANCIAL POSITION AS AT 28 FEBRUARY 2020 2019 ASSETS R R Non-current assets 54 000 50 000 Property, plant and equipment 54 000 50 000 Current assets 38 400 36 000 Inventaries. 12 400 10 200 Trade receivables (Trade debtors) 10 000 10 400 Other financial assets 12 000 14 000 Cash and cash equivalents 4 000 1 400 Total assets.... 92 400 86 000 EQUITY AND LIABILITIES...
The following information pertains to Brilliant CC: EXTRACT FROM THE STATEMENT OF FINANCIAL POSITION AS AT 28 FEBRUARY 2020 2019 ASSETS R R Non-current assets 54 000 50 000 Property, plant and equipment 54 000 50 000 Current assets 38 400 36 000 Inventories 12 400 10 200 Trade receivables (Trade debtors) 10 000 10 400 Other financial assets 12 000 14 000 Cash and cash equivalents. 4 000 1 400 Total assets..... 92 400 86 000 EQUITY AND LIABILITIES...
The following information relates to Ramatla CC for the year ended 30 September 2017: 1. R80 000 loan was granted to Liseho, a member of the CC on 1 May 2017. Interest is calculated at 10% per annum and is capitalised at the end of the financial period. The loan is unsecured and immediately callable. 2. Investments consist of: • 30 000 ordinary shares in Naleli Ltd, purchased on 1 April 2015 for R50 000. On 30 September 2017, the...
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...
Below are the statements of financial position of ABC 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. ABC 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 2 000 000 -800 000 2...
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$200 000 of other loans are repayable within 1 year. The
remaining amount is payable in full at the end of 2022.
The provision for employee benefits includes $22 000 payable
within 1 year.
The warranty provision is in respect of a 12-month warranty
given on certain goods sold.
NewCat Ltd transferred $10 000 out of retained earnings into
general reserve.
The bank loan is for 5 years and repayable in full at the end
of the term. The interest...