Bay Holdings Limited: 30 June 2021. Required: Statement of financial position as at: 30 June 2021 Information BALANCE SHEET ACCOUNTS Ordinary share capital 2 648 000 Retained income (1 Jul 2020) 490 000 Shareholders for dividends 280 000 Fixed deposit 60 000 Mortgage bond 336 000 Fixed/tangible assets (Carrying value) 4 021 000 Debtors control 45 000 Creditors control 85 200 Creditors for salaries 12 300 Provision for bad debts ? SARS (Income tax) 400 000 SARS (PAYE) 6 650 Expenses payable (accrued) 7 200 Income receivable (accrued) 7 950 Bank 28 450 Trading stock/inventory 129 600 Consumable stores 5 600 Additional information 1. The net profit after tax for the year amounted to R875 000 2. Provision for bad debts should be adjusted to 5 % of debtors. 3. One third of total fixed assets matures on 31 August 2021. 4. A portion of loan amounting to R48 000 will be paid on 31 December 2021. 5. SARS (Income tax) owes the business R25 000 for tax overpayment.
Mvula Limited
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ASSETS |
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Non-current assets |
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Fixed/tangible assets |
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Financial assets |
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Fixed deposit |
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Current assets |
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Inventory |
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Trade and other receivables |
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Cash and cash equivalents |
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Fixed deposit |
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TOTAL ASSETS |
4 320 350 |
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EQUITY AND LIABILITIES |
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Bay Holdings Limited: 30 June 2021.
Required:
Statement of financial position as at: 30 June 2021
Information
BALANCE SHEET ACCOUNTS
Ordinary share capital 2 648 000
Retained income (1 Jul 2020) 490 000
Shareholders for dividends 280 000
Fixed deposit 60 000
Mortgage bond 336 000
Fixed/tangible assets (Carrying value) 4 021 000
Debtors control 45 000
Creditors control 85 200
Creditors for salaries 12 300
Provision for
SARS (Income tax) 400 000
SARS (PAYE) 6 650
Expenses payable (accrued) 7 200
Income receivable (accrued) 7 950
Bank 28 450
Trading stock/inventory 129 600
Consumable stores 5 600
Additional information
1. The net profit after tax for the year amounted to R875 000
2. Provision for bad debts should be adjusted to 5 % of debtors.
3. One third of total fixed assets matures on 31 August 2021.
4. A portion of loan amounting to R48 000 will be paid on 31 December 2021.
5. SARS (Income tax) owes the business R25 000 for tax overpayment.
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