3 Extract from the Balance Sheet on the last day of February 29 Feb. 2024 28 Feb. 2023 Tangible/Fixed assets R 4 787 500 R 4 325 000 Fixed deposit (15%) 60 000 80 000 Inventories 395 000 422 500 Trade and other receivables [see C (i) below] 147 500 155 000 Cash and cash equivalents 600 300 Shareholders' equity 4 042 500 Ordinary share capital Retained income 3 150 000 892 500 136 500 2 875 500 2 250 000 Non-current liabilities 1 050 000 Trade and other payables [see C(ii) below] 365 000 625 500 1 575 000 578 200 C. Notes to the Statement of Financial Position: (i) Trade and other receivables: Accrued income Net trade debtors Prepaid expenses 29 Feb. 2024 28 Feb. 2023 R15 000 R19 000 72 500 120 000 35 000 25 000 16 000 0 SARS (Income tax) (ii) Trade and other payables: 29 Feb. 2024 Trade creditors Accrued expenses Income received in advance Shareholders for dividends SARS: Income tax D. Fixed Assets: E. · R40 000 28 Feb. 2023 R90 000 5.000 15 000 10 000 35 000 310 000 420 000 0 18 200 Fixed assets were sold at book value at the end of the financial year, R12 500. New property was bought during the year. Dividends and shares: • Interim dividends were paid during the year. Total dividends for the year ended 29 February 2024 amounted to R675 000. Shares were not repurchased during the year. 2024 Grade 12 Project Question Paper 58
3 Extract from the Balance Sheet on the last day of February 29 Feb. 2024 28 Feb. 2023 Tangible/Fixed assets R 4 787 500 R 4 325 000 Fixed deposit (15%) 60 000 80 000 Inventories 395 000 422 500 Trade and other receivables [see C (i) below] 147 500 155 000 Cash and cash equivalents 600 300 Shareholders' equity 4 042 500 Ordinary share capital Retained income 3 150 000 892 500 136 500 2 875 500 2 250 000 Non-current liabilities 1 050 000 Trade and other payables [see C(ii) below] 365 000 625 500 1 575 000 578 200 C. Notes to the Statement of Financial Position: (i) Trade and other receivables: Accrued income Net trade debtors Prepaid expenses 29 Feb. 2024 28 Feb. 2023 R15 000 R19 000 72 500 120 000 35 000 25 000 16 000 0 SARS (Income tax) (ii) Trade and other payables: 29 Feb. 2024 Trade creditors Accrued expenses Income received in advance Shareholders for dividends SARS: Income tax D. Fixed Assets: E. · R40 000 28 Feb. 2023 R90 000 5.000 15 000 10 000 35 000 310 000 420 000 0 18 200 Fixed assets were sold at book value at the end of the financial year, R12 500. New property was bought during the year. Dividends and shares: • Interim dividends were paid during the year. Total dividends for the year ended 29 February 2024 amounted to R675 000. Shares were not repurchased during the year. 2024 Grade 12 Project Question Paper 58
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![3
Extract from the Balance Sheet on the last day of February
29 Feb. 2024
28 Feb. 2023
Tangible/Fixed assets
R 4 787 500
R 4 325 000
Fixed deposit (15%)
60 000
80 000
Inventories
395 000
422 500
Trade and other receivables [see C (i) below]
147 500
155 000
Cash and cash equivalents
600 300
Shareholders' equity
4 042 500
Ordinary share capital
Retained income
3 150 000
892 500
136 500
2 875 500
2 250 000
Non-current liabilities
1 050 000
Trade and other payables [see C(ii) below]
365 000
625 500
1 575 000
578 200
C.
Notes to the Statement of Financial Position:
(i)
Trade and other receivables:
Accrued income
Net trade debtors
Prepaid expenses
29 Feb. 2024
28 Feb. 2023
R15 000
R19 000
72 500
120 000
35 000
25 000
16 000
0
SARS (Income tax)
(ii)
Trade and other payables:
29 Feb. 2024
Trade creditors
Accrued expenses
Income received in advance
Shareholders for dividends
SARS: Income tax
D.
Fixed Assets:
E.
·
R40 000
28 Feb. 2023
R90 000
5.000
15 000
10 000
35 000
310 000
420 000
0
18 200
Fixed assets were sold at book value at the end of the financial year, R12 500.
New property was bought during the year.
Dividends and shares:
•
Interim dividends were paid during the year.
Total dividends for the year ended 29 February 2024 amounted to R675 000.
Shares were not repurchased during the year.
2024 Grade 12 Project
Question Paper
58](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1469facd-d698-4b5c-9604-3f85c225d3fa%2F40221773-488b-474c-9efe-63ee278bf654%2Fy6e4ta_processed.jpeg&w=3840&q=75)
Transcribed Image Text:3
Extract from the Balance Sheet on the last day of February
29 Feb. 2024
28 Feb. 2023
Tangible/Fixed assets
R 4 787 500
R 4 325 000
Fixed deposit (15%)
60 000
80 000
Inventories
395 000
422 500
Trade and other receivables [see C (i) below]
147 500
155 000
Cash and cash equivalents
600 300
Shareholders' equity
4 042 500
Ordinary share capital
Retained income
3 150 000
892 500
136 500
2 875 500
2 250 000
Non-current liabilities
1 050 000
Trade and other payables [see C(ii) below]
365 000
625 500
1 575 000
578 200
C.
Notes to the Statement of Financial Position:
(i)
Trade and other receivables:
Accrued income
Net trade debtors
Prepaid expenses
29 Feb. 2024
28 Feb. 2023
R15 000
R19 000
72 500
120 000
35 000
25 000
16 000
0
SARS (Income tax)
(ii)
Trade and other payables:
29 Feb. 2024
Trade creditors
Accrued expenses
Income received in advance
Shareholders for dividends
SARS: Income tax
D.
Fixed Assets:
E.
·
R40 000
28 Feb. 2023
R90 000
5.000
15 000
10 000
35 000
310 000
420 000
0
18 200
Fixed assets were sold at book value at the end of the financial year, R12 500.
New property was bought during the year.
Dividends and shares:
•
Interim dividends were paid during the year.
Total dividends for the year ended 29 February 2024 amounted to R675 000.
Shares were not repurchased during the year.
2024 Grade 12 Project
Question Paper
58
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education