ASSETS Equipment Inventory Trade Receivables Bank Total Assets 29 February 2024 R 28 February 2023 R 636 000 324 000 82 800 45 600 22 800 27 600 237 600 120 000 979 200 517 200 EQUITY AND LIABILITIES EQUITY 662 400 424 800 Ordinary share capital 396 000 300 000 Retained Earnings 336 000 124 800 LIABILITIES Mortgage Bond Trade Payables SARS: Tax Payable 2 247 200 92 400 186 000 48 000 25 200 19 200 36 000 25 200 Total Equity and Liabilities 909 600 517 200
ASSETS Equipment Inventory Trade Receivables Bank Total Assets 29 February 2024 R 28 February 2023 R 636 000 324 000 82 800 45 600 22 800 27 600 237 600 120 000 979 200 517 200 EQUITY AND LIABILITIES EQUITY 662 400 424 800 Ordinary share capital 396 000 300 000 Retained Earnings 336 000 124 800 LIABILITIES Mortgage Bond Trade Payables SARS: Tax Payable 2 247 200 92 400 186 000 48 000 25 200 19 200 36 000 25 200 Total Equity and Liabilities 909 600 517 200
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
QUESTION FOUR [25]
The following information was extracted from Zayra Proprietary Limited’s annual financial statements
for the year ended 29 February 2024 in preparation of the Statement of Cash Flows for the current
year:
Zayra Proprietary Limited
Statement of Financial Position as at 29 February 2024
(with comparative values for 28 February 2023):
29 February
2024
28 February
2023
ASSETS R R
Equipment 636 000 324 000
Inventory 82 800 45 600
Trade Receivables 22 800 27 600
Bank 237 600 120 000
Total Assets 979 200 517 200
EQUITY AND LIABILITIES
EQUITY 662 400 424 800
Ordinary share capital 396 000 300 000
Retained Earnings 336 000 124 800
3
LIABILITIES 247 200 92 400
Mortgage Bond 186 000 48 000
Trade Payables 25 200 19 200
SARS: Tax Payable 36 000 25 200
Total Equity and Liabilities 909 600 517 200
Additional Information:
1. Authorised share capital: 1 000 000 Ordinary shares
2. Issued share capital: 100 000 Ordinary shares were sold for cash during the current financial
period.
3. Dividends of R30 000 were declared on 20 February 2024 and paid on 20 April 2024.
4. New equipment was purchased during the current financial year for R240 000.
5. Zayra raised a long term loan of R168 000 in May 2023.
6. The following information was extracted from the statement of comprehensive income for the
year ended 29 February 2024:
• Sales for the year was R1 464 000
• Rental income was R26 400
• Profit on disposal of equipment R36 000
• Depreciation R48 000
• Interest expense R50 400
• Income tax expense R147 600
• Profit after tax R222 000
Required:
Prepare the statement of cash flows for Zayra Proprietary Limited for the financial year ended
29 February 2024 in compliance with the requirements of the International Financial Reporting
Standards (IFRS) in as much as the given information allows. Use the indirect method.
Transcribed Image Text:ASSETS
Equipment
Inventory
Trade Receivables
Bank
Total Assets
29 February
2024
R
28 February
2023
R
636 000
324 000
82 800
45 600
22 800
27 600
237 600
120 000
979 200
517 200
EQUITY AND LIABILITIES
EQUITY
662 400
424 800
Ordinary share capital
396 000
300 000
Retained Earnings
336 000
124 800
LIABILITIES
Mortgage Bond
Trade Payables
SARS: Tax Payable
2
247 200
92 400
186 000
48 000
25 200
19 200
36 000
25 200
Total Equity and Liabilities
909 600
517 200
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