Prepare the Statement of Financial Position of Oasis Limited as at 30 June 2023. INFORMATION OASIS LIMITED POST-CLOSING TRIAL BALANCE AS AT 30 JUNE 2023 Debit Credit R R Ordinary share capital 1 506 000 Retained earnings 240 000 Long term loan: Vin Bank 100 000 Land and buildings 1 742 000 Equipment 150 000 Accumulated depreciation on equipment 80 000 Trading inventory 140 000 Debtors control 40 000 Provision for bad debts 2000 Bank 7 000 Cash float 1.000 Creditors control 80 000 SARS: Company tax payable 10 000 Prepaid expenses (See below) ? Income received in advance (See below) ? Accrued income (See below) ? Accrued expenses (See below) ? Shareholders for dividends 48 000 2 082 000 2 082 000 Additional information 1. 2. Payments totalling R30 000, including R10 000 for interest on loan, will be made to Vin Bank in the next financial year. The following information must be used to identify the missing figures in the trial balance above: 2.1 An amount of R5 000 was owed to the municipality for rates. 2.2 Sales commission of R3 000 was owed to the company. 2.3 The tenant paid the rent for July 2023 to Oasis Limited on 27 June 2023, R4 000. 2.4 Insurance paid for the next financial year amounted to R6 000.

Prepare the Statement of Financial Position of Oasis Limited as at 30 June 2023. INFORMATION OASIS LIMITED POST-CLOSING TRIAL BALANCE AS AT 30 JUNE 2023 Debit Credit R R Ordinary share capital 1 506 000 Retained earnings 240 000 Long term loan: Vin Bank 100 000 Land and buildings 1 742 000 Equipment 150 000 Accumulated depreciation on equipment 80 000 Trading inventory 140 000 Debtors control 40 000 Provision for bad debts 2000 Bank 7 000 Cash float 1.000 Creditors control 80 000 SARS: Company tax payable 10 000 Prepaid expenses (See below) ? Income received in advance (See below) ? Accrued income (See below) ? Accrued expenses (See below) ? Shareholders for dividends 48 000 2 082 000 2 082 000 Additional information 1. 2. Payments totalling R30 000, including R10 000 for interest on loan, will be made to Vin Bank in the next financial year. The following information must be used to identify the missing figures in the trial balance above: 2.1 An amount of R5 000 was owed to the municipality for rates. 2.2 Sales commission of R3 000 was owed to the company. 2.3 The tenant paid the rent for July 2023 to Oasis Limited on 27 June 2023, R4 000. 2.4 Insurance paid for the next financial year amounted to R6 000.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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