Question 2 Coconut Limited produces vegan snacks for distribution to various retailers a The following is the trial balance of Coconut Limited for the year ended 28 February 2022: Credit Debit Account Name 14 000 Inventory 22 000 Trade receivables Revenue Cost of sales Property, plant and equipment (Carrying value) Telephone expense Revaluation reserve Salaries and wages Trade payables Retained earnings-1 March 2021 Share capital Advertising expenses Depreciation Loan Bank 5 000 Finance income 10 000 Additional Information: . The outstanding loan is payable over the next three years in the following ratio 30: 20:50. Inventory with a cost price of R10 000 (Selling price of R15 000) was returned by a debtor. This entry has not yet been accounted for. . 10 000 shares were issued on 28 February 2022 at R2 each for cash. This entry has not yet been accounted for. The revaluation reserve is due to land being revalued two years ago. . 550 000 42 000 7500 250 000 20 000 65 000 757 500 2 000 85 000 16 000 50 000 55 000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Question 2
Coconut Limited produces vegan snacks for distribution to various retailers across the country.
The following is the trial balance of Coconut Limited for the year ended 28 February 2022:
Credit
Debit
Account Name
14 000
Inventory
22 000
Trade receivables
Revenue
Cost of sales
Property, plant and equipment (Carrying value)
Telephone expense
Revaluation reserve
Salaries and wages
Trade payables
Retained earnings - 1 March 2021
Share capital
Advertising expenses
Depreciation
Loan
Bank
5 000
Finance income
10 000
Additional Information:
●
The outstanding loan is payable over the next three years in the following ratio 30: 20:50.
Inventory with a cost price of R10 000 (Selling price of R15 000) was returned by a debtor.
This entry has not yet been accounted for.
10 000 shares were issued on 28 February 2022 at R2 each for cash. This entry has not yet
been accounted for.
The revaluation reserve is due to land being revalued two years ago.
Required:
Q.2.1
Prepare the Statement of Financial Position of Coconut Limited for the
financial year ended 28 February 2022.
Comparative figures are not required.
550 000
42 000
7 500
250 000
20 000
65 000
757 500
2 000
85 000
16 000
50 000
55 000
I-
Transcribed Image Text:22 Question 2 Coconut Limited produces vegan snacks for distribution to various retailers across the country. The following is the trial balance of Coconut Limited for the year ended 28 February 2022: Credit Debit Account Name 14 000 Inventory 22 000 Trade receivables Revenue Cost of sales Property, plant and equipment (Carrying value) Telephone expense Revaluation reserve Salaries and wages Trade payables Retained earnings - 1 March 2021 Share capital Advertising expenses Depreciation Loan Bank 5 000 Finance income 10 000 Additional Information: ● The outstanding loan is payable over the next three years in the following ratio 30: 20:50. Inventory with a cost price of R10 000 (Selling price of R15 000) was returned by a debtor. This entry has not yet been accounted for. 10 000 shares were issued on 28 February 2022 at R2 each for cash. This entry has not yet been accounted for. The revaluation reserve is due to land being revalued two years ago. Required: Q.2.1 Prepare the Statement of Financial Position of Coconut Limited for the financial year ended 28 February 2022. Comparative figures are not required. 550 000 42 000 7 500 250 000 20 000 65 000 757 500 2 000 85 000 16 000 50 000 55 000 I-
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