Qumbu Energy Ltd installs wind power turbines for renewable energy projects in OR Tambo District Municipality in the Eastern Cape. The company services government contracts and private energy firms, operating from Qumbu with projects mainly along the municipality. In 2023/2024, Qumbu Energy completed three major installations, growing rapidly as renewable energy demand rises. The following financial information is presented to you to assist in the preparation of financial statements: Extract from the statement of financial position information as at 28 February 2024: 2024 2023 R R Trade payables control 52,300 32,300 Interest payable 17,000 12,300 Dividends payable 15,200 24,300 Long-term loan: IDD Corporation 129,500 346,700 Current tax receivable 38,300 13,700 Bank 71,600 49,400 Inventory 91,200 70,300 Dividends receivable 30,900 18,800 Listed investment at fair value 487,400 391,400 Interest receivable 7,700 11,600 Trade receivables control 86,200 80,600 Loans to director 294,700 313,400 Retained earnings 1,399,800 820,600 Share capital 1,219,000 1,076,600 Revaluation reserve 252,100 177,400 Machinery and equipment at cost 307,100 385,700 Accumulated depreciation: Machinery and equipment 53,600 19,200 Buildings 1,169,000 695,500 Extract from the statement of profit or loss and other comprehensive income information for the year ended 28 February 2024: R Depreciation (machinery and equipment) 61,500 Interest income 13,500 Profit on sale of machinery and equipment 16,500 Loss on financial assets at fair value through profit or loss 31,700 Income tax expense 216,900 Investment income: Dividend received 15,900 Rental income 29,100 Interest expense 12,400 Additional information 1. The company uses the indirect method to present the statement of cash flows. 2. The sale or purchase of property, plant, and equipment was in cash. 3. Loans to directors are immediately callable 4. Dividends paid to shareholders (in cash) during the year amounted to R240 000. With regards to Qumbu Energy (Pty) Ltd, complete the amounts in the EXTRACT of: The statement of cash flows for the year ended 29 February 2024. The cash generated from/(used in) operations is disclosed according to the INDIRECT METHOD.
Qumbu Energy Ltd installs wind power turbines for renewable energy projects in OR Tambo District Municipality in the Eastern Cape. The company services government contracts and private energy firms, operating from Qumbu with projects mainly along the municipality. In 2023/2024, Qumbu Energy completed three major installations, growing rapidly as renewable energy demand rises. The following financial information is presented to you to assist in the preparation of financial statements: Extract from the statement of financial position information as at 28 February 2024: 2024 2023 R R Trade payables control 52,300 32,300 Interest payable 17,000 12,300 Dividends payable 15,200 24,300 Long-term loan: IDD Corporation 129,500 346,700 Current tax receivable 38,300 13,700 Bank 71,600 49,400 Inventory 91,200 70,300 Dividends receivable 30,900 18,800 Listed investment at fair value 487,400 391,400 Interest receivable 7,700 11,600 Trade receivables control 86,200 80,600 Loans to director 294,700 313,400 Retained earnings 1,399,800 820,600 Share capital 1,219,000 1,076,600 Revaluation reserve 252,100 177,400 Machinery and equipment at cost 307,100 385,700 Accumulated depreciation: Machinery and equipment 53,600 19,200 Buildings 1,169,000 695,500 Extract from the statement of profit or loss and other comprehensive income information for the year ended 28 February 2024: R Depreciation (machinery and equipment) 61,500 Interest income 13,500 Profit on sale of machinery and equipment 16,500 Loss on financial assets at fair value through profit or loss 31,700 Income tax expense 216,900 Investment income: Dividend received 15,900 Rental income 29,100 Interest expense 12,400 Additional information 1. The company uses the indirect method to present the statement of cash flows. 2. The sale or purchase of property, plant, and equipment was in cash. 3. Loans to directors are immediately callable 4. Dividends paid to shareholders (in cash) during the year amounted to R240 000. With regards to Qumbu Energy (Pty) Ltd, complete the amounts in the EXTRACT of: The statement of cash flows for the year ended 29 February 2024. The cash generated from/(used in) operations is disclosed according to the INDIRECT METHOD.
Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
ChapterMB: Model-building Problems
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Qumbu Energy Ltd installs wind power turbines for renewable energy projects in OR Tambo District Municipality in the Eastern Cape. The company services government contracts and private energy firms, operating from Qumbu with projects mainly along the municipality. In 2023/2024, Qumbu Energy completed three major installations, growing rapidly as renewable energy demand rises.
The following financial information is presented to you to assist in the preparation of financial statements:
Extract from the statement of financial position information as at 28 February 2024:
2024
2023
R
R
Trade payables control
52,300
32,300
Interest payable
17,000
12,300
Dividends payable
15,200
24,300
Long-term loan: IDD Corporation
129,500
346,700
Current tax receivable
38,300
13,700
Bank
71,600
49,400
Inventory
91,200
70,300
Dividends receivable
30,900
18,800
Listed investment at fair value
487,400
391,400
Interest receivable
7,700
11,600
Trade receivables control
86,200
80,600
Loans to director
294,700
313,400
Retained earnings
1,399,800
820,600
Share capital
1,219,000
1,076,600
Revaluation reserve
252,100
177,400
Machinery and equipment at cost
307,100
385,700
Accumulated depreciation: Machinery and equipment
53,600
19,200
Buildings
1,169,000
695,500
Extract from the statement of profit or loss and other comprehensive income information for the year ended 28 February 2024:
R
Depreciation (machinery and equipment)
61,500
Interest income
13,500
Profit on sale of machinery and equipment
16,500
Loss on financial assets at fair value through profit or loss
31,700
Income tax expense
216,900
Investment income: Dividend received
15,900
Rental income
29,100
Interest expense
12,400
Additional information
1. The company uses the indirect method to present the statement of cash flows.
2. The sale or purchase of property, plant, and equipment was in cash.
3. Loans to directors are immediately callable
4. Dividends paid to shareholders (in cash) during the year amounted to R240 000.
With regards to Qumbu Energy (Pty) Ltd, complete the amounts in the EXTRACT of:
The statement of cash flows for the year ended 29 February 2024. The cash generated from/(used in) operations is disclosed according to the INDIRECT METHOD.
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