REQUIRED Use the information given below to prepare the Statement of Financial Position of Merryvale Traders as at 28 February 2023. The notes to the financial statements are not required. INFORMATION The following is an extract from the accounting records of Merryvale Traders as at 28 February 2023 (the end of the financial year) after the Statement of Comprehensive Income was drawn up: Capital (01 March 2022) Drawings Loan: Zim Bank Property, plant and equipment (carrying value) Creditors control Debtors control Trading inventory Cash float Bank (CR) Fixed deposit: Ben Bank Consumable stores on hand Accrued expenses Prepaid expenses Accrued income Income received in advance R 3 000 000 1440 000 600 000 3 534 000 480 000 120 000 420 000 18 000 90 000 300 000 ? ? ? ? ? Additional information that must be considered: ■ According to the Statement of Comprehensive Income the net profit for the year ended 28 February 2023 amounted to R1 620 000. ■ Commission owed by a supplier to Merryvale Traders on 28 February 2023 amounted to R24 000. ■ Rent received for the financial year ended 28 February 2024 amounted to R48 000. ■ On 28 February 2023 an amount of R36 000 was owed to the municipality for rates and taxes. ■ An amount of R6 000 was paid to the insurance company for the period 01 March 2023 to 31 August 2023 for vehicle insurance. The proprietor took R18 000 trading goods at cost price for her personal use after stocktaking was done but this has not been recorded. Stationery unused according to stocktaking amounted to R12 000 on 28 February 2023.
REQUIRED Use the information given below to prepare the Statement of Financial Position of Merryvale Traders as at 28 February 2023. The notes to the financial statements are not required. INFORMATION The following is an extract from the accounting records of Merryvale Traders as at 28 February 2023 (the end of the financial year) after the Statement of Comprehensive Income was drawn up: Capital (01 March 2022) Drawings Loan: Zim Bank Property, plant and equipment (carrying value) Creditors control Debtors control Trading inventory Cash float Bank (CR) Fixed deposit: Ben Bank Consumable stores on hand Accrued expenses Prepaid expenses Accrued income Income received in advance R 3 000 000 1440 000 600 000 3 534 000 480 000 120 000 420 000 18 000 90 000 300 000 ? ? ? ? ? Additional information that must be considered: ■ According to the Statement of Comprehensive Income the net profit for the year ended 28 February 2023 amounted to R1 620 000. ■ Commission owed by a supplier to Merryvale Traders on 28 February 2023 amounted to R24 000. ■ Rent received for the financial year ended 28 February 2024 amounted to R48 000. ■ On 28 February 2023 an amount of R36 000 was owed to the municipality for rates and taxes. ■ An amount of R6 000 was paid to the insurance company for the period 01 March 2023 to 31 August 2023 for vehicle insurance. The proprietor took R18 000 trading goods at cost price for her personal use after stocktaking was done but this has not been recorded. Stationery unused according to stocktaking amounted to R12 000 on 28 February 2023.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please you assist with this Financial question below, thanks.
Transcribed Image Text:REQUIRED
Use the information given below to prepare the Statement of Financial Position of Merryvale Traders as at
28 February 2023. The notes to the financial statements are not required.
INFORMATION
The following is an extract from the accounting records of Merryvale Traders as at 28 February 2023 (the end
of the financial year) after the Statement of Comprehensive Income was drawn up:
Capital (01 March 2022)
Drawings
Loan: Zim Bank
Property, plant and equipment (carrying value)
Creditors control
Debtors control
Trading inventory
Cash float
Bank (CR)
Fixed deposit: Ben Bank
Consumable stores on hand
Accrued expenses
Prepaid expenses
Accrued income
Income received in advance
■
■
R
3 000 000
Additional information that must be considered:
■ According to the Statement of Comprehensive Income the net profit for the year ended 28 February 2023
amounted to R1 620 000.
■
1440 000
600 000
3 534 000
480 000
120 000
420 000
18 000
90 000
300 000
?
?
?
?
?
Commission owed by a supplier to Merryvale Traders on 28 February 2023 amounted to R24 000.
Rent received for the financial year ended 28 February 2024 amounted to R48 000.
On 28 February 2023 an amount of R36 000 was owed to the municipality for rates and taxes.
An amount of R6 000 was paid to the insurance company for the period 01 March 2023 to 31 August 2023
for vehicle insurance.
The proprietor took R18 000 trading goods at cost price for her personal use after stocktaking was done
but this has not been recorded.
■ Stationery unused according to stocktaking amounted to R12 000 on 28 February 2023.
Transcribed Image Text:Payments amounting to R170 000 will be made to Zim Bank in the next financial year. The amount
includes R90 000 for interest on loan.
■ Sixty percent (60%) of the fixed deposit matures on 31 July 2023 and the balance matures on 31 July
2024.
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