Use the information provided below to prepare the Statement of Financial Position of Lynwood Limited as at 31 August2023. The notes to the financial statements are not required. Show all workings. INFORMATION The following balanceswere obtained from the accounting records of Lynwood Limited after some of the adjustments and closing transfers werecompleted on 31 August 2023, the end of the financial year. R Inventory 315 000 Accounts receivable 92 000 Loan: LindorBank (19.5%) 200 000 Equipment (Cost) 1 980 000 Accumulated depreciation on equipment? Cash float 13 500 Accountspayable 211 000 Provision for bad debts? Accrued income? Ordinary share capital 1 161 000 Retained income 540 000Company tax payable 18 000 Bank (DR) 99 000 Accrued expenses? Dividends payable 161 000 The following adjustmentsmust be made: The account of a debtor who owed R2 000 must be written off. The provision for bad debts must beadjusted to 5% of debtors. The rent income account reflected a total of R99 000 which was for rent for the period 01September 2022 to 31 July 2023. Make the necessary adjustment. Interest on loan was owed for the last four months of thefinancial year. Interest is not capitalised. The equipment was acquired on 01 March 2023. Depreciation must be provided at20% per annum using the reducing balance method.

Lynwood LimitedStatement of Financial PositionAs of 31 August 2023ASSETSCurrent Assets: Inventory…

Answered: Use the information provided below to…

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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