Financial reporting and analysis exam answers 14/05/2024 Question 1 answers

Question1
Statement of financial position for the year ended 29 February 2024
Assets workings R
Non current assets 3 914 800
Property, plant and equipment (4 940 000 - 1 125 200) 3 814 800
Fixed deposits 100 000
Current assets 539 000
Inventory (240 000 + 1 000) 241 000
Trade and other receivables (5 000 + 6 000 + 285 000 ) 296 000
Trade debtors (302 000 - 2 000 ) 302 000
Provision for bad debts (‘15 000)
Municipal rates prepaid 6 000
Interest owing 5 000
Cash and cash equivalents 2 000
Total assets (3 914 800 + 539 000) 4 453 800
Equity and liabilities
Equity 4 143 440
Capital (3 530 000 + 613 440) 4 143 440
Non current liabilities 160 000
Loan (184 000 - 24 000) 160 000
Current liabilities 512 360
Trade and other payables 488 360
Trade creditors 376 000
(98 000 +1 400 + 200)
Bank overdraft 99 600
Interest expense owing 2 760
Rent income prepaid 10 000
Loan repayment 24 000
Total equity and liabilities (4 143 440 +160 000 + 512 360) 4 815 800