The following are the balances in the ledger of Laurel Limited at 1 January 2013: DR...
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The following are the balances in the ledger of Laurel Limited at 1 January 2013: DR R CR R Ordinary share capital Retained earnings SARS Shareholders for ordinary dividends Land, at cost Cash at bank 500 000 123 000 48 000 25 000 660 000 36 000 R696 000 R696 000 A. A summary of the cash transactions of the company for the financial year ending 31 December 2013 were as follows: 2013 BANK ACCOUNT 2013 Jan 01 Balance b/d 36 000 April 30 SARS 48 000 June 30 Rent revenue 140 000 Aug 30 Commission (Tax payable for 2012 year) revenue 63 750 May 31 Sept 30 Land sold 60 000 (Cost of land was R30.000) June 30 Dec 31 Rent revenue 100 000 Ordinary dividends (2012) paid Ordinary dividends (2013 -interim) Directors' emoluments 25 000 20 000 75000 July 31 Leasing charges 30 000 Audit fees 12 000 Sept 30 SARS 42 000 (Provisional tax for 2013 year) Nov 30 Dec 31 Administrative expenses 20 500 Balance cid 127 250 R399 750 R399 750 2014 Jan 01 Balance b/d 127 250 B. Additional information: (a) REQUIRED: (a) (b) The accountant calculated that taxation payable for the 2013 year will be R49 875. A resolution was passed at the director's meeting to recommend an ordinary share dividend of 10 per share for the same period. All of the company's authorised ordinary shares have been issued at R1 each. Prepare entries in general journal form to record the transactions for the 2013 financial year given in A. above Narrations are not required. Prepare entries in general journal form to record the adjustments at 31 December 2013 given in B. above. Narrations are not required. (c) Prepare the Statement of Profit or Loss of Laurel Limited for the year ended 31 December 2013. (d) Prepare the Equity and liabilities section of the Statement of Financial Position and the Statement of Changes in Equity of Laurel Limited at 31 December 2013. The following are the balances in the ledger of Laurel Limited at 1 January 2013: DR R CR R Ordinary share capital Retained earnings SARS Shareholders for ordinary dividends Land, at cost Cash at bank 500 000 123 000 48 000 25 000 660 000 36 000 R696 000 R696 000 A. A summary of the cash transactions of the company for the financial year ending 31 December 2013 were as follows: 2013 BANK ACCOUNT 2013 Jan 01 Balance b/d 36 000 April 30 SARS 48 000 June 30 Rent revenue 140 000 Aug 30 Commission (Tax payable for 2012 year) revenue 63 750 May 31 Sept 30 Land sold 60 000 (Cost of land was R30.000) June 30 Dec 31 Rent revenue 100 000 Ordinary dividends (2012) paid Ordinary dividends (2013 -interim) Directors' emoluments 25 000 20 000 75000 July 31 Leasing charges 30 000 Audit fees 12 000 Sept 30 SARS 42 000 (Provisional tax for 2013 year) Nov 30 Dec 31 Administrative expenses 20 500 Balance cid 127 250 R399 750 R399 750 2014 Jan 01 Balance b/d 127 250 B. Additional information: (a) REQUIRED: (a) (b) The accountant calculated that taxation payable for the 2013 year will be R49 875. A resolution was passed at the director's meeting to recommend an ordinary share dividend of 10 per share for the same period. All of the company's authorised ordinary shares have been issued at R1 each. Prepare entries in general journal form to record the transactions for the 2013 financial year given in A. above Narrations are not required. Prepare entries in general journal form to record the adjustments at 31 December 2013 given in B. above. Narrations are not required. (c) Prepare the Statement of Profit or Loss of Laurel Limited for the year ended 31 December 2013. (d) Prepare the Equity and liabilities section of the Statement of Financial Position and the Statement of Changes in Equity of Laurel Limited at 31 December 2013.
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