Answered step by step
Verified Expert Solution
Question
1 Approved Answer
1. EXTRACT OF BALANCES AS AT 28 February 2022: 2.1. The fixed deposit in Mnambithi bank matures on 31 December 2024. 2.2. Due to investment
1. EXTRACT OF BALANCES AS AT 28 February 2022: 2.1. The fixed deposit in Mnambithi bank matures on 31 December 2024. 2.2. Due to investment commitments requiring cash injection, the CC decided on the following: - On 28 February 2022, admitted a new member Tiyani for a contribution of cash amount of R105000 and equipment valued at R40 500 . This transaction is yet to be recorded. 2.3. The long-term loan from Mnambithi Bank was granted on 1 December 2021. The loan is secured by a first mortgage over land and buildings and is repayable in four equal annual instalments together with interest, with the first instalment on 1 December 2022. 2.4. All loans to members are immediately callable whilst the loan from Senza is repayable in full on 30 November 2023. 2.5. Investments consist of - Investment in Makhathini (Pty) Ltd valued R110000 . 2000 shares in Njengabo Ltd at R97 000. These shares were trading at R50.5 at 28 February 2022. of R105 000 . The vehicle was sold for R32 000 cash on 1 November 2021 . The accumulated depreciation on the vehicle amounted to R78 000 on 1 November 2021. 2.7. A telephone statement from Telkom relating to February 2022 was received on 4 March 2022. 2.8. Depreciation for the year which must still be provided for was correctly calculated as follows: Which one of the following alternatives represents the correct long-term loan: Mnambithi Bank amount that must be disclosed under non-current liabilities in the statement of financial position of Senzangakhona Painting as at 28 February 2022? a. R838050 b. R 1117400 c. R0 d. R 1114700 Question 63 Not yet answered Marked out of 2.00 Flag question Which one of the following alternatives represents the correct long-term loan: Mnambithi Bank amount that must be disclosed under current liabilities in the statement of financial position of Senzangakhona Painting as at 28 February 2022
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started