Question
Bay Holdings Limited: 30 June 2021. Required: Statement of financial position as at: 30 June 2021 Information BALANCE SHEET ACCOUNTS Ordinary share capital 2 648
Bay Holdings Limited: 30 June 2021. Required: Statement of financial position as at: 30 June 2021
Information
| BALANCE SHEET ACCOUNTS | |
| Ordinary share capital | 2 648 000 |
| Retained income (1 Jul 2020) | 490 000 |
| Shareholders for dividends | 280 000 |
| Fixed deposit | 60 000 |
| Mortgage bond | 336 000 |
| Fixed/tangible assets (Carrying value) | 4 021 000 |
| Debtors control | 45 000 |
| Creditors control | 85 200 |
| Creditors for salaries | 12 300 |
| Provision for bad debts | ? |
| SARS (Income tax) | 400 000 |
| SARS (PAYE) | 6 650 |
| Expenses payable (accrued) | 7 200 |
| Income receivable (accrued) | 7 950 |
| Bank | 28 450 |
| Trading stock/inventory | 129 600 |
| Consumable stores | 5 600 |
Additional information 1. The net profit after tax for the year amounted to R875 000 2. Provision for bad debts should be adjusted to 5 % of debtors. 3. One third of total fixed assets matures on 31 August 2021. 4. A portion of loan amounting to R48 000 will be paid on 31 December 2021. 5. SARS (Income tax) owes the business R25 000 for tax overpayment.
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
M: Finance
Authors: Marcia Cornett, Troy Adair, John Nofsinger
5th Edition
1260772357, 9781260772357
