H&M Pty (Ltd) was incorporated on the 01 April 2021. The Company operates in the hospitality industry. The information below pertains to the business activities of the company for the year ended 31 March 2023.

1. EXTRACT OF BALANCES AS AT 31 March 2023:

	R
Share Capital : Ordinary Shares	3,001,205
Retained earnings (1 April 2022)	(429,900)
Fixed deposit	300,505
Investments	??
Vehicles (at cost)	980,000
Accumulated depreciation: Vehicles (1 April 2022)	217,700
Buildings	3,000,000
Accumulated depreciation: Buildings (1 April 2022)	196,800
Land	1,002,700
Equipment (at cost)	331,400
Accumulated depreciation: Equipment (01 April 2022)	124,300
Trade receivables control	446,200
Allowance for credit losses	7,000
Prepaid expenses	17,500
Allowance for settlement discount granted	9,100
Long-term loan: Time Bank	1,117,400
SARS (current tax paid)	12,500
Trade payables control	669,600
Profit for the year (before year-end adjustments)	1,276,300

2. Additional information

2.1. The fixed deposit in Time bank matures on 31 December 2025.

2.2. During the year the land was revalued upwards by R150 000 by a sworn appraiser because of the rezoning of the property. This transaction is yet to be recorded.

2.3. The long-term loan from Time Bank was granted on 1 December 2021. The loan is secured by a first mortgage over land and buildings and is repayable in 6 equal annual instalments together with interest, with the first instalment on 1 December 2023.

2.4. Investments consist of:

Long term - Investment in Diana (Pty) valued R110 000

Short term - 3 000 shares in Elizabeth (Pty) Ltd at R100 000. These shares were trading at R45,00 on 31 March 2023.

2.5. A vehicle with a cost price of R170 000 was sold for R40 000 cash on 30 November 2022. The accumulated depreciation on the vehicle amounted to R78 000 on 30 November 2022.

A new Equipment with a cost of R40 500 was purchased on the 31 March 2023.

The accountant of the CC neglected to record the above transactions.

2.6. A telephone statement of R8 300 from Telkom relating to March 2023 was received on 2 April 2023.

2.7. Current tax for the year amounts to R103 500 and must still be provided.

2.8. Depreciation for the year which must still be provided for was correctly calculated as follows:

Buildings R134 000

Equipment R53 600

Vehicles R61 000

Which one of the following alternatives represents the correct carrying amount for land amount that must be disclosed in the statement of financial position of H&M Pty (Ltd) as at 31 March 2023?

a.

R 1 002 000

b.

R 1 007 200

c.

R 2 896 100

d.

R 1 152 700

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Question 32

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Which one of the following alternatives represents the correct current tax payable amount that must be disclosed under current liabilities in the statement of financial position of H&M Pty (Ltd) as at 31 March 2023?

a.

R 103 500

b.

R 12 500

c.

R 116 000

d.

R 91 000

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Question 33

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Which one of the following alternatives represents the correct carrying amount for vehicles that must be disclosed in the statement of financial position of H&M Pty (Ltd) as at 31 March 2023?

a.

R 779 300

b.

R 701 300

c.

R 762 300

d.

R 609 300

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Question 34

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Which one of the following alternatives represents the correct long-term loan: Time Bank amount that must be disclosed under non-current liabilities in the statement of financial position of H&M Pty (Ltd) as at 31 March 2023?

a.

R 900 000

b.

R 1 117 400

c.

R 931 167

d.

R 1 114 700

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Which one of the following alternatives represents the correct trade receivables amount that must be disclosed in the statement of financial position in the statement of financial position of H&M Pty (Ltd) as at 31 March 2023?

a.

R 446 200

b.

R 430 100

c.

R 389 000

d.

R 439 200

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Question 36

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Which one of the following alternatives represents the correct carrying amount for equipment that must be disclosed in the statement of financial position of H&M Pty (Ltd )as at 31 March 2023?

a.

R 331 400

b.

R 247 600

c.

R 194 000

d.

R 153 500

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Question 37

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Which one of the following alternatives represents the correct fixed deposit amount that must be disclosed under non-current assets section in the statement of financial position of H&M Pty (Ltd) as at 31 March 2023?

a.

R 130 000

b.

R 300 505

c.

R120 000

d.

R 0

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Question 38

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Which one of the following alternatives represents the correct Other Components of equity amount that must be disclosed in the statement of financial position of H&M Pty (Ltd) as at 31 March 2023?

a.

R 125 000

b.

R 0

c.

R 100 000

d.

R 150 000

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Question 39

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Which one of the following alternatives represents the correct share investment amount that must be disclosed under non-current assets in the statement of financial position of H&M Pty Ltd as at 31 March 2023?

a.

R 110 000

b.

R 0

c.

R 97 000

d.

R 100 000

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Which one of the following alternatives represents the correct retained earnings amount that must be disclosed in the statement of financial position of H&M Pty (Ltd) as at 31 March 2023?

a.

R 572 500

b.

R 846 400

c.

R545 800

d.

R 597 800

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Question 41

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Which one of the following alternatives represents the correct trade and other payables amount that must be disclosed in the statement of financial position of H&M Pty (Ltd)as at 31 March 2023?

a.

R 677 900

b.

R 648 400

c.

R 669 600

d.

R 666 900

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Question 42

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Which one of the following alternatives represents the correct carrying amount for buildings that must be disclosed in the statement of financial position of H&M Pty (Ltd) as at 31 March 2023?

a.

R 2 896 100

b.

R 2 896 000

c.

R 2 669 200

d.

R 3 000 000

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Question 43

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Which one of the following alternatives represents the correct fixed deposit amount that must be disclosed under current assets section in the statement of financial position of H&M Pty (Ltd) as at 31 March 2023?

a.

R 120 000

b.

R 150 100

c.

R 130 000

d.

R 0

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Question 44

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Which one of the following alternatives represents the correct share investment amount that must be disclosed under current assets in the statement of financial position of H&M Pty (Ltd) as at 31 March 2023?

a.

R100 000

b.

R 110 000

c.

R 0

d.

R 135 000