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Aww All in bele 1100 MARKS QUESTION 20 Marts The word in ongewwerted from the court of Dynan on 25 Feb 2000 the end of the Francia REQUIRED Prepare the set of Franci Postiosta Fatra 2000. The more frondweet wie net Now Show working in INFORMATION DYSAN LIMITED PRE-ADJUSTMENT TRIAL BALANCE AS AT 2) FEBRUARY 2020 Debit Credit balance sheet section Otvary share a 100 000 2000 Relined up 2000 Vahiden com 10000 por atost 120 000 Kundepreciation on voices 0-000 Acum deprotinguet 30 000 Trading or 0 000 Debocor 22000 Provision for bad debts 4 000 Antent and then Information 1. According to go on rawy 2000, digter on android te RE000 2. Consonable stores decording to more to 200 on 25 February 2010 3. No enly has been made for a como o tome but not the one for 4 Received a chaque formanden der Marst he was only be to pay 30 obt The balance of the count on how bewo Nowe made for the transaction 5 The provision for badebis multe do Rio The phone account for any 2020 de to be paid on 12 March 200.000 7 The elements signed with the strandlordre slow R30 000 for the period 1 day 2010 December 2011. d 36000 for the period 01 Juary 2030 31 December 2000 Make the necessary 8 The lonton Ares Bark was one on teper 2018. Provide for the ning interest is not capital) Loan ets ungirere epided to our 12.000 in the easily The race to includes an annual premium of R100 that was paid for the period 01 June 2013 May 2020 10 The bank ment for February 2020 reflected bork charges of R180 that have not yet been recorded 11 The lectricity and water for February 2020 indondan armount of R1000 for nquired by the municipally. This was recorded in the water and electric 12. Provide for deprecation allows 12.1 Onesmerker mon cost. 122 On Vids 25 per vum on the dimising and 13 An account forved fron Heild Motors to replace toys on the delivery vehicle of the business, 000, has not been recorded 14 Corony tax for the financial your mounted to R11601 15 The directors proposed a finalidad of 15 cents per har 16 The prolt her tax for the yow ended 28 February 2020, after taking the soojustments But was R27 278 2000 40 000 10.000 80 000 485000 Cash for Credo conto South African Revenue Company Longmar Ariet Banka Nominal accounts action Sales Coot sales Sesotme Scores and wages Bat det Core wores Parten 243 000 3000 4000 5000 2000 28000 15 000 2000 Red Telephone Electricity and water Bachar he person or Connison come 7000 11000 3000 4000 6000 5.000 1 000 000 1 000 000 1 006 000 There Inimest on mortgage loan ision income 1. 2 3. 4 RI P IF Adjustments and additional information According to physical stocktaking done on 29 February 2020, trading inventory on hand amounted R68 000 Consumate stores unused according to stocktaking amounted to R200 on 29 February 2020. Adi No entry has been made for a commission of 10% samed but not received on 500 tems that were sold for R60 each Received a cheque for R500 from an insolvent debtor, J. Marsh, who was only able to pay 30% of her debt. The balance of her account must now be written off. No entries were made for those transactions 5. The provision for bad debts must be decreased to R1 500 6. The telephone account for February 2020 was due to be paid on 02 March 2020, R700, 7. The rental agreements signed with the lessor (landlord) are as follows: R30 000 for the period 01 January 2019 to 31 December 2019, and R36 000 for the period 01 January 2020 to 31 December 2020 Make the necessary adjustment 8. The loan from Anies Bank was obtained on 01 September 2019. Provide for the outstanding interest (Interest is not capitalised.) Loan repayments (excluding interest) are expected to amount to R12 000 in the next financial year. 9. The insurance total indudes an annual premium of R1 800 that was paid for the period 01 June 2019 to 31 May 2020. 10. The bank statement for February 2020 reflected bank charges of R180 that have not yet been recorded. 11. The electricity and water statement for February 2020 included an amount of R1 000 for a deposit required by the municipality. This was recorded in the water and electricity account. 12 Provide for depreciation as follows: 12.1 On equipment at 15% per annum on cost. 122 On vehicles at 25% per annum on the diminishing balance. 13. An account received from Heidi Motors to replace two tyres on the delivery vehicle of the business, R2 000, has not been recorded. 14. Company tax for the financial year amounted to R11 691. 15. The directors proposed a final dividend of 18 cents per share. 16. The profit after tax for the year ended 29 February 2020, after taking the above adjustments into account, was R27 279. Answer ALL questions below [100 MARKS] QUESTION 1 (20 Marks) The trial balance and additional information given below were extracted from the accounting records of Dysan Limited on 29 February 2020, the end of the financial year, REQUIRED Prepare the Statement of Financial Position as at 29 February 2020. The notes to the financial statements are not required. Show workings in brackets. INFORMATION DYSAN LIMITED PRE-ADJUSTMENT TRIAL BALANCE AS AT 29 FEBRUARY 2020 Debit (R) Credit (R) Balance sheet accounts section Ordinary share capital (100 000 shares) 200 000 Retained eamings 62 000 Vehicles at cost 180 000 Equipment at cost 120 000 90 000 Accumulated depreciation on vehicles Accumulated depreciation on equipment 38 000 70 000 Trading inventory Debtors control 32 000 4000 Provision for bad debts Bank 182 000 Cash float 2 000 40 000 Creditors control 10 000 South African Revenue Services: Company tax 80 000 Long-term loan: Aries Bank (16%p.a.) Nominal accounts section Sales 485 000 Cost of sales 240 000 Sales retums 5 000 Salaries and wages 84 000 Bad debts 5000 Consumable stores 2000 Rent expense 28 000 Motor expenses 15 000 Bad debts recovered 2000 Telephone 7 000 Electricity and water 11 000 Bank charges 3000 Insurance 4000 Interest on mortgage loan 6 000 Commission income 5000 1 006 000 1 006 000 4. 8. 1. According to physical stocktaking done on 29 February 2020, trading inventory on hand amounted to R68 000 2 Consumable stores unused according to stocktaking amounted to R200 on 29 February 2020. 3. No entry has been made for a commission of 10% earned but not received on 500 items that were sold for R60 each Received a cheque for R600 from an insolvent debtor, J. Marsh, who was only able to pay 30% of her debt . The balance of her account must now be written off. No entries were made for these transactions. 5. The provision for bad debts must be decreased to R1 500. 6. The telephone account for February 2020 was due to be paid on 02 March 2020, R700. 7. The rental agreements signed with the lessor (landlord) are as follows: R30 000 for the period 01 January 2019 to 31 December 2019, and R36 000 for the period 01 January 2020 to 31 December 2020. Make the necessary adjustment. The loan from Aries Bank was obtained on 01 September 2019. Provide for the outstanding interest (Interest is not capitalised.) Loan repayments (excluding interest) are expected to amount to R12 000 in the next financial year. 9. The insurance total includes an annual premium of R1 800 that was paid for the period 01 June 2019 to 31 May 2020. 10. The bank statement for February 2020 reflected bank charges of R180 that have not yet been recorded. 11. The electricity and water statement for February 2020 included an amount of R1 000 for a deposit required by the municipality. This was recorded in the water and electricity account. 12. Provide for depreciation as follows: 12.1 On equipment at 15% per annum on cost. 12.2 On vehicles at 25% per annum on the diminishing balance. 13 An account received from Heidi Motors to replace two tyres on the delivery vehicle of the business, R2 000, has not been recorded. 14. Company tax for the financial year amounted to R11 691. 15. The directors proposed a final dividend of 18 cents per share. 16. The profit after tax for the year ended 29 February 2020, after taking the above adjustments into account, was R27 279. QUESTION 1 (20 Marks) DYSAN LIMITED STATEMENT OF FINANCIAL POSITION AS AT 29 FEBRUARY 2020 ASSETS Workings (If any) Non-current assets R Current assets Inventories Trade and other receivables Trade debtors Cash and cash equivalents Total assets EQUITY AND LIABILITIES Equity Non-current Nabilities Current liabilities Trade and other payables Total equity and liabilities Aww All in bele 1100 MARKS QUESTION 20 Marts The word in ongewwerted from the court of Dynan on 25 Feb 2000 the end of the Francia REQUIRED Prepare the set of Franci Postiosta Fatra 2000. The more frondweet wie net Now Show working in INFORMATION DYSAN LIMITED PRE-ADJUSTMENT TRIAL BALANCE AS AT 2) FEBRUARY 2020 Debit Credit balance sheet section Otvary share a 100 000 2000 Relined up 2000 Vahiden com 10000 por atost 120 000 Kundepreciation on voices 0-000 Acum deprotinguet 30 000 Trading or 0 000 Debocor 22000 Provision for bad debts 4 000 Antent and then Information 1. According to go on rawy 2000, digter on android te RE000 2. Consonable stores decording to more to 200 on 25 February 2010 3. No enly has been made for a como o tome but not the one for 4 Received a chaque formanden der Marst he was only be to pay 30 obt The balance of the count on how bewo Nowe made for the transaction 5 The provision for badebis multe do Rio The phone account for any 2020 de to be paid on 12 March 200.000 7 The elements signed with the strandlordre slow R30 000 for the period 1 day 2010 December 2011. d 36000 for the period 01 Juary 2030 31 December 2000 Make the necessary 8 The lonton Ares Bark was one on teper 2018. Provide for the ning interest is not capital) Loan ets ungirere epided to our 12.000 in the easily The race to includes an annual premium of R100 that was paid for the period 01 June 2013 May 2020 10 The bank ment for February 2020 reflected bork charges of R180 that have not yet been recorded 11 The lectricity and water for February 2020 indondan armount of R1000 for nquired by the municipally. This was recorded in the water and electric 12. Provide for deprecation allows 12.1 Onesmerker mon cost. 122 On Vids 25 per vum on the dimising and 13 An account forved fron Heild Motors to replace toys on the delivery vehicle of the business, 000, has not been recorded 14 Corony tax for the financial your mounted to R11601 15 The directors proposed a finalidad of 15 cents per har 16 The prolt her tax for the yow ended 28 February 2020, after taking the soojustments But was R27 278 2000 40 000 10.000 80 000 485000 Cash for Credo conto South African Revenue Company Longmar Ariet Banka Nominal accounts action Sales Coot sales Sesotme Scores and wages Bat det Core wores Parten 243 000 3000 4000 5000 2000 28000 15 000 2000 Red Telephone Electricity and water Bachar he person or Connison come 7000 11000 3000 4000 6000 5.000 1 000 000 1 000 000 1 006 000 There Inimest on mortgage loan ision income 1. 2 3. 4 RI P IF Adjustments and additional information According to physical stocktaking done on 29 February 2020, trading inventory on hand amounted R68 000 Consumate stores unused according to stocktaking amounted to R200 on 29 February 2020. Adi No entry has been made for a commission of 10% samed but not received on 500 tems that were sold for R60 each Received a cheque for R500 from an insolvent debtor, J. Marsh, who was only able to pay 30% of her debt. The balance of her account must now be written off. No entries were made for those transactions 5. The provision for bad debts must be decreased to R1 500 6. The telephone account for February 2020 was due to be paid on 02 March 2020, R700, 7. The rental agreements signed with the lessor (landlord) are as follows: R30 000 for the period 01 January 2019 to 31 December 2019, and R36 000 for the period 01 January 2020 to 31 December 2020 Make the necessary adjustment 8. The loan from Anies Bank was obtained on 01 September 2019. Provide for the outstanding interest (Interest is not capitalised.) Loan repayments (excluding interest) are expected to amount to R12 000 in the next financial year. 9. The insurance total indudes an annual premium of R1 800 that was paid for the period 01 June 2019 to 31 May 2020. 10. The bank statement for February 2020 reflected bank charges of R180 that have not yet been recorded. 11. The electricity and water statement for February 2020 included an amount of R1 000 for a deposit required by the municipality. This was recorded in the water and electricity account. 12 Provide for depreciation as follows: 12.1 On equipment at 15% per annum on cost. 122 On vehicles at 25% per annum on the diminishing balance. 13. An account received from Heidi Motors to replace two tyres on the delivery vehicle of the business, R2 000, has not been recorded. 14. Company tax for the financial year amounted to R11 691. 15. The directors proposed a final dividend of 18 cents per share. 16. The profit after tax for the year ended 29 February 2020, after taking the above adjustments into account, was R27 279. Answer ALL questions below [100 MARKS] QUESTION 1 (20 Marks) The trial balance and additional information given below were extracted from the accounting records of Dysan Limited on 29 February 2020, the end of the financial year, REQUIRED Prepare the Statement of Financial Position as at 29 February 2020. The notes to the financial statements are not required. Show workings in brackets. INFORMATION DYSAN LIMITED PRE-ADJUSTMENT TRIAL BALANCE AS AT 29 FEBRUARY 2020 Debit (R) Credit (R) Balance sheet accounts section Ordinary share capital (100 000 shares) 200 000 Retained eamings 62 000 Vehicles at cost 180 000 Equipment at cost 120 000 90 000 Accumulated depreciation on vehicles Accumulated depreciation on equipment 38 000 70 000 Trading inventory Debtors control 32 000 4000 Provision for bad debts Bank 182 000 Cash float 2 000 40 000 Creditors control 10 000 South African Revenue Services: Company tax 80 000 Long-term loan: Aries Bank (16%p.a.) Nominal accounts section Sales 485 000 Cost of sales 240 000 Sales retums 5 000 Salaries and wages 84 000 Bad debts 5000 Consumable stores 2000 Rent expense 28 000 Motor expenses 15 000 Bad debts recovered 2000 Telephone 7 000 Electricity and water 11 000 Bank charges 3000 Insurance 4000 Interest on mortgage loan 6 000 Commission income 5000 1 006 000 1 006 000 4. 8. 1. According to physical stocktaking done on 29 February 2020, trading inventory on hand amounted to R68 000 2 Consumable stores unused according to stocktaking amounted to R200 on 29 February 2020. 3. No entry has been made for a commission of 10% earned but not received on 500 items that were sold for R60 each Received a cheque for R600 from an insolvent debtor, J. Marsh, who was only able to pay 30% of her debt . The balance of her account must now be written off. No entries were made for these transactions. 5. The provision for bad debts must be decreased to R1 500. 6. The telephone account for February 2020 was due to be paid on 02 March 2020, R700. 7. The rental agreements signed with the lessor (landlord) are as follows: R30 000 for the period 01 January 2019 to 31 December 2019, and R36 000 for the period 01 January 2020 to 31 December 2020. Make the necessary adjustment. The loan from Aries Bank was obtained on 01 September 2019. Provide for the outstanding interest (Interest is not capitalised.) Loan repayments (excluding interest) are expected to amount to R12 000 in the next financial year. 9. The insurance total includes an annual premium of R1 800 that was paid for the period 01 June 2019 to 31 May 2020. 10. The bank statement for February 2020 reflected bank charges of R180 that have not yet been recorded. 11. The electricity and water statement for February 2020 included an amount of R1 000 for a deposit required by the municipality. This was recorded in the water and electricity account. 12. Provide for depreciation as follows: 12.1 On equipment at 15% per annum on cost. 12.2 On vehicles at 25% per annum on the diminishing balance. 13 An account received from Heidi Motors to replace two tyres on the delivery vehicle of the business, R2 000, has not been recorded. 14. Company tax for the financial year amounted to R11 691. 15. The directors proposed a final dividend of 18 cents per share. 16. The profit after tax for the year ended 29 February 2020, after taking the above adjustments into account, was R27 279. QUESTION 1 (20 Marks) DYSAN LIMITED STATEMENT OF FINANCIAL POSITION AS AT 29 FEBRUARY 2020 ASSETS Workings (If any) Non-current assets R Current assets Inventories Trade and other receivables Trade debtors Cash and cash equivalents Total assets EQUITY AND LIABILITIES Equity Non-current Nabilities Current liabilities Trade and other payables Total equity and liabilities