L Az E. FAC1602/101/3/2020 ASSIGNMENT 02 - FIRST SEMESTER (continued) QUESTION 4 Which one of the following alteratives represents the correct amount be disclosed as current liabilities in the statement of financial position of German as a 28 February 20207 1. R 803 900 2. R1 283 900 3. R 677 900 4. R1 039 400 QUESTIONS Which one of the following alternatives represents the correct amount that must be disclosed as the profit for the year in the statement of profit and loss and other comprehensive income of Gerlamp CC as at 28 February 20207 1. R286 500 UPO 2 R493 475 3. R436 200 4. R482 500 QUESTION 6 Only for question 6; assuming that the total comprehensive income amounted to R500 000. Which one of the following alternatives represents the correct amount that must be disclosed as the retained earnings in the statement of changes in equity of Gerlamp CC for the year ended 28 February 2020? 1. R268 500 2 R493 475 3 R436 200 4 R4B2 600 stehent of cho ended as nzy "F Sula CC po Doo Balance opit for the year FAC1602)101135 ASSIGNMENT 02 - FIRST SEMESTER (continued) 24 Gerlamp CC purchased a bake costing R78 000 on 30 September 2019 from a well known ball dealer Furthermore the Close Corporation bought additional machinery to the value of R81 000 001 November 2019 23 in terms of the Close Corporation Accounting poboy, the depreciations calculated follow * Vehicles are depreciated at 15% according to the straight line method Plant and machinery are depreciated at 10% according to the straight in QUESTION 1 Which one of the following alternatives represents the correct amount that must be disclosed as current assets in the statement of fnancial position of Garamp as at 28 February 20207 =K763 100 1 2. 3 4. R714 100 R833 100 RBB2 100 RB72 000 QUESTION 2 Which one of the following alternatives represents the correct amount that must be disclosed as non-current liabilities the statement of financial position of Gerlamp CC as al 28 February 20207 1 R390 000 (2) R434 - 3 R43 400 4. R406 ODO QUESTION 3 Which one of the following alternatives represents the correct amount that must be disclosed as non-current assets in the statement of financial position of Gerlamp CC as al 28 February 2020? 0 R2 150 000 2 R1 875 900 3 R2 000 000 4 R1 744 000 ASSIGNMENT 02 - FIRST SEMESTER Given Information for questions 1, 2, 3, 4, and Anton Gerald and Mike Lampadario co m o Corporation selling hardware and the folkwit h i n 10 Gerlamp Close Corporatio n Vendor Extract of balances at 28 February 2020 Member's contribution Coral Member's contribution Lampard on 000 Loan lo Lampard Loan from Gerald 0 000 Retained oamings ( bruary 2010 0 000 Interim prol distribution to momen Land and buildings at 141000 Motor vehicles al cost Plant and machinery al cos 40100 Accumulated depreciation Motor vehicles (01 March 2015 110 10 Accumulated depreciation Plant and machinery 191 Myrch 2010) 173 075 Mortgage. de Inventory 10 000 Bank (dr) 000 100 Trade receivables control 49000 Trade payales control 126 000 XSARS (c).... 240 000 Accrued expenses... ... 50 000 Pront before taking any applicable additional information into count 1 107000 2. Additional information: 2.1 Interest of R59 500 payable on the loan from Gerald, and interest of R16 500 receivable on the loan to Lampard, was capital and credited and debited to the applicable accounts. The loan lo Lampard is immediately calable and the loan from Gerald is repayable on 28 February 2021 2.2 The mortgage was acquired on 1 March 2019 from Come Bank at 12% interest per annum payable in arrears on 1 March each year. The interest has been calculated and debited and credited to the applicable accounts. The mortgages secured by land and buildings. The mortgage is repayable in 10 equal awal instalments with the first intiment due on 1 March 2020, 2.3 Provision must still be made for the following: Undrawn salaries: Gerald - RB4000Lampard -R42 000 A further profit distribution to members of R42 000 SA Normal tax-R244 500 L Az E. FAC1602/101/3/2020 ASSIGNMENT 02 - FIRST SEMESTER (continued) QUESTION 4 Which one of the following alteratives represents the correct amount be disclosed as current liabilities in the statement of financial position of German as a 28 February 20207 1. R 803 900 2. R1 283 900 3. R 677 900 4. R1 039 400 QUESTIONS Which one of the following alternatives represents the correct amount that must be disclosed as the profit for the year in the statement of profit and loss and other comprehensive income of Gerlamp CC as at 28 February 20207 1. R286 500 UPO 2 R493 475 3. R436 200 4. R482 500 QUESTION 6 Only for question 6; assuming that the total comprehensive income amounted to R500 000. Which one of the following alternatives represents the correct amount that must be disclosed as the retained earnings in the statement of changes in equity of Gerlamp CC for the year ended 28 February 2020? 1. R268 500 2 R493 475 3 R436 200 4 R4B2 600 stehent of cho ended as nzy "F Sula CC po Doo Balance opit for the year FAC1602)101135 ASSIGNMENT 02 - FIRST SEMESTER (continued) 24 Gerlamp CC purchased a bake costing R78 000 on 30 September 2019 from a well known ball dealer Furthermore the Close Corporation bought additional machinery to the value of R81 000 001 November 2019 23 in terms of the Close Corporation Accounting poboy, the depreciations calculated follow * Vehicles are depreciated at 15% according to the straight line method Plant and machinery are depreciated at 10% according to the straight in QUESTION 1 Which one of the following alternatives represents the correct amount that must be disclosed as current assets in the statement of fnancial position of Garamp as at 28 February 20207 =K763 100 1 2. 3 4. R714 100 R833 100 RBB2 100 RB72 000 QUESTION 2 Which one of the following alternatives represents the correct amount that must be disclosed as non-current liabilities the statement of financial position of Gerlamp CC as al 28 February 20207 1 R390 000 (2) R434 - 3 R43 400 4. R406 ODO QUESTION 3 Which one of the following alternatives represents the correct amount that must be disclosed as non-current assets in the statement of financial position of Gerlamp CC as al 28 February 2020? 0 R2 150 000 2 R1 875 900 3 R2 000 000 4 R1 744 000 ASSIGNMENT 02 - FIRST SEMESTER Given Information for questions 1, 2, 3, 4, and Anton Gerald and Mike Lampadario co m o Corporation selling hardware and the folkwit h i n 10 Gerlamp Close Corporatio n Vendor Extract of balances at 28 February 2020 Member's contribution Coral Member's contribution Lampard on 000 Loan lo Lampard Loan from Gerald 0 000 Retained oamings ( bruary 2010 0 000 Interim prol distribution to momen Land and buildings at 141000 Motor vehicles al cost Plant and machinery al cos 40100 Accumulated depreciation Motor vehicles (01 March 2015 110 10 Accumulated depreciation Plant and machinery 191 Myrch 2010) 173 075 Mortgage. de Inventory 10 000 Bank (dr) 000 100 Trade receivables control 49000 Trade payales control 126 000 XSARS (c).... 240 000 Accrued expenses... ... 50 000 Pront before taking any applicable additional information into count 1 107000 2. Additional information: 2.1 Interest of R59 500 payable on the loan from Gerald, and interest of R16 500 receivable on the loan to Lampard, was capital and credited and debited to the applicable accounts. The loan lo Lampard is immediately calable and the loan from Gerald is repayable on 28 February 2021 2.2 The mortgage was acquired on 1 March 2019 from Come Bank at 12% interest per annum payable in arrears on 1 March each year. The interest has been calculated and debited and credited to the applicable accounts. The mortgages secured by land and buildings. The mortgage is repayable in 10 equal awal instalments with the first intiment due on 1 March 2020, 2.3 Provision must still be made for the following: Undrawn salaries: Gerald - RB4000Lampard -R42 000 A further profit distribution to members of R42 000 SA Normal tax-R244 500