need to calculate the non current assets and total assets, equity, total equity and liabilities

TOO MARKS A ALL to below (20 Marks) QUESTION The two and action formation given below. were wracted for the accounting records of Dysan Limited 2Fary 2020. the end of the frunw your REQUIRED Prow the ment of Financial Position as a 28 February 2020. The role to the trancial statements are not word. Show working in brackets INFORMATION DYSAN LIMITED PRE-ADJUSTMENT TRIAL BALANCE AS AT 29 FEBRUARY 2020 Debit (R) Credit (R) Balance sheet accounts section 200 000 Ordinary share cap (100 000 sham 62 000 Relined earrings 180 000 Vehicles at COR 120 000 Equmentatos 90 000 Acouled depreciation on vehicles 38 000 Accumulated depreciation on Bouipment 70 000 Trading inventory Debions control 32 000 4000 Provision for bad debts Bank 182000 Cash float 2 000 Ordilor control 40 000 South African Revenue Services: Company tax 10 000 Long-term loan: Anes Bank (16 p.a.) 30 000 Nominal accounts section Sales 485 000 Cost of sales 240 000 Sales retums 5000 Salaries and wages 84 000 Bad deats 5 000 Consumable stores 2000 28 000 15 000 Bad debls recovered Telephone 2000 Electricity and water 7 000 11 000 Insurance 3000 Interest on mortgage loan 4 000 Commission income 6000 5 000 1 006 000 1.006-000 Rent expense Motor expenses Bank charges 4. Adjustments and additional Information 1 Ardynica staking done on 20 February 2020, trading nentory on hand amounted RSS 2 Consumabile stores unused according to wochtaking amounted to R200 on 29 February 2020 No enly has been made transion of 10% earned but not received on 500 erns that were sold for Reach Received a cheque for R500 from an insolent der, J. Marsh, who was only able to pay 30% of her debt The balance other sou 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 The mental agreements signed with the lessor landiordare as follows R30 000 for the penad 01 January 2019 to 31 December 2019, and R36 000 for the period 01 January 2020 to 31 December 2020 Make the necessary adjustment B. The loan from Anes Bank was obtained on 01 September 2019. Provide for the outstanding interest (interest is not capitalised) Loan repayments (exduding 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 electriaty 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, (20 Marks) QUESTION 1 R Workings (If any) DYSAN LIMITED STATEMENT OF FINANCIAL POSITION AS AT 29 FEBRUARY 2020 ASSETS Non-current assets Current assets Inventories Trade and other receivables Trade debtors Cash and cash equivalents Total assets EQUITY AND LIABILITIES Equity Non-current liabilities Current liabilities Trade and other payables Total equity and liabilities QUESTION 2 (20 Marks) REQUIRED Prepare the Statement of Comprehensive Income of Leo Traders for the year ended 29 February 2020 INFORMATION The trial balance, adjustments and additional information given below were extracted from the accounting records of Leo Traders on 29 February 2020, the end of the financial year. LEO TRADERS PRE-ADJUSTMENT TRIAL BALANCE AS AT 29 FEBRUARY 2020 Debit (R) Credit (R) Balance sheet accounts section Capital 660 000 Drawings 56 000 Land and buildings 503 000 Vehicles at cost 369 000 Equipment at cost 284 000 Accumulated depreciation on vehicles 211 000 Accumulated depreciation on equipment 151 000 Fixed deposit Tab Bank (10% p.a.) 79 000 Trading inventory 60 000 Debtors control 70 000 Provision for bad debts 4000 Bank 51 000 Cash float 1 000 Creditors control 74 000 Mortgage loan: Tab Bank (16% p.a.) 132 000 830 000 Nominal accounts section Sales Cost of sales Sales returns Salaries and wages Bad debts Stationery Rates and taxes Motor expenses Marketing expenses Telephone Electricity and water Bank charges Insurance Interest on mortgage loan Interest on fixed deposit Rent income 317 000 5000 235 000 7000 2 000 20 000 12 000 9000 17 000 26 000 4000 6 000 20 000 6 000 65 000 2 133 000 2 133 000 1. Adjustments and additional information Stationery, cost R300, was taken by the proprietor for her personal use. No entry has been made for this. 2. Physical stocktaking on 29 February 2020 reflected the following inventories: 2.1 Trading inventory R57 000 22 Stationery R200 3. H. Larkens, a debtor, was declared insolvent. Received an amount of R1 500, which represented 60% of his debt, from his insolvent estate. This has been recorded. The balance of his account must now be written off. 4. The provision for bad debts must be decreased by R500. 5. Rent income amounts to R5 000 per month. Make the necessary adjustment 6. The water and electricity account for February 2020 has been paid, R2 500, but the payment was erroneously posted to the telephone account The insurance total includes a premium of R2 400 that was paid for the period 01 December 2019 to 30 November 2020 8. An amount of R200 appeared in the February 2020 bank statement for cash deposit fees. This amount was not recorded by the bookkeeper. 9. The investment in fixed deposit was made on 01 March 2019. Provide for the outstanding interest Provide for outstanding interest on loan, R1 120. 11. Provide for depreciation as follows: 11.1 On vehides at 20% per year using the diminishing balance method. 11.2 On equipment at 10% per year on cost. 7 10. QUESTION 2 (20 Marks) LEO TRADERS STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 29 FEBRUARY 2020 Sales Cost of sales Gross profit Other operating income Gross operating income Operating expenses Operating profit Interest income Interest expense Net profit for the year