Question
Notes to the Financial Statements 1. Fixed Assets Land & buildings Vehicles Equipment Total Carrying value at beginning of year 2,700,000 - ? 5,000,000 Cost
Notes to the Financial Statements
1. Fixed Assets | Land & buildings | Vehicles | Equipment |
Total |
Carrying value at beginning of year |
2,700,000 |
- | ? |
5,000,000 |
Cost |
2,700,000 |
- | ? | ? |
Accumulated depreciation |
- |
- |
800,000 | ? |
Movements |
|
|
|
|
Additions at cost |
- | ? |
350,000 |
|
Depreciation for the year |
- |
- |
(200,000) |
400,000 |
Disposals at carrying value | ? |
- |
| ? |
Carrying value at end of year |
2,100,000 | ? | ? |
7,000,000 |
Cost |
2,100,000 | ? | ? | ? |
Accumulated depreciation |
- |
- | ? | ? |
A portion of the land and buildings were sold at book value. The vehicles were purchased on the last day of the accounting period and all the depreciation relates to equipment. | ||||
2. Cash and Cash Equivalents |
|
|
2021 |
2020 |
Bank |
|
|
48,000 |
80,000 |
Cash float |
2,000 | - |
|
50,000 |
80,000 |
3. Retained Income | 2021 | 2020 |
Retained income at beginning of year |
550,000 |
600,000 |
Net profit after tax |
920,000 |
450,000 |
Dividends paid and declared |
(600,000) |
(500,000) |
Retained income at end of year |
870,000 |
550,000 |
4. Trade and Other Payables |
|
|
Trade creditors |
688,000 |
738,000 |
Expenses payable (Interest on loan*) |
30,000 |
50,000 |
SARS (Income tax) |
62,000 |
94,000 |
Shareholders for dividends |
400,000 |
308,000 |
* Interest on loan is not capitalised |
1,180,000 |
1,190,000 |
Required:
2.1. Fill in the missing figures in the note to the Statement of financial position for Fixed assets.
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