Old MathJax webview

Molett Ltd is public company owned by two prominent business women and the local community trust around the Capricom District Municipality. The company was founded in the year 2018 and the following information pertains to the company Extract of accounts pertaining to the statement of financial position as at 31 December: 2020 2019 R R Long-term loan 112 500 89 100 Loans to directors 47 900 13 800 Loans from shareholders 11 100 34 100 Trade payables control 59 900 48 000 Accrued security expense 7100 1 800 Land and buildings at oost 758 700 615 500 Vehicles at cost 267 100 130 100 Furniture at cost 86000 71 300 Investments at fair value 168 700 Accumulated depreciation: Vehicles 62 600 47 600 Accumulated depreciation: Fumiture 15 700 13 300 Share capital: ordinary shares 515 200 256 800 Share capital: 12% preference shares 265 500 177 900 Retained earnings 484 100 370 400 Inventory 115 700 77 200 Dividends payable 46 900 14 900 Dividends recetvable 3 000 2 500 SARS (Income tax) 46 900 Dr 103 800 Trade receivables control 88 400 77 900 Prepaid expenses (advertising) 7 900 5500 Bank 37 600 2 100 Items disclosed in the statement of profit or loss and other comprehensive income for the year andec 31 December 2 107300 750 500 100 Revenue Cost of sales Prots on sale of non-current assets: tumiture Los on sale on investments Dividend income:inted investments Fale value gain listed investments Other operating expenses Administrative expenses (including salaries and wages) Depreciation Lost on sale of non-cument et voile Interest expende Income tax expense Profit for the year 8600 300 14 900 140 000 101 700 51 500 12100 11 500 232 100 597000 Additional information: 1. The following relates to property, plant and equipment: . On 31 October 2020, a velice with a cout price of R71000 and accumulated depreciation of R50 000 (on 1 January 2020) was sold for cash. A replacement vehicle was bought on 1 December 2020 . On 20 June 2020 tumiture with a cost price of R4000 and accumulated depreciation of R1 200 was sold for cash. A replacement furniture was bought on 31 July 2020 Al other purchases were in cash. 2. t'as the accounting policy of the corrpany to provide for depreciation as tolow Vehicles: According to the diminishing balance matnod at 20% per annun. Furniture: According to the straightene method, at 20% per annum The following relates to the shares of the company . On 31 August 2020, the shareholders approved the capitalisation issue of one (1) ordinary stare for every four (4) ordinary shares held. On that date the number of ordinary states issued were 38 000 shares. The capitalisation issue was done from retained earnings at RO 50 per share, All other issued shares were paid for in cash The company allotted and insued 45000 ordinary shares and 12 preference shares on 31 October 2020 On 15 December 2020. the company declared an ordinary dividend of 30 cents per share. 4. The investments consist of isted shares in Maniwerg Lid bought for R3 each on 1 January 2020. The company sold 4 000 of these shares on 30 November 2020. 5. The following relates to loans for the company . Interest on long-term loans is capitalised Loans to directors are interest free and immediately calable. Loans from shareholders are interest free and repayable on 30 November 2022 QUESTION 26 Which of the blowing atemalves represents the correct amount that must be disclosed as proceeds from issue of shares in the cash flows from operating activities section according to direct method in the statement cash rows of Moles Limited to the year ended 31 December 2020 A 225 750 B.22900 C323780 DO E. 335 000 Dr. 270 650 Reset Selection Question 27 of 2 2.5 Parts P QUESTION 27 Which of the following atematives represents the correct amount that must be disclosed as proceeds from issue of shares in the cash flows from financing activities section according to direct method in the statement cash flow of Molon Limited for the year end 31 December 2007 AO ..336 000 G. 270 650 D. 262 000 E. 225750 F. 32370 Ruse Selection Question 28032 2.5 Points QUESTION 28 Which of the following alternatives represents the correct amount that must be disclosed as proceeds from repayment of) long-term loans in the cash flow from financing activities section according to direct metod in the statement cash fows ar Molemled to the year ended 31 December 2009 A 23 400 . 17 400 C. 20 200 . 0.10 200 E3400 F. 11 300 Root Secon Question 29 of 32 2.5 Points QUESTION 29 Which of the following alternatives represents the correct amount that must be disclosed as proceeds from repayment of loane from shareholders in the cash flows from operating active section according to direct method in the statement cash flows of Molet Limited for the year ended 31 December 2020? .A. 20 500) 8 10 200 . C. (27000) 0.23 000) E. F. 11100 Si Moleti Ltd is public company owned by two prominent business women and the local community trust around the Capricom District Municipality. The company was founded in the year 2018 and the following information pertains to the company: Extract of accounts pertaining to the statement of financial position as at 31 December: 2020 2019 R R Long-term loan 112 500 89 100 Loans to directors 47 900 13 800 Loans from shareholders 11 100 34 100 Trade payables control 59 900 48 000 Accrued security expense 7100 1 800 Land and buildings at cost 758 700 615 500 Vehicles at cost 287 100 130 100 Furniture at cost B6 000 71 300 Investments at fair value 168 700 Accumulated depreciation: Vehicles 62 600 47 600 Accumulated depreciation: Furniture 15 700 13 300 Share capital: ordinary shares 515 200 266 300 Share capital: 12% preference shares 265 500 177 900 Retained earnings 484 100 370 400 Inventory 115 700 77 200 Dividends payable 46 900 14 900 Dividends receivable 3 000 2 500 SARS (Income tax) 46 900 Dr 103 800 Trade receivables control 66 400 77 900 Prepaid expenses (advertising) 7 900 5500 Bank 37 600 2 100 Iteme disclosed in the statement of profit or lose and other comprehensive income for the year ended 21 December 2020: 2 107300 780 500 100 3600 8800 94.900 Revenue Cost of sales Proton sale of noncurrent assets:fumitur Loss on sale on stod investments Dividend income:inted investments Fair value gainlisted investment Other operating expenses Administrate expenses (including salaries and wages) Depreciation Los on sale of non-current asset vehicle Interest expense income tax expense Pot for the year 140.000 161 700 51500 12 100 11 500 232 100 597000 Additional Information: 1. The following relates to property, plant and equipment: On 31 October 2020, a vehicle with a cost price of R71 000 and accumulated depreciation of R50 000 (on 1 January 2020) was sold for cash. A replacerrient vehicle was bought on 1 December 2020. On 20 June 2020, furniture with a cost price of R4 000 and accumulated depreciation of R1 200 was sold for cash. A replacement furniture was bought on 31 July 2020. All other purchases were in cash. 2. it is the accounting policy of the company to provide for depredation as follows: Vehicles: According to the diminishing balance method, at 20% per annum. Furniture: According to the straight-line method, al 25% per annum. 3. The following relates to the shares of the company: On 31 August 2020 the sharenolders approved the capitalisation issue of one (1) ordinary share for every four (4) Ordinary shares held. On that date the number of ordinary shares issued were 98 000 shares. The capitalisation issue was done from retained earrings at R0,50 per share. All other issued shares were paid for in cash. The company allotted and issued 45 000 ordinary shares and 12% preference shares on 31 October 2020 On 15 December 2020, the company declared an ordinary dividend of 30 cents per share. 4. The investments consist of listed shares in Mankweng Ltd, bought for R3 each on 1 January 2020. The company sold 4 000 of these shares on 30 November 2020. 5. The following relates to loans for the company: Interest on long-term loans is capitalised. Loans to directors are interest free and immediately cailable. Loans from shareholders are interest free and repayable on 30 November 2022. . Question 20 of 32 2.5 Points QUESTION 26 Which of the following alternatives represents the correct amount that must be disclosed as proceeds from issue of shares in the cash flows from operating activities section according to direct method in the statement cash flows of Moletji Limited for the year ended 31 December 20202 A. 225 750 . B. 282 900 C. 323 750 . DO E. 336 000 + F. 270 650 Reset Selection QUESTION 27 Which of the following alternatives represents the correct amount that must be disclosed as proceeds from issue of shares in the cash flows from financing activities section according to direct method in the statement cash flows of Molet Limited for the year ended 31 December 2020? AO B. 336 000 C. 270 650 D. 282 000 E. 225 750 F. 323 750 . Reset Selection QUESTION 28 Which of the following alternatives represents the correct amount that must be disclosed as proceeds from (repayment of long-term loans in the cash flows from financing activities section according to direct method in the statement cash flows of Molet Limited for the year ended 31 December 20207 A. 23400 B. 17 400 . . C. 20 200 . D. 10 200 . E. 8400 F. 11900 Reset Selection QUESTION 29 Which of the following alternatives represents the correct amount that must be discosed as proceeds from (repayment of) loans from shareholders in the cash flows from operating activities section according to direct method in the statement cash flows of Molet Limited for the year ended 31 December 20207 . A. 20 500) B. 10 200 . C. (27 800) . D. (23 000) . F. 11 100 Reset Selection