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Showmax. 3G 13:26 Back ASSIGNMENT II AGM3000 ASSIGNMENT AGM3000/GER2001 DUE 29 APRIL 2022 Question 1 The following information was provided by Super Fresh Farms for the financial year 01/03/2015 - 28/02/2016. Use this information to compile an Income Statement for Super Fresh Farms and calculate the growth in Net Worth for the farm. Answer this question in your exam book Item Amount (R) 650 000 Sales: Crops-cash credit 120 000 Sales: Livestock-cash 150 000 Consumption: Household-crops 800 Labour livestock 6000 Labour-crops 900 120 000 Closing stock(28.02.2016) Livestock Crops 60 000 Opening stock(01.03.2015) Livestock 250 500 Crops 30 200 Opening stock(01.03.2015) Seed 8000 Fertilizer 10 000 Animal Feed 5.000 20 500 Purchases: Livestock Seed 13 000 Animal Feed 30 000 Fertilizer $15.000 Closing stock(28.02.2016) Animal Feed Fertilizer 20 000 4000 160 250 Labour costs wages Contract harvesting costs 45 000 Irrigation costs Maintenance costs machinery 33 800 15850 66 2:50 Diesel and oil Depreciation: Fixed Improvements 55 300 Vehicles & Machinery 60 000 Electricity 60 000 Telephone 32 000 Bank charges 22 300 Bookkeeper Provision for income tax 15.000 35 000 36.000 Non-farm Income Interest paid 25 000 Question 2 [50] Non-farm Income Interest paid 2 of 2 36 000 25 000 [50] Question 2 The following information was presented by Zondi Enterprises for the year ending 28 February 2016. Use this information together with the depreciation information below to compile a Balance Sheet for the farm as at 28 February 2016. Calculate the farms growth in Net Worth from the previous year. Appreciation of the land value is 2.5% per annum. Depreciation on Fixed Improvements is 4.5% per annum Depreciation on Vehicles is 15% per annum Depreciation on Machinery and Equipment is 20% per annum Net Worth on 1 March 2015 was R 1 250 650. Description Value (Rand) Bank Overdraft (FNB cheque account) Eplus Savings bank account Land (01-03-2015) Mortgage bond Vehicles (01-03-2015) Machinery & Equipment (01-03-2015) Fixed Improvements (01-03-2015) MMM Vehicle financing Co-operative production loan Bull calves for sale Feed on hand Sundry debtors Sundry creditors Absa loan (repayable over 60 months) Insurance paid in advance Machinery rent in arrears Unpaid land rates Prepaid income tax Previously issued cheques by Zondi Enterprises, still unchanged 55 000 17 200 950 000 650 000 350 500 400 000 600 000 180 000 20 000 10 200 8000 12 700 16 400 30 250 1200 8 200 5 000 6500 3 200 (20) [TOTAL 70]