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please help me its due 2day @11am REQUIRED Use the information given below to prepare the Statement of Financial Position of Sinbad Traders 29 February
please help me its due 2day @11am
REQUIRED Use the information given below to prepare the Statement of Financial Position of Sinbad Traders 29 February 2020. The notes to the financial statements are not required. Use the stoning temat sagite STATEMENT OF FINANCIAL POSITION AS AT 29 FEBRUARY 2020 ASSETS Non-current assets Current assets Inventories Trade and other receivables Cash and cash equivalents Total assets EQUITY AND LIABILITIES Equity Non-current liabilities Current liabilities Trade and other payables Total equity and liabilities INFORMATION Extract from the accounting records of Sinbad Traders as at 29 February 2020 after the Statement of Comprehensive Income was drawn up: R 600 000 288 000 Capital (01 March 2019) Drawings Loan: JVC Bank Property, plant and equipment (carrying value) Creditors control Debtors control 120 000 706 800 96 000 24 000 4 800 Accrued income Income received in advance 9 600 84 000 2 400 7 200 Trading inventory Consumable stores on hand Accrued expenses Prepaid expenses Cash float Bank (CR) Fixed deposit: JVC Bank 1 200 3 600 18 000 60 000 Additional information that must be taken into account: According to the Statement of Comprehensive Income the net profit for the year ended 29 February 2020 amounted to R324 000 - The proprietor took R3 600 trading goods for his personal use after stocktaking was done but this has not been recorded. Loan repayments amounting to R30 000 will be made to JVC Bank in the next financial year. Fifty percent (50%) of the fixed deposit matures on 31 August 2020 and the balance matures on 31 August 2021Step by Step Solution
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