{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-29T13:09:52-04:00", "answer_date": "2024-05-29 13:09:52", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1886507", "url": "\/study-help\/questions\/question-2-40-marks-60-minutes-biopharma-solutions-ltd-1886507", "question_creation_date_js": "2024-05-29T13:09:52-04:00", "question_creation_date": "May 29, 2024 01:09 PM", "meta_title": "[Solved] QUESTION 2 [40 MARKS | 60 MINUTES] Biopha | SolutionInn", "meta_description": "Answer of - QUESTION 2 [40 MARKS | 60 MINUTES] Biopharma Solutions Ltd develops and produce life-changing treatments for patients | SolutionInn", "meta_keywords": "question,2,40,marks,60,minutes,biopharma,solutions,ltd,develops,produce,life-changing", "question_title_h1": " QUESTION 2 [40 MARKS | 60 MINUTES] Biopharma Solutions Ltd develops and produce life-changing treatments for patients around the world. The company is registered", "question_title": " QUESTION 2 [40 MARKS | 60 MINUTES] Biopharma Solutions Ltd develops", "question_title_for_js_snippet": "QUESTION 2 40 MARKS 60 MINUTES Biopharma Solutions Ltd develops and produce life changing treatments for patients around the world The company is registered for VAT which is levied at 15 The year end of the company ends on 30 June The balances with regards to stated capital and retained earnings on 30 June 2021 were as follows Stated capital Authorised 2 000 000 ordinary no par value shares Issued 700 000 ordinary no par value shares Retained earnings 1 Share capital R 2 030 000 538 000 On 1 January 2022 the directors of Biopharma Solutions Ltd offered 600 000 ordinary no par values shares to the general public at R4 per share By the closing date of 31 January 2022, the company received applications for 95 of the total shares offered from the public On 1 February 2022 the directors allotted the shares applied for to the public Share issue costs amounting to 23 cents per share (including VAT) were incurred and paid on 1 February 2022 Share issue costs are immediately closed off to the stated capital account 2 Dividends On 31 January 2022 the directors of Biopharma Ltd declared an interim dividend amounting to 46 cents per share to all shareholders registered on 31 January 2022 A final dividend amounting to 32 cents per share was declared on 30 June 2022 to all shareholders registered on that date It is company policy to pay dividends the same day it is declared 3 Profit for the year The following is an extract from the statement of profit or loss for the year ended 30 June 2022 Profit before tax R Income tax expense 1 356 000 (379 680) MARKS REQUIRED a) Prepare the relevant journal entries to record the information in Note 1 and 2 in the accounting records of Pharma Solutions Ltd for the year ended 30 June 2022 Dates and narrations ARE REQUIRED Show all your calculations and round all figures to the nearest Rand b) Prepare the statement of changes in equity for Pharma Solutions Ltd for the reporting period ending 30 June 2022 Comparative figures are NOT required Presentation and layout c) Prepare the notes in respect of capital in the financial statements of Pharma Solutions Ltd for the year ended 30 June 2022 Presentation and layout 25 9 1 4 EEE 1 ", "question_description": "\"image", "transcribed_text": "QUESTION 2 [40 MARKS | 60 MINUTES] Biopharma Solutions Ltd develops and produce life-changing treatments for patients around the world. The company is registered for VAT which is levied at 15%. The year end of the company ends on 30 June. The balances with regards to stated capital and retained earnings on 30 June 2021 were as follows: Stated capital Authorised: 2 000 000 ordinary no-par value shares Issued: 700 000 ordinary no-par value shares Retained earnings 1. Share capital R 2 030 000 538 000 On 1 January 2022 the directors of Biopharma Solutions Ltd offered 600 000 ordinary no-par values shares to the general public at R4 per share. By the closing date of 31 January 2022, the company received applications for 95% of the total shares offered from the public. On 1 February 2022 the directors allotted the shares applied for to the public. Share issue costs amounting to 23 cents per share (including VAT) were incurred and paid on 1 February 2022. Share issue costs are immediately closed off to the stated capital account. 2. Dividends On 31 January 2022 the directors of Biopharma Ltd declared an interim dividend amounting to 46 cents per share to all shareholders registered on 31 January 2022. A final dividend amounting to 32 cents per share was declared on 30 June 2022 to all shareholders registered on that date. It is company policy to pay dividends the same day it is declared. 3. Profit for the year The following is an extract from the statement of profit or loss for the year ended 30 June 2022: Profit before tax R Income tax expense 1 356 000 (379 680) MARKS REQUIRED: a) Prepare the relevant journal entries to record the information in Note 1 and 2 in the accounting records of Pharma Solutions Ltd for the year ended 30 June 2022. Dates and narrations ARE REQUIRED. Show all your calculations and round all figures to the nearest Rand. b) Prepare the statement of changes in equity for Pharma Solutions Ltd for the reporting period ending 30 June 2022. Comparative figures are NOT required. Presentation and layout. c) Prepare the notes in respect of capital in the financial statements of Pharma Solutions Ltd for the year ended 30 June 2022. Presentation and layout. [25] [9] [1] [4] EEE [1]", "related_book": { "title": "Human Resource Management", "isbn": "053845315X, 978-0538453158", "edition": "13th Edition", "authors": "Robert L. Mathis, John H. Jackson", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/80.jpg", "uri": "\/textbooks\/human-resource-management-13th-edition-80", "see_more_uri": "\/textbooks\/business-income-tax-3316" }, "free_related_book": { "isbn": "0992039924", "uri": "\/textbooks\/live-well-within-your-means-women-money-and-god-1st-edition-978-0992039929-258669", "name": "Live Well Within Your Means Women Money And God", "edition": "1st Edition" }, "question_posted": "2024-05-29 13:09:52", "see_more_questions_link": "\/study-help\/questions\/business-business-communication-2023-February-20", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/macroeconomics-\/which-of-the-following-questions-involve-microeconomics-and-which-involve-1281627", "description": "Which of the following questions involve microeconomics, and which involve macroeconomics? In each case, explain your answer. a. 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