QUESTION 3 COMPANY STATEMENT OF FINANCIAL POSITION (20 Marks) 2011 -os June 2017 gets May REQUIRED: Statement of Financial Position of Bay Holdings Limited as at 30 June 2017 Information: Taken from the financial records of Bay Holdings Limited for the year ended 30 June 2017 BALANCE SHEET ACCOUNTS Ordinary share capital 2 648 000 Retained income (1 Jul 2016) 490 DDD Shareholders for dividends 280 000 Fixed deposit 60 000 Loan - AS Bank 336 000 Non-current assets (book value) 4 021 000 Debtors control 45 000 Creditors control 85 200 Creditors for salaries 12 300 Provision for bad debts ? 6 650 7 200 7 950 SARS (PAYE) Expenses payable (accrued) Income receivable (accrued) Bank Inventory Consumable stores 28 450 129 600 3 5 600 Additional information 1. The net profit after tax for the year amounted to R875 000 2. Provision for bad debts should be 5 % of debtors. 3. One third of the fixed deposit matures on 31 august 2017. werk 4. A portion of loan amounting to R48 000 will be paid on 31 December 2017 5. SARS (Income tax) owes the business R25 000 for tax overpayment. 6. Dividends for the year (paid and declared) amounted to R420 000 +