QUESTION 3 COMPANY STATEMENT OF FINANCIAL POSITION (20 Marks) 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 anded 30 June 2017 BALANCE SHEET ACCOUNTS 2 648 000 490 000 280 000 60 000 336 000 4021 000 45 000 Ordinary share capital Retained income (1 Jul 2016) Shareholders for dividends Fixed deposit Loan - AS Bank Non-current assets (book value) Debtors control Creditors control Creditors for salaries Provision for bad debts SARS (PAYE) Expenses payable (accrued) Income receivable (accrued) Bank Inventory Consumable stores 85 200 12 300 ? 6 650 7200 7950 28 450 129 600 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 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