QUESTION $4$

$(20$ Marks$)$

REQUIRED

Use the information provided below to prepare the following:

$4\mathrm{.}1$ Budgeted Statement of Comprehensive Income for the year ended $30$ June $2024.$

$(5$ marks$)$

$4\mathrm{.}2$ Budgeted Statement of Financial Position as at $30$ June $2024.$

$(15$ marks$)$

INFORMATION

$\begin{array}{cc}\text{M}\text{A}\text{R}\text{B}\text{U}\text{R}\text{G}LTD& ?\\ \text{S}\text{T}\text{A}\text{T}\text{E}\text{M}\text{E}\text{N}\text{T}OF\text{C}\text{O}\text{M}\text{P}\text{R}\text{E}\text{H}\text{E}\text{N}\text{S}\text{I}\text{V}\text{E}\text{I}\text{N}\text{C}\text{O}\text{M}\text{E}\text{F}\text{O}\text{R}\text{T}\text{H}\text{E}\text{Y}\text{E}\text{A}\text{R}\text{E}\text{N}\text{D}\text{E}\text{D}30\text{J}\text{U}\text{N}\text{E}2023& ?\\ ?& R\\ \text{S}\text{a}\text{l}\text{e}\text{s}& 4800000\\ \text{C}\text{o}\text{s}\text{t}of\text{s}\text{a}\text{l}\text{e}\text{s}& 3600000\\ \text{G}\text{r}\text{o}\text{s}\text{s}\text{p}\text{r}\text{o}\text{f}\text{i}\text{t}& 1200000\\ \text{E}\text{x}\text{p}\text{e}\text{n}\text{s}\text{e}\text{s}& 600000\\ \text{P}\text{r}\text{o}\text{f}\text{i}\text{t}\text{b}\text{e}\text{f}\text{o}\text{r}\text{e}\text{t}\text{a}\text{x}& 600000\\ \text{C}\text{o}\text{m}\text{p}\text{a}\text{n}\text{y}\text{t}\text{a}\text{x}(30\%of\text{p}\text{r}\text{e}-\text{t}\text{a}\text{x}\text{p}\text{r}\text{o}\text{f}\text{i}\text{t})& 180000\\ \text{P}\text{r}\text{o}\text{f}\text{i}\text{t}\text{a}\text{f}\text{t}\text{e}\text{r}\text{t}\text{a}\text{x}& 420000\end{array}\backslash$table$[[$MARBURG LTD$],[$STATEMENT OF FINANCIAL POSITION AS AT $30$ JUNE $2023],[,$R$],[$ASSETS$],[$Non$-$current assets,$2100000],[$Fixed$/$Tangible assets,$2100000],[$Current assets,$1800000],[$Inventories$,600000],[$Accounts receivable,$900000],[$Cash and cash equivalents,$300000],[$Total assets,$3900000],[$EQUITY AND LIABILITIES,R$],[$Shareholders$\text{'}$ equity,$1950000],[$Ordinary share capital $(450000$ shares$),900000],[$Retained earnings,$1050000],[$Non$-$current liabilities,$1200000],[$Long$-$term loan,$1200000],[$Current liabilities,$750000],[$Accounts payable,$732000],[$Company tax payable,$18000],[$Total equity and liabilities,$3900000]]$Additional information

$1)$

Sales for the year ended $30$ June $2024$ are budgeted at R$5600000.$ Ninety percent $(90\%)$ of the sales is expected to be on credit. The gross margin for the year ended $30$ June $2024$ is expected to increase as goods would be sold at cost plus $40\%.$ The percentage of expenses to sales is expected to remain unchanged.

$2)$

The authorized share capital of Marburg Limited consists of $550000$ ordinary shares. The unissued shares are expected to be sold on $02$ January $2024$ at R$3$ each.

$3)$

A final dividend of $16$ cents per share is expected to be recommended on $30$ June $2024$ and is payable during August $2024.$

$4)$

R$400000$ of the long$-$term loan will be repaid during the financial year ended $30$ June $2024.$

$5)$

Accounts receivable would be based on a collection period of $73$ days.

$6)$

The company$$s closing inventory will change directly with changes in sales for the financial year

ended $30$ June $2024.$

$7)$

An old delivery vehicle $($Cost price R$600000$; Accumulated depreciation R$540000)$ is expected to be sold for R$100000$ on $30$ June $2024$ and a new delivery vehicle with a cost price of R$800000$ will be purchased on the same date to replace it$.$ Total depreciation for the year ended $30$ June $2024$ is expected to be R$300000.$

$8)$

Accounts payable will change directly in response to changes in sales for the financial year ended $30$ June $2024.$

$9)$

Company tax payable on $30$ June $2024$ is expected to equal to $10\%$ of the total tax reflected on the Budgeted Statement of Comprehensive Income.

$10)$

Cash and cash equivalents must be calculated $($balancing figure$).$