Question 4 (20 Marks) Bay Holdings Limited: 30 June 2021. Required: Statement of financial position as at: 30 June 2021 Information BALANCE SHEET ACCOUNTS Ordinary share capital 2 648 000 Retained income (1 Jul 2020) 490 000 Shareholders for dividends 280 000 Fixed deposit 60 000 Mortgage bond 336 000 Fixed/tangible assets (Carrying value) 4 021 000 Debtors control 45 000 Creditors control 85 200 Creditors for salaries 12 300 Provision for bad debts ? SARS (Income tax) 400 000 SARS (PAYE) 6 650 Expenses payable (accrued) 7 200 Income receivable (accrued) 7 950 Bank 28 450 Bank 28 450 Trading stock/inventory 129 600 Consumable stores 5 600 Additional information 1. The net profit after tax for the year amounted to R875 000 2. Provision for bad debts should be adjusted to 5% of debtors. 3. One third of total fixed assets matures on 31 August 2021. 4.A portion of loan amounting to R48 000 will be paid on 31 December 2021. 5. SARS (Income tax) owes the business R25 000 for tax overpayment. Question 4 (20 Marks) Bay Holdings Limited: 30 June 2021. Required: Statement of financial position as at: 30 June 2021 Information BALANCE SHEET ACCOUNTS Ordinary share capital 2 648 000 Retained income (1 Jul 2020) 490 000 Shareholders for dividends 280 000 Fixed deposit 60 000 Mortgage bond 336 000 Fixed/tangible assets (Carrying value) 4 021 000 Debtors control 45 000 Creditors control 85 200 Creditors for salaries 12 300 Provision for bad debts ? SARS (Income tax) 400 000 SARS (PAYE) 6 650 Expenses payable (accrued) 7 200 Income receivable (accrued) 7 950 Bank 28 450 Bank 28 450 Trading stock/inventory 129 600 Consumable stores 5 600 Additional information 1. The net profit after tax for the year amounted to R875 000 2. Provision for bad debts should be adjusted to 5% of debtors. 3. One third of total fixed assets matures on 31 August 2021. 4.A portion of loan amounting to R48 000 will be paid on 31 December 2021. 5. SARS (Income tax) owes the business R25 000 for tax overpayment