Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Question 8: Entity V is creating its annual statement of financial position as at 31 March 20x6. Entity V has already calculated its total equity
Question 8: Entity V is creating its annual statement of financial position as at 31 March 20x6. Entity V has already calculated its total equity for the period to be R650 000. It has also calculated the carrying value of Plant and Equipment (PE) after depreciation to be R130 000 Additional information from Entity V's trial balance is given below. Inventory: R100 000 Cash and cash equivalents: R38 000 Trade receivables: R310 000 Notes to the trial balance: 1) The fair value of land at 31 March 20x6 is R270 000 2) Investments are carried at market value. The market value of Entity V's long-term investments as at 31 March 20x6 is R250 000 3) On 30 June 20x5, Entity V sold equipment for R250 000. The buyer has not yet paid for this equipment and V has made no other entries in respect of this sale. Calculate the value of V's non-current assets and liabilities
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started