Question

Bay Holdings Limited: 30 June 2021.

Required: Statement of financial position as at: 30 June 2021

Balance Sheet Accounts
Ordinary Share Capital	2648000
Retained Income (01 July 2020)	490000
Shareholders for dividends	280000
Fixed deposits	60000
Mortgage Bond	336000
Fixed/tangible assets (carrying value)	4021000
Debtors Control	45000
Creditors Control	85200
Creditors for salaries	12300
Provisoned for bad debts	?
sars income tax	400000
sars paye	6650
expenses payable (accurred)	7200
Income recievable (accurred)	7950
Bank	28450
trading stock inventory	129600
Consumable stores	5600

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.