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Question Completion Status; QUESTION 1 QUESTION 2 (36 MARKS) The new accountant of Ezemvelo Lid is struggling to complete the balance sheet. He has asked you to assist him. The following information was prepared on 10 July 2019 by the new accountant EZEMVELO LIMITED Balances as at 30 June 2019 Note R ASSETS Land and buildings at carrying amount N 460 000 Furniture at carrying amount (1/7/2018) 80 500 Vehicles at carrying amount (1/7/2018) 276 000 Investments 39 100 Inventories Aww 668 050 Receivables 23 000 EQUITY AND LIABILITIES Capital 425 500 Reserves 23 000 Loan 115 000 Payables 333 500 Bank overdraft 172 500 Additional information:8 The loan was entered into on 1 July 2017 at an interest rate of 10% per year. The outstanding balance on the loan as at 30 June 201 June 2019. 9 Payables consist of the following: R Trade payables 276 000 SARS (tax) 57 500 REQUIRED 1.Prepare the statement of financial position, as at 30 June 2019 Ezemvelo Lid (18) 2 Prepare only the Property, plant and equipment note to the statement of financial position (18) To supply the answers for this question use either a Word or Excel or handwritten PDF document. Then upload your document in this section. Attach File Browse My Computer Click Save and Submit to save and submit. Click Save All Answers to save all answers. Chapter 6 Class 1...pptxseconds. Question Completion Status: Additional information: 1 The reporting period of Ezemvelo Lid ends on 30 June. 2 The buildings are occupied for the purposes of the activities of the entity and are accounted for in terms of the cost model. At the date of acquisition, 1 July 2017, the land was valued at R115 000 and the buildings at R345 000. Depreciation is written off on buildings on the straight-line method over its 25 year useful life. The residual value of the building at acquisition was estimated at R.15 000, this was, however, revised to R30 000 as at 30 June 2019. 3 Furniture and vehicles were purchased on 1 July 2017 at a cost of R92 000 and R345 000, respectively. Depreciation is written off on furniture at 12,5% per year on cost and on vehicles at 20% per year on the diminishing balance method. The residual value on motor vehicles is R23 000 per vehicle As at 30 June 2019, the recoverable amount of Furniture was R50 150. The fair value less costs to sell and value in use of vehicles were R264 500 and R207 000, respectively. The necessary write-offs for the current year have still need to be provided for. 4 Investments represents financial investments. 5 Inventories consist of the following: R Merchandise 629 050 Stationery on hand 34 000 Consumable stores on hand 5 000 6 Ezemvelo Lid may issue 400 000 ordinary shares and 200 000 8% preference shares. On 30 June 2019, the company had already issued 250 000 ordinary shares at R246 000 and 160 000 preference shares at R218 500. No shares were issued during the current year. Preference shares form part of equity. 7 The reserves consist of the following: Retained earnings (balance 30 June 2018) 42 825 Profit for the year ended 30 June 2019 (correctly calculated) 230 000 8 The loan was entered into on 1 July 2017 at an interest rate of 10% per year. The outstanding balance on the loan as at 30 June 2019 was R192 000, Of this, R20 000 is due within 12 months from 30 June 2019. 9 Payables consist of the following: Trade payables 276 000 SARS (tax) 57 500 REQUIRED