Answered step by step
Verified Expert Solution
Question
1 Approved Answer
S Man runs a small business, MANDLAS, from home. S Man does not keep proper accounting records. He needs to calculate the entity's profit/loss and
S Man runs a small business, MANDLAS, from home. S Man does not keep proper accounting records. He needs to calculate the entity's profit/loss and requests your assistance. You established the following: BALANCES AS AT 30 APRIL Additional information a) S Man withdrew R20 000 during the 2013 year for own use. b) During the 2013 financial year S Man deposited R30 000 from his personal bank account into the business bank account. c) The interest on the long-term loan for the 2013 financial year must still be provided for. Interest is charged at 11% per annum on the outstanding balance on 30 April. REQUIRED: 3.1 Prepare the statement of financial position of MANDLAS as at 30 April 2013. (16) All the necessary calculations must be shown. 3.2 Prepare the statement of assets and liabilities as at 30 April 2012 and calculate the equity balance as at (6) 30 April 2012. 3.3 Calculate the estimated profit or loss for the year ended 30 April 2013. (3)
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