Section B: (70 marks)

Note:

• Please round off to the nearest rand.
• Please complete the templates provided to answer the questions.

Find attached the financials of Crazy Times (Pty) Ltd 2022.

1. Using the template provided complete the following:

1. Balance Sheet [Table 2 page 7] (5)
2. Income Statement [Table 3 page 8] (5)

Budgeted Income Statement for Crazy Times (Pty) Ltd - 2022 INCOME Sales Less: cost of sales Opening inventory 2100 x R30,00 Materials Labour Less: closing inventory 2138 x R30,00 Gross income Current Expenses Bank charges Electricity Repairs Rent paid Commission paid Wages and salaries Accountant's fees Security Cleaning costs Stationery Regional Services Council levies Telephone Transport and deliveries Insurance Interest paid Operating expenses Net income before tax Tax Net income R 7380000 2403236 63000 739812 1664564 64140 4976765 4005566 28566 45644 6458 254821 72722 1674141 7452 12162 14467 891 11084 24865 102321 35764 49645 1664564 971199 271936 699263 Table: 11 Budgeted Balance Sheet for Crazy Times (Pty) Ltd 2022 Fixed assets A Current assets B Inventory (1470 x R30.00) 44100 Debtors 258944 Dividend Payout Cash 1543347 3498891 1690458 Share capital Accumulated profits 699263 Loan (R750 000 - R7500) 742500 Currrent Liabilities D Receiver of Revenue 271936 Creditors 94734 E Table 2: Crazy Times (Pty) Ltd Statement of financial positional position (balance sheet) as at 28 February 2022 EMPLOYMENT OF CAPITAL Non - current assets Current assets Inventory Debtors Deposits (investment) Bank Balance TOTAL ASSETS Members' contribution Accumulated loss Distributable reserves Members' interest Non-current loan debt Current liabilities Creditors Arear expenses Bank overdraft EQUITY AND LIABILITIES Marks 2021 R A. 617173 391000 B. 5980 0 1388105 863 -475274 946427 472015 C. 456090 339250 D. E. 1388105 (5) 2020 R 1014072 438606 194994 43200 4000 196412 1452678 400 -651714 1140584 489270 584000 379408 366448 12960 0 1452678 Table 3 Crazy Times (Pty) Ltd Statement of comprehensive income (income statement) for the year ending 28 February 2019 INCOME Sales Less: cost of sales Gross income Interest received EXPENDITURE Bank charges Electricity Repairs Rent paid Commission paid Wages and salaries Accountant's fees Security Cleaning costs Stationery Regional Services Council levies Telephone Transport and deliveries Insurance Depreciation NET PROFIT /(LOSS) BEFORE INTEREST Less: Interest paid NET PROFIT /(LOSS) AFTER INTEREST Marks 2021 R A. 2466354 2820449 403 B. 26450 42263 47201 235946 67335 C. 6900 11261 13395 1518 10263 23023 D. 61267 406750 222408 E. 176440 (5) 2020 R 3131021 1699509 1431512 284 1488336 15748 20360 17424 167764 48000 681348 7200 2796 2952 2096 5000 9232 50248 51720 360820 -10912 45628 -56540