Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Supreme Sport CC was registered on 1 November 20.2. The founding statement of the CC sets out the following: 1. Names of members, their interests

image text in transcribed
Supreme Sport CC was registered on 1 November 20.2. The founding statement of the CC sets out the following: 1. Names of members, their interests and contributions: ii. The accounting date: 31.May. The following abbreviated trial balance of the close cornoration was available on 31 May 20.9: iii. With regard to the 20.8/20.9 financial year the following was available: - A. Messi transferred 30% (nominal value R90 000) of his contribution on 31 May 20.9 to B. Renaldo. - A. Messi lent the CC R50 000, repayable on 30 April 20.0. - On 31 March 20.9, the land and buildings were re-valued at R1 500000 . - All interest was paid and received promptly on 31 May. - Retained earnings for the year ended 31 May 20.9 amounted to R280 000. - The distribution of income is equal to 50% of retained earnings at the end of the financial year. Required: (a) Calculate the change in members' \% interest and members' funds at 31 May 20.9. b) Calculate the values of the members' net investment at 31 May 20.9

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Theory And Practice

Authors: Jerry R. Strawser, Robert H. Strawser, Roger H. Hermanson

9th Edition

0873939336, 9780873939331

More Books

Students also viewed these Accounting questions

Question

What is a creeping takeover?

Answered: 1 week ago

Question

Which are non projected Teaching aids in advance learning system?

Answered: 1 week ago