The following information pertains to Machivandihala Ltd and covers questions 1 - 13 EXTRACT OF BALANCES AS AT 28 FEBRUARY 2021: R Retained eamings (1 March 2020) 256 600 Share capital: Ordinary shares (1 March 2020) 719 700 Inventory (1 March 2020) 40 500 Trade receivables control 285 000 Petty cash 7 000 Loan: Nandoni Bank 119 800 SARS (income tax) (Dr) 31 600 Land and buildings at revaluation 1 124 400 Equipment at cost 585 500 Accumulated depreciation Equipment 84 100 Revaluation surplus (1 March 2020) 105 000 Income received in advance 8 100 Allowance for credit losses 6 200 Bank (Dr) 130 600 Trade payables control 232 600 Auditor's remuniration 43 000 Sales 1 461 700 Carriage on sales 2400 Settlement discount received 2 100 Allowance for settlement discount granted Purchases 279 100 Salaries and wages 273 200 Carriage on purchases 1 800 Directors' remuneration 206 800 Settlement discount granted 5 100 Stationery 8 100 Telephone 6 200 Additional information: 1 The allowance for credit losses must be adjusted to R6 600 A debtor who owes the business R10 300 was declared insolvent and must be written off as irrecoverable 7609 2 The income tax for the financial year ended 28 February 2021 amounted to R121 100 and must still be recorded. 3 Authorised share capital consists of 400 000 NPV ordinary shares Share capital stated above consists of ordinary shares Issued at R3 5 per share On 01 December 2020 the directors issued 57 000 shares at R4 8 per share the shares were taken up by the public on 1 February 2021 this transaction has not been recorded 2 The income tax for the financial year ended 28 February 2021 amounted to R121 100 and must still be recorded. 3 Authorised share capital consists of 400 000 NPV ordinary shares. Share capital stated above consists of ordinary shares issued at R3.5 per share On 01 December 2020, the directors issued 57 000 shares at R4 8 per share, the shares were taken up by the public on 1 February 2021, this transaction has not been recorded. 4. The loan from Nandoni was acquired on 1 March 2018 at an interest rate of 8% per annum. Interest on all loans for the current financial year has not yet been accounted for. The loan is repayable in four annual equal instalments with effect from 1 March 2021. 5 5. Directors made the following resolutions at year end Dividends declared al 80 cents per share and will paid at the end of April 2021 A total bonus amounting to R72 000 must be paid to directors on 30 April 2021 Only 30% of the auditors' fees was settled at the year end, with the remainder to be paid to the auditors during the second week of March 2021 The above transactions have not been recorded 6. Provision of R38 400 must still be made for depreciation on equipment 71 Inventory on 28 February 2021 consisted of the following Inventory (stock) on hand R45 000 Stationary on hand R 4400 The revaluation of land for the current year resulted in a revaluation surplus amounting to R99 000 8 QUESTION 1 Which alternative represents the correct amount for carrying amount of land aild buildings in the statement of financial position of Machivandihala Lid as at 28 February 2021? D. A. 1 124 400 B. 1223 400 CHF1041 100 D. 965 900 El 1062 900 F1 110 100 Bor Selection QUESTION 2 Which alternative represents the correct amount for carrying amount of equipment in the statement of financial position of Machivandihala Ltd as at 28 February 2021? A. 464 300 . O B.463.000 . C. 501 400 OD. 391 500 E. 429 900 C F. 425 900 Reset Selection QUESTION 3 Which alternative represents the correct amount for inventories in the statement of financial position of Machivandihala Ltd as at 28 February 2021? O A.32 100 B. 49 400 . O C.37-500 . D. 34 700 E. 39 100 DKU F 41.900 Reset Selection QUESTION 4 Which alternative represents the correct amount for trade and other receivables in the statement of financial position of Machivandihala Ltd as at 28 February 2021? A. 268 100 . B.221 000 . O C. 227 300 . D. 240 000 . O E.260 500 . O F. 246 900 Reset Selection QUESTION 5 Which alternative represents the correct amount for cash and cash equivalents in the statement of financial position of Machivandihala Ltd as at 28 February 2021? . O A. 111 900 . O B. 120 900 O C. 130 600 . D. 117 800 . O E. 137 600 O F. 127 300 Reset Selection QUESTION 6 Which alternative represents the correct amount for share capital in the statement of financial position of Machivandihala Ltd as at 28 February 2021? A. 993 300 . OB.939 900 . O C. 719 700 . D. 890 500 E. 616 900 . O F. 666 300 Reset Selection QUESTION 7 Assume the correct profit for the year amount is R203 000. Which alternative represents the correct amount for retained eamings in the statement of financial position of Machivandihala Ltd as at 28 February 20212 O A. 437 400 O B.239 503 O C. 416 900 . CD. 249 497 . O E.230 294 . F. 459 600 Rese: Selection QUESTION 8 Which alternative represents the correct amount for other components of equity in the statement of financial position of Machivandihala Lid as at 28 February 2021? . A. 189 000 B. 204 000 . C. 105.000 O D. 196 200 E. 90 000 F. 97 200 Reset Selection QUESTION 9 Which alternative represents the correct amount for long-term loan to be disclosed under non-current liabilities in the statement of financial position of Machivandihala Ltd as at 28 February 2021? O A. 110 900 O B. 76 950 C. 102 600 O D. 89 850 . O E. 83 175 O F. 119 800 Rasel Selection QUESTION 10 Which alternative represents the correct amount for dividends payable in the statement of financial position of Machivandihala Ltd as at 28 February 2021? . A. 197 897 . B.210 103 . O C. 141 006 . O D. 164 503 . O E. 186 606 . O F. 152 297 Rese: Selection QUESTION 11 Which alternative represents the correct amount for trade and other payables in the statement of financial position of Machivandihala Lid as at 28 February 2021? . A. 215 300 . O B. 199 300 . OC. 231 470 D. 232 600 . O E.270 800 F. 250 380 Reset Selection QUESTION 12 Which altemative represents the correct amount for current tax payable in the statement of financial position of Machivandihala Ltd as at 28 February 2021? O A. 152 700 . B. 147 600 . C. 150 000 . OD. 94 600 . E. 92 200 . OF. 89 500 Resel Selection QUESTION 13 Which alternative represents the correct amount for long-term loan to be disclosed under current liabilities in the statement of financial position of Machivandihala Ltd as at 28 February 2021? A. 83 175 . B. 89 850 O C.76 950 . D. 25 650 E. 29 950 . O F. 27 725 Reset Selection