Question
Using the template provided complete the following: Balance Sheet [Table 2 page 7] (5) 2. Income Statement [Table 3 page 8] (5) Table 1: Statement
Using the template provided complete the following:
-
Balance Sheet [Table 2 page 7] (5)
2. Income Statement [Table 3 page 8] (5)
Table 1:
| Statement of comprehensive income (income statement) and statement of financial position (balance sheet) of Crazy Times (Pty) Ltd. | ||
| TRIAL BALANCE | 2021 dr | 2021 cr |
| Arear expenses | 0 | 17940 |
| Bank chargers | 26450 | 0 |
| Bank balance (overdrawn) | 0 | 98900 |
| Electricity | 42263 | 0 |
| Debtors | 220193 | 0 |
| Deposits | 5980 | 0 |
| Repairs | 47201 | 0 |
| Rent paid | 235946 | 0 |
| Cost of sales | 2466354 | 0 |
| Commission paid | 67335 | 0 |
| Creditors | 0 | 339250 |
| Members' contribution | 0 | 863 |
| Distributable reserves | 0 | 946427 |
| Long-term loan | 0 | 460000 |
| Wages and salaries | 1550131 | 0 |
| Accountant fees | 6900 | 0 |
| Interest paid | 45968 | 0 |
| Interest received | 0 | 403 |
| Accumulated loss the previous year | 651714 | 0 |
| Security | 11261 | 0 |
| Cleaning costs | 13395 | 0 |
| Stationery | 1518 | 0 |
| Regional Services Council levies | 10263 | 0 |
| Telephone | 23023 | 0 |
| Inventory | 391000 | 0 |
| Fixed assets - cost price - depreciation | 770932 | 0 |
| Sales | 0 | 5286803 |
| Transport and deliveries | 94742 | 0 |
| Insurance | 61267 | 0 |
| Depreciation | 406750 | 0 |
|
| 7150585 | 7150585 |
Table 2:
| Crazy Times (Pty) Ltd | Marks | (5) |
| Statement of financial positional position (balance sheet) as at 28 February 2022 | ||
| 2021 R | 2020 R | |
| EMPLOYMENT OF CAPITAL | ||
| Non - current assets | A. | 1014072 |
| Current assets | 617173 | 438606 |
| Inventory | 391000 | 194994 |
| Debtors | B. | 43200 |
| Deposits (investment) | 5980 | 4000 |
| Bank Balance | 0 | 196412 |
| TOTAL ASSETS | 1388105 | 1452678 |
| Members' contribution | 863 | 400 |
| Accumulated loss | -475274 | -651714 |
| Distributable reserves | 946427 | 1140584 |
| Members' interest | 472015 | 489270 |
| Non-current loan debt | C. | 584000 |
| Current liabilities | 456090 | 379408 |
| Creditors | 339250 | 366448 |
| Arear expenses | D. | 12960 |
| Bank overdraft | E. | 0 |
| EQUITY AND LIABILITIES | 1388105 | 1452678 |
Table 3:
| Crazy Times (Pty)Ltd | Marks | (5) |
| Statement of comprehensive income (income statement) for the year ending 28 February 2019 | ||
| 2021 R | 2020 R | |
| INCOME | ||
| Sales | A. | 3131021 |
| Less: cost of sales | 2466354 | 1699509 |
| Gross income | 2820449 | 1431512 |
| Interest received | 403 | 284 |
| EXPENDITURE | B. | 1488336 |
| Bank charges | 26450 | 15748 |
| Electricity | 42263 | 20360 |
| Repairs | 47201 | 17424 |
| Rent paid | 235946 | 167764 |
| Commission paid | 67335 | 48000 |
| Wages and salaries | C. | 681348 |
| Accountant's fees | 6900 | 7200 |
| Security | 11261 | 2796 |
| Cleaning costs | 13395 | 2952 |
| Stationery | 1518 | 2096 |
| Regional Services Council levies | 10263 | 5000 |
| Telephone | 23023 | 9232 |
| Transport and deliveries | D. | 50248 |
| Insurance | 61267 | 51720 |
| Depreciation | 406750 | 360820 |
| NET PROFIT / (LOSS) BEFORE INTEREST | 222408 | -10912 |
| Less: Interest paid | E. | 45628 |
| NET PROFIT / (LOSS) AFTER INTEREST | 176440 | -56540 |
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Intermediate Accounting
Authors: J. David Spiceland, James Sepe, Mark Nelson
6th edition
978-0077328894, 71313974, 9780077395810, 77328892, 9780071313971, 77395816, 978-0077400163
