MANCOSA: BCOM FINANCIAL MANAGEMENT YEAR 1 71 NMENT 7: FINANCIAL MANAGEMENT 1B QU
ID: 2827014 • Letter: M
Question
MANCOSA: BCOM FINANCIAL MANAGEMENT YEAR 1 71 NMENT 7: FINANCIAL MANAGEMENT 1B QUESTION 1 ulse the information given below to prepare the Statement of Financial Position of Anele Traders as at 28 February 2018. The notes to the financial statements are not required. FINANCIAL STATEMENTS OF A SOLE PROPRIETORSHIP (20) INFORMATION ract from the accounting records of Anele Traders on 28 February 2018 after the Statement of Ext Comprehensive Income was drawn up Consumable stores on hand Accrued expenses Prepaid expenses Cash float Bank (CR) Fixed deposit: EFT Bank Capital (01 March 2017) Drawings Loan: EFT Bank Property, plant and equipment Creditors control Debtors control Accrued income Income received in advance Trading inventory 4 000 12 000 2 000 6 000 30 000 100 000 1 000 000 480 000 200000 1 178 000 160 000 40 000 8 000 16 000 140 000 Additional information that must be taken into account: Accordin amounted to R540 000. g to the Statement of Comprehensive Income, the net profit for the year ended 28 February 2018 The proprietor took R6 000 trading goods for his personal use after stocktaking was done but this has not been recorded. " Payments amounting to R36 000, including interest of R12 000, will be made to EFT Bank towards the loan in the next financial year Sixty percent (60%) of the fixed deposit matures on 31 May 2018 and the balance matures on 31 May 2019 . . 71 PROGRAMME HANDBOOK: JANUARY 2018 INTAKEExplanation / Answer
Statement of Financial Position of Anale Traders as at 28th February 2018 :
Liabilities
Amount
Amount
Assets
Amount
Amount
Capital
1,000,000
Property, plant and equipment
1,178,000
Less: drawings
(480,000)
Consumables stores on hand
4,000
Less: used for personal use
(6,000)
Prepaid expenses
2,000
Add: net profit
540,000
Cash float
6,000
1,054,000
Fixed deposit: EFT Bank
100,000
Accured expenses
12,000
Debtors control
40,000
Bank (CR)
30,000
Accrued income
8,000
Loan: EFT bank
200,000
Trading inventory
134,000
Creditors control
160,000
Income received in advance
16,000
Total
1,472,000
Total
1,472,000
Liabilities
Amount
Amount
Assets
Amount
Amount
Capital
1,000,000
Property, plant and equipment
1,178,000
Less: drawings
(480,000)
Consumables stores on hand
4,000
Less: used for personal use
(6,000)
Prepaid expenses
2,000
Add: net profit
540,000
Cash float
6,000
1,054,000
Fixed deposit: EFT Bank
100,000
Accured expenses
12,000
Debtors control
40,000
Bank (CR)
30,000
Accrued income
8,000
Loan: EFT bank
200,000
Trading inventory
134,000
Creditors control
160,000
Income received in advance
16,000
Total
1,472,000
Total
1,472,000
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