MANCOSA BCOM FINANCIAL MANAGEMENT YEAR 1 71 NMENT 7 FINANCIA

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 INTAKE

Solution

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