Exam (elaborations)
MANCOSA FIN REP & ANALYSIS UNIT 4 ACTIVITIES
- Course
- Institution
Answers are on the next document
[Show more]
Seller
Follow
BookSquad
Reviews received
Content preview
Page 1 of 3FINANCIAL REPORTING AND ANALYSIS
UNIT 4 (FINANCIAL STATEMENTS OF A COMPANY): ACTIVITIES AND NOTES
FINACCBRESUB02/16
REQUIRED
Prepare the Statement of Comprehensive Income for the year ended 31 December 2023, Statement
of Changes in Equity for the year ended 31 December 2023 and Statement of Financial Position as at
31 December 2023.
INFORMATION
The information given below was extracted from the accounting records of Woodford Ltd, on
31 December 2023 (the end of the financial year).
WOODFORD LTD
PRE-ADJUSTMENT TRIAL BALANCE AS AT 31 DECEMBER 2023
Balance Sheet Accounts Section Debit (R) Credit (R)
Ordinary share capital 3 200 000
Retained earnings 400 000
Land and buildings 5 400 000
Vehicles (cost) 1 300 000
Equipment (cost) 1 000 000
Accumulated depreciation on vehicles 500 000
Accumulated depreciation on equipment 400 000
Debentures (10% p.a.) 2 600 000
Debtors control 360 000
Provision for bad debts 20 000
Bank 230 000
Creditors control 930 000
South African Revenue Services (Company tax) 290 000
Nominal accounts section
Sales 7 570 000
Opening inventory 1 100 000
Purchases 4 110 000
Sales returns 50 000
Purchases returns 330 000
Carriage on purchases 80 000
Maintenance 70 000
Rates 50 000
Carriage on sales 100 000
Wages and salaries 800 000
Stationery 10 000
Bad debts 20 000
Sundry expenses 70 000
Insurance 30 000
Telephone 70 000
Water and electricity 80 000
Directors’ fees 480 000
Auditor’s fees 50 000
Ordinary share dividends 200 000
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller BookSquad. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $2.79. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
80461 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now