Exam (elaborations)
MANCOSA INTRO TO FIN ACC UNIT 5 ACTIVITIES
- Institution
- Management College Of Southern Africa (MANCOSA)
this contains the activities of unit 5 of introduction to financial accounting
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INTRODUCTION TO FINANCIAL ACCOUNTINGACTIVITIES: UNIT 5
QUESTION 1
REQUIRED
Use the information provided below to prepare the following financial statements of WIFI Limited for
the year ended 28 February 2023:
1.1 Statement of Comprehensive Income
1.2 Statement of Changes in Equity
INFORMATION
The following information was obtained from the accounting records of WIFI Limited for the year ended
28 February 2023:
WIFI LIMITED
EXTRACT OF THE TRIAL BALANCE AS AT 28 FEBRUARY 2023
Debit (R) Credit (R)
Company tax paid 260 000
Interest on overdraft 3 000
Interim dividends paid 88 000
Inventory (01 March 2022) 420 000
Ordinary share capital 4 400 000
Preference shares (400 000 shares) 800 000
Purchases 4 160 000
Purchases returns 200 000
Retained earnings (01 March 2022) 1 217 000
Sales 8 900 000
Operating expenses 3 760 000
Inventory (28 February 2023) 400 000
Preference dividends 56 000
Additional information and adjustments
1. The company tax for the year ended 28 February 2023 amounted to R347 000.
2. A final dividend of R70 400 was declared.
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