Exam (elaborations)
MANCOSA FIN REP & ANALYSIS UNIT 3 SOLUTIONS
- Institution
- Management College Of Southern Africa (MANCOSA)
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FINANCIAL REPORTING AND ANALYSISSOLUTIONS: UNIT 3
A02/16RS
QUESTION 1
TOMANGO TRADERS
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 28 FEBRUARY 2023
Capital Accounts Tom Ango Total
Balance at 28 February 2022 400 000 200 000 600 000
Changes in capital 0 50 000 50 000
Balance at 28 February 2023 400 000 250 000 650 000
Current Accounts Tom Ango Total
Balance at 28 February 2022 (10 000) 15 000 5 000
Net profit for the year 249 300 222 700 472 000
Interest on capital 72 000 40 500 112 500
Salaries 120 000 144 000 264 000
Profit Share (3/5; 2/5) 57 300 38 200 95 500
Drawings (200 000) (180 000) (380 000)
Balance at 28 February 2023 39 300 57 700 97 000
Interest on capital:
Ango R
01 Mar 2022 to 31 Aug 2022 R200 000 X 18% X 6/12 18 000
01 Sep 2022 to 29 Feb 2023 R250 000 X 18% X 6/12 22 500
40 500
EXTRACT OF STATEMENT OF FINANCIAL POSITION AS AT 28 FEBRUARY 2023
R
Equity 747 000
Capital 650 000
Current accounts 97 000
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