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MANCOSA FIN REP & ANALYSIS UNIT 4 ACTIVITIES

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  • March 14, 2024
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  • 2023/2024
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FINANCIAL 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

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