FAC 1601
ASSIGNMENT 5 SEMESTER 2 2024
DUE DATE: 11 OCTOBER 2024
TIME: 11:59AM
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,Nestled in the heart of the Klein Karoo, Western Cape, PlayNow CC is a close corporation in the
business of supplying educational toys to Early Childhood Development (ECD) centres across the
region. Based in Calitzdorp, the company is owned by two members with backgrounds in education
and a shared passion for fostering early childhood development. Their mission is to enrich the learning
environments of young children by providing high-quality, developmentally appropriate toys that
support cognitive, social, and emotional growth.
The following information, which relates to PlayNow CC, is presented to you for the preparation of the
statement of cash flows for the financial year ended 31 August 204.
Extract from the statement of financial position as at 31 August 2024:
2024 2023
R R
Loans to members 191,400 63,400
Loans from members 251,500 36,600
Accrued expense (marketing expenses) 12,600 18,400
Current tax payable 97,900 77,600
Distribution to members payable 152,600 201,600
Trade payables control 290,000 152,900
Inventory 93,600 51,100
Trade receivables control 151,500 178,000
Prepayments (security expense) 35,900 28,800
Accrued income (rental) 11,000 11,400
Retained earnings 414,300 136,000
Members’ contributions 2,010,900 1,702,200
Long-term loan 552,600 368,400
Bank 371,100 570,000
Machinery (at cost) 990,900 874,300
Accumulated depreciation: Machinery 244,200 130,000
Land and buildings (at cost) 1,969,600 1,226,500
Investments 380,200 -
Dividend receivable 34,400 155,500
Extract from the statement of profit or loss and other comprehensive income for the year
ended 31 August 2024:
R
Profit on sale of machinery 15,400
Cost of sales 777,200
, Depreciation on machinery 147,400
Fair value loss on listed investments 31,500
Income tax expense 209,600
Interest expense on loans from members 29,600
Interest income on loans to members 24,200
Investment income: dividend income 22,600
Interest expense on long term loans 22,600
Repairs and maintenance 51,200
Telephone expenses 43,900
Other operating expenses 33,300
Revenue 1,554,900
Water and electricity 95,600
Rental income 71,900
Additional information
1. Cash flows from operating activities are presented using the direct method.
2. Machinery with a cost of R32,400 and accumulated depreciation of R13,500 was sold for cash.
Replacement machinery was acquired on 31 July 2024.
3. All inventory purchases and sales are conducted on credit.
4. Additional contributions from members included vacant land valued at R182,200.
5. Investments consist of the following:
· R102,000 fixed deposit at Garden Bank (maturing on 30 June 2027)
· 26,000 ordinary shares in Karoo Limited
6. Profit distribution to members for the financial year amounted to R142,000.
7. Interest on loans provided to and received from members is capitalised. All member loans are
immediately callable, while the total amount owed to members is due on 31 August 2027.
With regards to PlayNow CC, complete the amounts in the EXTRACT of:
The statement of cash flows for the year ended 31 August 2024.
Instructions:
1. Round off all your answers to the nearest rand (eg: 50.56 = 51)
2. Don’t use any special characters (&) and don’t use bold in your answer. It will be marked incorrect.
