100% de satisfacción garantizada Inmediatamente disponible después del pago Tanto en línea como en PDF No estas atado a nada
Buscado previamente por ti
FAC1602 ASSESSMENT 4 SEMESTER 1 2024. SolaMin CC is a profitable business in the maintenance of solar systems for mines in Ermelo, Mpumalanga. The CC has presented you with the following information for the preparation of the statement of cash flows fo2,75 €
Añadir al carrito
Elementary Financial Accounting and Reporting - FA (FAC1602)
Examen
FAC1602 ASSESSMENT 4 SEMESTER 1 2024. SolaMin CC is a profitable business in the maintenance of solar systems for mines in Ermelo, Mpumalanga. The CC has presented you with the following information for the preparation of the statement of cash flows fo
132 vistas 5 veces vendidas
Grado
Elementary Financial Accounting and Reporting - FA (FAC1602)
Institución
University Of South Africa (Unisa)
FAC1602 ASSESSMENT 4 SEMESTER 1 2024.
SolaMin CC is a profitable business in the maintenance of solar systems for mines in Ermelo, Mpumalanga. The CC has presented you with the following information for the preparation of the statement of cash flows for the previous financial year ended 31 Aug...
Elementary Financial Accounting and Reporting - FA (FAC1602)
Todos documentos para esta materia (7)
Vendedor
Seguir
BMZAcademy
Comentarios recibidos
Vista previa del contenido
BMZ ACADEMY
BMZ Academy
CONTACT @ 061 262 1185/068 053 8213/0717513144
BMZ ACADEMY 0612621185/ 0717513144/ 068 053 8213
,Time left 2:56:42
Question 1
Not yet answered
Marked out of 5.00
Flag question
Question text
This information relates to the 24 questions below:
SolaMin CC is a profitable business in the maintenance of solar systems for mines in Ermelo,
Mpumalanga. The CC has presented you with the following information for the preparation of the
statement of cash flows for the previous financial year ended 31 August 2023:
Extract from the statement of financial position as at 31 August 2023:
2023 2022
R R
Long-term loan 323,800 225,200
SARS ⏤ current tax payable 72,200 51,000
Trade payables control 158,900 85,900
Loans from members 137,800 14,200
Accrued water and electricity expenses 7,000 3,400
Distribution to members payable 92,700 128,300
Retained earnings 273,600 94,000
Members’ contributions 1,828,600 1,681,600
Fixed deposit 25,100 12,800
Vehicles at cost 147,000 -
Equipment (at cost) 695,700 617,300
Land and buildings 1,051,700 795,100
Accumulated depreciation: equipment 107,800 38,100
Loans to members 87,200 28,000
Trade receivables control 66,900 52,000
Investment (at fair value) 277,200 -
Inventory 150,300 85,900
Prepaid security expense 53,900 44,500
Dividend receivable 55,100 232,300
Bank 504,000 707,500
Extract from the statement of profit or loss and other comprehensive income for the year
ended 31 August 2023:
R
Revenue ⏤ sale of maintenance parts 1,701,600
, Revenue ⏤ maintenance services 1,013,800
Cost of sales 935,800
Travel expenses 32,100
Repairs and maintenance expenses 38,900
Other operating expeses 266,000
Water and electricity 108,800
Depreciation on equipment 191,400
Security expenses 64,400
Profit on sale of equipment 19,100
Interest income on loans to members 11,000
Interest expense on loans from members 24,000
Interest expense on long term loans 19,300
Investment income: dividend income 23,200
Fair value gain on listed investments 32,700
Income tax expense 168,900
Additional information
1. The company adopts the direct method for presenting cash flows from operating activities.
2. All inventory necessary for solar system maintenance—ranging from spare parts to entire solar
panels—is procured and sold on credit terms.
3. This year, profit distributions totalling R194,000 were declared to members, reflecting the
company's profitability and its commitment to returning value to its investors.
4. Over the financial year, significant refurbishments were made to the company’s operational
facilities, including the storage building for solar components.
5. Interest on loans given to and obtained from members is capitalised. All loans to members
are immediately callable, while the total amount due to partners is payable on 30 June 2026.
6. During the year, equipment essential for maintaining solar systems—bought originally at R19,000
and with accumulated depreciation, on the date of sale, of R7,000 — was sold as part of the
company’s asset improvement strategy. The proceeds were reinvested in acquiring new, more
efficient and technologically advanced equipment on 30 June 2023. This new machinery is expected
to enhance the efficiency of maintenance operations and support the company’s growth in the solar
maintenance sector.
7. The company maintains a strategic investment in 11,000 ordinary shares of Ermelo Energy
Resources Ltd, a move that aligns with its core business by investing in a company that is also
involved in the renewable energy sector.
Which of the following alternatives represents the correct amount that must be disclosed as cash
receipts from customers under cash flows from operating activities section in the statement of cash
flows for SolaMin CC for the year ended 31 August 2023?
Los beneficios de comprar resúmenes en Stuvia estan en línea:
Garantiza la calidad de los comentarios
Compradores de Stuvia evaluaron más de 700.000 resúmenes. Así estas seguro que compras los mejores documentos!
Compra fácil y rápido
Puedes pagar rápidamente y en una vez con iDeal, tarjeta de crédito o con tu crédito de Stuvia. Sin tener que hacerte miembro.
Enfócate en lo más importante
Tus compañeros escriben los resúmenes. Por eso tienes la seguridad que tienes un resumen actual y confiable.
Así llegas a la conclusión rapidamente!
Preguntas frecuentes
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.
100% de satisfacción garantizada: ¿Cómo funciona?
Nuestra garantía de satisfacción le asegura que siempre encontrará un documento de estudio a tu medida. Tu rellenas un formulario y nuestro equipo de atención al cliente se encarga del resto.
Who am I buying this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller BMZAcademy. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for 2,75 €. You're not tied to anything after your purchase.
