Question

QUESTION 5 STATEMENT OF FINANCIAL POSITION
Required:
Use the information supplied by MASTER LTD. to prepare the Statement of Financial Position as at 28 February 2017.
NB: Copy the format given below in your answer book.
 Notes to the financial statement is NOT REQUIRED.
 Show your workings in brackets to indicate how you have computed the final amount.
INFORMATION:
POST ADJUSTMENT TRIAL BALANCE ON 28 FEBRUARY 2017.
Ordinary Share Capital ( 730 000 shares )
1 825 000
Retained Income
86 000
Mortgage Loan : F.Bank
369 600
Property, plant and Equipment
2 845 000
Accumulated Depreciation : PPE
712 690
Fixed Deposit : J.Bank
203 000
Trading Inventories
118 000
Consumables on hand
4 000
Debtors Control
66 000
Provision for bad debts
1 450
SARS : Income Tax ( Provisional tax paid )
175 000
Accrued Income
1 500
Prepaid Expenses
500
Deferred Income
1 800
Accrued Expenses
1 500
Creditors Control
91 000
Bank ( DR )
61 340
Cash Float
3 200
Shareholders for Dividends
219 600
ADDITIONAL INFORMATION:
 A fixed deposit of R98 000 matures on 30 June 2017.
The balance matures on 31 October 2019.
 Loan will be reduced by R52 800 in the next financial year.
 Income tax for the year was calculated as R168 000.

Answer 1