Exam (elaborations)
FAC1601 ASSIGNMENT 4 SEMESTER 2 2023
- Course
- Institution
This document contains FAC1601 Assignment 4 semester 2 Questions and trusted answers .
[Show more]
2 reviews
By: jamestaimes • 10 months ago
By: mmamaila94 • 11 months ago
By: BrightTutor • 10 months ago
Hello Mmamaila. Thank you for the review
Seller
Follow
BrightTutor
Reviews received
Content preview
Question 1Not yet answered
Marked out of 7.00
The information below relates to questions below:
You have been presented with the following information to assist in the preparation of the statement of cash flows for
Mhlabavuleka Limited:
Extract of items from the statement of financial position information as at 28 February 2023:
2023 2022
R R
Dividends receivable 20,500 12,500
Listed investment at fair value 274,200 220,000
Current tax receivable 23,800 8,500
Inventory 67,500 51,900
Interest receivable - 7,100
Trade debtors control 52,700 49,300
Bank (Dr) 43,800 30,000
Loans to director 252,500 236,300
Machinery at cost 191,700 240,600
Accumulated depreciation: Machinery 41,100 14,600
Land and buildings 808,800 481,100
Share capital 711,300 628,000
Retained earnings 968,400 567,900
Revaluation reserve 168,700 118,500
Mortgage 78,300 209,600
Dividends payable 10,900 17,400
Trade creditors control 33,800 20,700
Interest payable 13,400 9,700
Extract of items disclosed in the statement of profit or loss and other comprehensive income information for the year ended 28
February 2023:
R
Profit on sale of machinery 12,300
Interest income: loans to directors 10,100
Investment income: Dividend received 11,300
Rental income 21,800
Gain on financial assets at fair value through profit or loss 23,500
Interest expense 11,100
Depreciation (machinery) 45,400
Income tax expense 197,000
Additional information
1. The company presents the statement of cash flows using the indirect method.
2. Mhlabavuleka Limited's net cash flow position deteriorated significantly towards the end of the financial year and as a
result, only R88 000 was paid as dividends to shareholders (in cash).
3. To aid the cash flow position, the company sold property, plant and equipment in cash.
4. The purchases of property, plant and equipment were made from second-hand dealers in cash.
5. According to the policy of the company, all the loans advanced to the directors are immediately callable and interest
charged on these loans is capitalised.
Which of the following alternatives represents the correct amount that must be disclosed as profit before tax in the cash
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
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.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller BrightTutor. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $2.95. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
77333 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now