help me to prepare the statement of financial position of anele traders. take yo
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help me to prepare the statement of financial position of anele traders. take your time i can wait
LIAL TOIANAGEMENT 1B QUESTION 1 Use the information given below to prepare the Statement of Financial Position of Anele Traders as a February 2018. The notes to the financial statements are not required. FINANCIAL STATEMENTS OF A SOLE PROPRIETORSHIP t 28 INFORMATION Extract from the accounting records of Anele Traders on 28 Comprehensive Income was drawn up. February 2018 after the Statement of Consumable stores on hand Accrued expenses Prepaid expenses Cash float Bank (CR) Fixed deposit: EFT Bank Capital (01 March 2017) Drawings Loan: EFT Bank Property, plant and equipment Creditors control Debtors control Accrued income Income received in advance Trading inventory 12 000 2000 6 000 30 000 100 000 1000000 480 000 200 000 1 178 000 160 000 40 000 8 000 16 000 140 000 According to the Statement of Comprehensive Income, the net profit for the year ended 28 February 2018 amounted to R540 000. Additional information that must be taken into account: e after stocktaking was done but this has not The proprietor took R6 000 trading goods for his personal us been recorded. - Payments amounting to R36 000, including interest of R12 000, will be made to EFT Bank towards the loan in the next financial year. 8 and the balance matures on 31 May 2019 Sixty percent (60%) of the fixed deposit matures on 31 May 201 .Explanation / Answer
Statement of Financial Position of Anale Traders as at 28.02.2018
LIABILITIES
AMOUNT
ASSETS
AMOUNT
Capital
1,000,000
Property, Plant & Equipment
1,178,000
Less: Drawings
(486,000)
Consumable Stores on hand
4,000
Add: Net Profit
540000
1,054,000
Prepaid Expenses
2,000
Accrued Expenses
12,000
Cash Float
6,000
Bank (CR)
30,000
Fixed Deposit: EFT Bank
(60% current asset)
100,000
Loan EFT Bank
200,000
(40% non-current asset)
Creditors Control
160,000
Debtors Control
40,000
Income received in advance
16,000
Accrued Income
8,000
Trading Inventory
134,000
Total
1,472,000
Total
1,472,000
Statement of Financial Position of Anale Traders as at 28.02.2018
LIABILITIES
AMOUNT
ASSETS
AMOUNT
Capital
1,000,000
Property, Plant & Equipment
1,178,000
Less: Drawings
(486,000)
Consumable Stores on hand
4,000
Add: Net Profit
540000
1,054,000
Prepaid Expenses
2,000
Accrued Expenses
12,000
Cash Float
6,000
Bank (CR)
30,000
Fixed Deposit: EFT Bank
(60% current asset)
100,000
Loan EFT Bank
200,000
(40% non-current asset)
Creditors Control
160,000
Debtors Control
40,000
Income received in advance
16,000
Accrued Income
8,000
Trading Inventory
134,000
Total
1,472,000
Total
1,472,000
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