On 1 November 20x6, Mr ABC formed ABC Textiles CC. These balances and totals were available on
Question:
On 1 November 20x6, Mr ABC formed ABC Textiles CC. These balances and totals were available on 28 February 20x7:
Additional information:
• Closing inventory on 28 February 20x7 was valued at R16 500. There was no opening inventory.
• Mr ABC contributed on 1 November 20x6:
• Non-current assets are depreciated on the reducing-balance basis at these rates:
• Formation costs should be written off.
Assume a tax rate of 28% and dividends tax of 15% applies.
You are required to:
Prepare the financial statements for ABC Textile CC for the period ended 28 February 20x7.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Income Statement for the Period Ended 28 February 20x7 Particulars Amount R Gross Sales 1380000 Cost ...View the full answer
Answered By
Abdul Wahab Qaiser
Before working at Mariakani, I volunteered at a local community center, where I tutored students from diverse backgrounds. I helped them improve their academic performance and develop self-esteem and confidence. I used creative teaching methods, such as role-playing and group discussions, to make the learning experience more engaging and enjoyable.
In addition, I have conducted workshops and training sessions for educators and mental health professionals on various topics related to counseling and psychology. I have presented research papers at conferences and published articles in academic journals.
Overall, I am passionate about sharing my knowledge and helping others achieve their goals. I believe that tutoring is an excellent way to make a positive impact on people's lives, and I am committed to providing high-quality, personalized instruction to my students.
0 Reviews
10+ Question Solved
Related Book For 
Fundamental Accounting
ISBN: 9781485112112
7th Edition
Authors: David Flynn, Carolina Koornhof, Ronald Arendse, Anna C. E. Coetzee, Edwardo Muriro, Louise Christel Posthumus, Louise Mancy Smit
Question Posted:
