The balances listed below are from the books of Inventive CC as at 31 December 20x7:

Additional information:

• A distribution of R6 000 of the undrawn income for 20x7 is made to the members and credited to the loan accounts.

• Apply a current tax rate of 28%.

• Inventory is valued at the lowest of cost or net realisable value on a FIFO basis.

• Interest of R525 was paid on the member’s loan from A. Abacus and an additional R200 should be accrued. The CC repaid R600 on 30 January 20x7.

• The loan to B. Baracus is interest free. The CC advanced B. Baracus a further R1 050 during the year, and he repaid R1 650 during the year.

• Income for the year comprised net sales to customers and amounted to R290 000.

• The three members of the CC were A. Abacus, B. Baracus and I. Ilias.

– Their members’ contributions were in the same ratio as their interest, being 25%, 50% and 25% respectively.

– The contributions of A. Abacus and B. Baracus were fully paid up, but I. Ilias still owed an amount of R7 500 for his contribution.

• Investments consist of:

– 7 500 ordinary shares in Alto (Pty) Ltd bought for R10 000 during 20x6. (Members’ valuation = R10 000.)

– 3 000 ordinary shares in Efraim Industries (Pty) Ltd bought at a cost of R3 500 during 20x5. (Members’ valuation = R7 000.)

• Sundry expenses consist of:

You are required to:

1 Prepare the statement of financial position and statement of profit or loss & other comprehensive income for Inventive CC for the year ended 31 December 20x7 according to IFRS.

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Accumulated profit 1 January 20x7 Members' contributions Equipment Accumulated depreciation: Equipment Land and buildings Surplus on revaluation of land and buildings Investments at cost Loan from member A. Abacus (1 January 20x7) Loan to member: B. Baracus Inventory as at 31 December 20x7 Accounts receivable Accounts payable Provisional tax payments Gross profit Sundry expenses Rent received Dividends received Bank 19 475 00 105 000 00 64 050 00 17 100 00 105 000 00 15 000 00 13 500 00 7 500 00 3 000 00 15 225 00 11 000 00 13 900 00 1 500 00 45 750 00 19 300 00 9 300 00 2 550 00 3 000 00