Financial Reporting...lementary OSA.pdf

QUESTION $3$

$(20$ Marks$)$

REQUIRED

Use the information provided below to prepare the Statement of Financial Position of Kansas Limited as at $30$ June $2024.$ The notes to the financial statements are not required.

INFORMATION

The following balances were obtained from the accounting records of Kansas Limited after all the adjustments and closing transfers were completed on $30$ June $2024,$ the end of the financial year.

$\backslash$begin$\{$tabular$\}\{|$l$|$r$|\}$

$\backslash$hline & $\backslash$multicolumn$\{1\}\{$c$|\}\{$ R $\}\backslash \backslash$

$\backslash$hline Inventory & $420000\backslash \backslash$

$\backslash$hline Debtors control & $120000\backslash \backslash$

$\backslash$hline Equipment & $2640000\backslash \backslash$

$\backslash$hline Accumulated depreciation on equipment & $240000\backslash \backslash$

$\backslash$hline Cash float & $18000\backslash \backslash$

$\backslash$hline Creditors control & $272000\backslash \backslash$

$\backslash$hline Provision for bad debts $($Refer to Note $1$ below$)$ & $\backslash (?\backslash )\backslash \backslash$

$\backslash$hline Accrued income & $12000\backslash \backslash$

$\backslash$hline Ordinary share capital $(200000$ shares issued$)$ & $7248000\backslash \backslash$

$\backslash$hline Retained income & $\backslash (?\backslash )\backslash \backslash$

$\backslash$hline South African Revenue Services: Company tax payable $($Refer to Note $2$ below$)$ & $132000\backslash \backslash$

$\backslash$hline Bank $($DR$)$ & $84000\backslash \backslash$

$\backslash$hline Accrued expenses & $\backslash (?\backslash )\backslash \backslash$

$\backslash$hline Shareholders for dividends$/$Dividends payable $($Refer to Note $3$ below$)$ & $300000\backslash \backslash$

$\backslash$hline Loan: Med Bank $($Refer to Note $4$ below$)$ & $\backslash \backslash$

$\backslash$hline

$\backslash$end$\{$tabular$\}$

Note:

$1.$ The provision for bad debts balance on $30$ June $2023$ was R$5000.$ The provision for bad debts must be increased by R$1000.$

$2.$ The tax calculated on the pre$-$tax profit for the year amounted to R$180000.$ Provisional company tax payments for the year ended $30$ June $2024$ totalled R$156000.$

$3.$ The final dividend declared on $30$ June $2024$ was $74$ cents per share.

$4.$ Payments totalling R$80000$ will be made to Med Bank during the next financial year. This amount includes interest on loan of R$30000.$