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Question 2 (60 marks, 90 minutes) SleepE Ltd is a manufacturer of high quality pillows. The company distributes its products to various wholesalers and retailers across South Africa. The following information relates to the company for the year ended 31 December 2020: SleepE Ltd Trial balance as at 31 December 2020 DR R CR R Balance sheet accounts Preference share capital 300 000 600 000 Ordinary share capital 285 000 Retained earnings (1 January 2020) Goodwill Debentures 35 000 Mortgage bond (12% p.a.) 160 000 Investment in Dreamz Ltd Fixed deposit Trade receivables 53 800 Trade payables Inventory Fuel (asset) Stationery (asset) Provision for bad debts 1 440 Building, at cost Plant, at cost Equipment, at cost Vehicles, at cost 42 000 36 000 Accumulated depreciation on building Accumulated depreciation on equipment Accumulated depreciation on vehicles Bank 21 000 Petty cash SA revenue service Nominal accounts Sales 766 295 Cost of sales Debtor's allowances Audit fees Bad debts Bank charges Director's fees Dividend income (Dreamz Ltd)) 2 000 1 125 Interest on fixed deposit Interest on mortgage bond Interim dividend on ordinary shares Rent income 26 200 20 000 40 000 25 000 47 600 59 880 12 800 2 670 930 000 142 000 180 000 135 000 84 870 1 100 56 460 359 380 6 540 16 000 2 360 1 800 24 000 15 600 20 000 Salaries 75 000 65 000 Share issue expenses Sundry office expenses 6 800 2 329 860 2 329 860 Adjustments and additional information: 1. On 1 January 2020, the issued share capital consisted of: R 300 000 100 000 non-redeemable preference shares, issued at R3 each 1 000 000 ordinary shares, issued at 34c each 340 000 2. On 30 September 2020, SleepE Ltd increased its ordinary share capital by issuing 200 000 ordinary shares at R1,30. 3. Share issue expenses were incurred and these are to be written off against retained earnings. 4. SleepE Ltd acquired its investment in Dreamz Ltd on 1 January 2020 and paid R20 000 goodwill. Goodwill is to be written off. 5. On 30 June 2020, Dreamz Ltd paid an interim dividend equal to 5% of the investment amount and a cheque was received and recorded SleepE Ltd in July 2020. On 31 December 2020, a final dividend of 9% of the investment amount was declared by Dreamz Ltd, but no cheque has been received as yet for this amount. 6. It was ascertained that a credit sales invoice for R2 400 (cost: R1 600) had been omitted from the accounting records. This transaction still needs to be recorded. 7. A stock take was performed on 31 December 2020 and the value of inventory was determined to be R57 000. 8. Equipment has a residual value of R20 000 and is depreciated at 15% p.a., using the diminishing balance method. A provision for the current years' depreciation still needs to be made. 9. The company owns one vehicle, purchased on 1 January 2019. During 2019 the vehicle travelled 35 000 kilometers. On 31 December 2020 the vehicle had travelled a total of 68 500 kilometers. Depreciation on vehicles is calculated using the unit of output method and still needs to be calculated for the 2020 year of assessment. The vehicle is expected to travel a total of 225 000 kilometers over its useful life. 10. The carrying amount of the building was R870 300 as at 31 December 2020. 11. The installation of the plant was completed on 31 December 2020 and no depreciation is to be written off in the current year. 12. A debtor who owes R500 has been declared insolvent. SleepE Ltd received a final settlement cheque equal to 40c in the R1, and wrote the balance off as irrecoverable. These transactions must still be recorded. 13. Provision for bad debts is to be provided at 4% of trade receivables. 14. Audit fees still owing at 31 December 2020 amounted to R3 500. 15. The total amount if unused fuel at 31 December 2020 was R520. 16. The fixed deposit matures on 30 September 2021. Interest on the fixed deposit has only been received for the period 1 January 2020 to 30 September 2020. 17. Stationery to the value of R2 200 was used during the year. 18. A portion of the building has been let to a tenant for the full year and rent has been received for January 2021. The January 2021 rent includes a 10% increase. 19. Debentures consist of 1 750, 8% debentures at R20 each. No interest on debentures has been recorded. 20. The capital amount of the mortgage bond is redeemed at R20 000 per year, payable on 1 July each year, until fully paid. Total interest for the year is R20 400. 21. The company has a general reserve of R32 000. No transactions for this reserve have been processed. 22. The directors declared a dividend of 27c per preference share on 31 December 2020. 23. A final dividend on the ordinary shares, equal to 3x (three times) the interim dividend per share, was declared on 31 December 2020. 24. The total tax expense for the year was R62 000. Marks Required 1. Prepare the following statements for the year ended 31 December 2020: Statement of comprehensive income 35 Statement of changes in equity 10 Statement of financial position 15 NB: Comparatives are not required Total 60