QUESTION $4$

$(20$ Marks$)$

REQUIRED

Use the relevant information provided below to prepare the following:

$4\mathrm{.}1$ Journal entries to record the payment of the first provisional tax and to record the total company tax for the financial year.

$(4$ marks$)$

$4\mathrm{.}2$ Statement of Financial Position as at $31$ October $2024$

$(16$ marks$)$

INFORMATION

The following balances were obtained from the accounting records of Tango Limited on $31$ October $2024,$ the end of the financial year:

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

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

$\backslash$hline Creditors control & $1260000\backslash \backslash$

$\backslash$hline Debtors control & $1200000\backslash \backslash$

$\backslash$hline Bank $($Dr balance$)$ & $1675500\backslash \backslash$

$\backslash$hline Ordinary share capital & $1537500\backslash \backslash$

$\backslash$hline Long$-$term loan & $900000\backslash \backslash$

$\backslash$hline $12\backslash \%$ Preference shares & $660000\backslash \backslash$

$\backslash$hline Retained profit & $345000\backslash \backslash$

$\backslash$hline Equipment $($cost$)$ & $90000\backslash \backslash$

$\backslash$hline Accumulated depreciation on equipment $(01$ November $2023)$ & $18000\backslash \backslash$

$\backslash$hline Vehicles $($cost$)$ & $600000\backslash \backslash$

$\backslash$hline Accumulated depreciation on vehicles $(01$ November $2023)$ & $120000\backslash \backslash$

$\backslash$hline Inventory & $441000\backslash \backslash$

$\backslash$hline Petty cash & $3000\backslash \backslash$

$\backslash$hline Shares invested in Amcor Limited & $1005000\backslash \backslash$

$\backslash$hline

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

Additional information

a$)$ Depreciation on equipment and vehicles for the year ended $31$ October $2024$ amounted to R$9000$ and R $60000$ respectively.

b$)$ A final dividend of $30$ cents per ordinary share was declared but not paid. There were $200000$ ordinary shares in issue. $($This dividend was included in the calculation of the retained profit.$)$

c$)$ The total company tax for the financial year amounted to R$600000.$ The first and second provisional payments made to the tax authority were R$300000(30$ April $2024)$ and R$255000(31$ October $2024)$ respectively.