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:

$\backslash$table$[[,$R$],[$Creditors control,$1260000],[$Debtors control,$1200000],[$Bank $($Dr balance$),1675500],[$Ordinary share capital,$1537500],[$Long$-$term loan,$900000],[12\%$ Preference shares,$660000],[$Retained profit,$345000],[$Equipment $($cost$),90000],[$Accumulated depreciation on equipment $(01$ November $2023),18000],[$Vehicles $($cost$),600000],[$Accumulated depreciation on vehicles $(01$ November $2023),120000],[$Inventory$,441000],[$Petty cash,$3000],[$Shares invested in Amcor Limited,$1005000]]$

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.