The following information was obtained from the records of Heads Up CC, for the year ended...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The following information was obtained from the records of "Heads Up CC", for the year ended 28 February 2021. "Heads Up CC" Statement of financial position as at 28 February 2021 Total Assets Property, Plant and Equipment Loan Receivable: Loan to K. Watson (employee) Loan to P. Mitsi (member) Investments Debtors Inventory Total Members Interest and Liabilities Retained Income Members Contributions Revaluation Reserve Loans Outstanding: Loan from Saambou Bank Loan from K Mitsi (member) 150 000 20 000 5 000 15 000 40 000 2 500 3 500 20 000 100 000 30 000 66 000 16 000 50 000 N$ Additional information: 1. The accountant could not submit the statement of comprehensive income, he remembered however that the distribution to members for the current year amounted to N$10 000 and retained earnings at the beginning of the year amounted to N$5 000. 2. The opening balance of the loan from K. Mitsi amounted to N$37 500. Assume that the other loans showed movement for the year under review. 3. The members contributions were made at the beginning of entity while the re-valuation was conducted in the current financial year. Required: 1. Prepare the Statement of Changes in Equity and members investment for the year ended 28 February 2021. (15 marks) The following information was obtained from the records of "Heads Up CC", for the year ended 28 February 2021. "Heads Up CC" Statement of financial position as at 28 February 2021 Total Assets Property, Plant and Equipment Loan Receivable: Loan to K. Watson (employee) Loan to P. Mitsi (member) Investments Debtors Inventory Total Members Interest and Liabilities Retained Income Members Contributions Revaluation Reserve Loans Outstanding: Loan from Saambou Bank Loan from K Mitsi (member) 150 000 20 000 5 000 15 000 40 000 2 500 3 500 20 000 100 000 30 000 66 000 16 000 50 000 N$ Additional information: 1. The accountant could not submit the statement of comprehensive income, he remembered however that the distribution to members for the current year amounted to N$10 000 and retained earnings at the beginning of the year amounted to N$5 000. 2. The opening balance of the loan from K. Mitsi amounted to N$37 500. Assume that the other loans showed movement for the year under review. 3. The members contributions were made at the beginning of entity while the re-valuation was conducted in the current financial year. Required: 1. Prepare the Statement of Changes in Equity and members investment for the year ended 28 February 2021. (15 marks)
Expert Answer:
Answer rating: 100% (QA)
To prepare the Statement of Changes in Equity and Members Investment for the year ended 28 February ... View the full answer
Related Book For
Accounting concepts and applications
ISBN: 978-0538745482
11th Edition
Authors: Albrecht Stice, Stice Swain
Posted Date:
Students also viewed these accounting questions
-
The financial statements of CJ for the year to 31 March 2006 were as follows: Income statement for the year to 31 March 2006...
-
Hawk Moth Limited (HML) was registered with the capital of Rs.5,000,000 divided into ordinary shares of Rs.10 each. HML offered to public 15,000 shares payable in full on application. Rose Lavillant...
-
DripTech Private Limited is a company that specializes in the manufacture and distribution of irrigation equipment. The information below was obtained from the books of DripTech (Pvt) for the...
-
A coil of wire 0.1 m long and having 15 turns carries a current of 1.0 A. (a) Compute the flux density if the coil is within a vacuum. (b) A bar of an iron-silicon alloy, the B-H behavior for which...
-
Three polarizing filters are stacked, with the polarizing axis of the second and third filter at23.0o and 62.0o, respectively, to that of the first. Unpolarized light is incident on the stack the...
-
What is an Engineering standard?
-
The following elements of stockholders' equity are adapted from the balance sheet of Volvo Marketing Corp. Volvo paid no preferred dividends in 2008 Requirement Compute the dividends to preferred and...
-
A mixing process consists of a single stirred-tank instrumented as shown in figure. The concentration of a single species A in the feed stream varies. The controller attempts to compensate for this...
-
Why Some Teams Are Smarter Than Others The New York Times ENDLESS meetings that do little but waste everyone's time. Dysfunctional committees that take two steps back for every one forward. Project...
-
Demello & Associates records adjusting entries on an annual basis. The company has the following information available on accruals that must be recorded for the year ended December 31, 2024: 1....
-
The scale of a galvanometer is divided into 150 equal divisions. The galvanometer has sensitivity of 10 divisions per mA and the voltage sensitivity of 2 divisions per mV. Hor galvanometer be...
-
An Australian exporter has supplied goods to India and will receive 2 million Indian rupees (INR) in one year. The exporter expects that the INR will be selling at 11.53% discount against the...
-
The assets and liabilities of Snub Services as of March 31, 2020, the end of the current year, and its revenues and expenses for the year ended March 31, 2020 are listed below. The Retained Earnings...
-
Dr . Marty Gold, a local dentist, has the following account balances on August 3 1 , Year 6 . The income statement accounts represent revenues and expenses for the month of August. The name of the...
-
Use the following information to answer the next question. Michelson used rotating mirrors, similar to those shown below, to calculate the speed of light. light source X Y observer mirror Light is...
-
(b) Given the function definition: def enigma (n): for i in range (n, 0,-1): help (i) print () def help(x): i. What is the output for enigma (6)? for j in range(i): print (j % 2, end=' ')
-
Watch the video and answer the questions below: https://youtu.be/naleynXS7yo Please respond to the following prompts What are the advantages and disadvantages of computer mediated communication...
-
Huntingdon Capital Corp. is a competitor of Plazacorp and First Capital Realty. Huntingdon reported the following selected information (in millions):...
-
Sunshine Center's three profit centers had the following operating data during 2012: Sunshine's management is concerned because the company is losing money. They ask you to: 1. Calculate each profit...
-
Seipke Company uses a periodic inventory system. Beginning inventory was $6,000. Net purchases (including freight in, purchase returns, and purchase discounts) were $23,000. The physical count of...
-
Below is a list of accounts with corresponding ending balances. Prepare one summary entry to close those accounts that should be closed at the end of theyear. Account Account Balance Account Account...
-
Consider an economy in long-run equilibrium with an inflation rate, \(\pi\), of \(12 \%(0.12)\) per year and a natural unemployment rate, \(u_{n}\), of \(4 \%(0.04)\). The expectations-augmented...
-
In a certain economy, the expectations-augmented Phillips curve is a. Graph the Phillips curve of this economy for an expected inflation rate of 0.075 . If the Fed chooses to keep the actual...
-
How do expropriation and confiscation differ?
Study smarter with the SolutionInn App