The following list of balances have been extracted from the accounting records of Nomaro Ltd: Balances...

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The following list of balances have been extracted from the accounting records of Nomaro Ltd: Balances as at 31 March 20.3 DR R Ordinary share capital CR R 870 000 8% Preference share capital 50 000 Retained eamings (1 April 20.2) 309 000 Vehicles: Cost 650 000 Accumulated depreciation on vehicles 280 000 Land and buildings 1 150 000 10% Debentures 100 000 270 700 598 800 Bank Trade payables Trade receivables Investment at cost Inventory Sales Cost of sales Credit losses SARS (income tax) Dividends received Administrative expenses Auditors remuneration Salaries Additional information: 166 000 110 000 179 600 495 700 2 500 15 500 101 200 65 100 302 500 1 295 000 6 000 3 508 800 3 508 800 1. Nomaro Ltd is a listed company that was registered on 1 May 20.1 with an authorised share capital of 500 000 ordinary shares and 100 000 8% preference shares. All shares are NPV shares. On the date of incorporation, the company offered 100 000 ordinary shares at a consideration of R120 000 and 50 000 preference shares at a consideration of R50 000 to the incorporators of the company, all of which were taken up. On 1 March 20.3 a number of ordinary shares were offered to the general public at R5 per share and the full issue was paid up. 2. The debentures were issued on 1 April 20.1 and are repayable at par on 31 March 20.5. Interest is payable annually on 1 April of every year. Land and buildings serve as a security for the debentures. 3. Included in salaries is an amount of R102 000 relating to directors' remuneration. 4. Investment consists of shares bought from Madocaro Ltd for R110 000 on 1 April 20.2. On 31 March 20.3 the fair value of the shares is R140 000. 5. The land and buildings purchased for R250 000 on 15 May 20.1 and, subsequently to the purchase, buildings at a cost of R900 000 were constructed on the land. Construction was completed on 31 August 20.1. No depreciation is written off on the buildings. 6. During the year the land was revalued by R134 100 by a sworn appraiser. This transaction is yet to be recorded. The following list of balances have been extracted from the accounting records of Nomaro Ltd: Balances as at 31 March 20.3 DR R Ordinary share capital CR R 870 000 8% Preference share capital 50 000 Retained eamings (1 April 20.2) 309 000 Vehicles: Cost 650 000 Accumulated depreciation on vehicles 280 000 Land and buildings 1 150 000 10% Debentures 100 000 270 700 598 800 Bank Trade payables Trade receivables Investment at cost Inventory Sales Cost of sales Credit losses SARS (income tax) Dividends received Administrative expenses Auditors remuneration Salaries Additional information: 166 000 110 000 179 600 495 700 2 500 15 500 101 200 65 100 302 500 1 295 000 6 000 3 508 800 3 508 800 1. Nomaro Ltd is a listed company that was registered on 1 May 20.1 with an authorised share capital of 500 000 ordinary shares and 100 000 8% preference shares. All shares are NPV shares. On the date of incorporation, the company offered 100 000 ordinary shares at a consideration of R120 000 and 50 000 preference shares at a consideration of R50 000 to the incorporators of the company, all of which were taken up. On 1 March 20.3 a number of ordinary shares were offered to the general public at R5 per share and the full issue was paid up. 2. The debentures were issued on 1 April 20.1 and are repayable at par on 31 March 20.5. Interest is payable annually on 1 April of every year. Land and buildings serve as a security for the debentures. 3. Included in salaries is an amount of R102 000 relating to directors' remuneration. 4. Investment consists of shares bought from Madocaro Ltd for R110 000 on 1 April 20.2. On 31 March 20.3 the fair value of the shares is R140 000. 5. The land and buildings purchased for R250 000 on 15 May 20.1 and, subsequently to the purchase, buildings at a cost of R900 000 were constructed on the land. Construction was completed on 31 August 20.1. No depreciation is written off on the buildings. 6. During the year the land was revalued by R134 100 by a sworn appraiser. This transaction is yet to be recorded.

Answer rating: 100% (QA)

Statement of Comprehensive Income for the Year Ended 31 March 203 1 Revenue Sales R3508800 2 Cost of Sales Cost of Sales R1295000 3 Gross Profit Gross Profit Sales Cost of Sales R3508800 R1295000 R221... View the full answer