QUESTION 3REQUIREDUse the information provided below to prepare the Statement of Financial Position of Glendale Limited as at31 May 2020.Ensure that the statement includes headings for Non-current assets, Current assets, Equity, Non-currentliabilities and Current liabilities. The notes to the financial statements are not required.INFORMATIONThe following balances were obtained from the accounting records of Glendale Limited after all theadjustments and closing transfers were completed on 31 May 2020:Shares in XYZ Limited600 000Ordinary share capital1 434 000Retained income300 000Loan: Brits Bank150 000EquipmentAccumulated depreciation on equipment1 380 000180 000Inventory210 000Debtors control60 000Provision for bad debtsAccrued income3 0006 000Bank (DR)69 000Cash float6 000Creditors control135 000Accrued expensesSouth African Revenue Services: Company tax payableShareholders for dividends (Dividends payable)42 00015 00072 000Additional informationR30 000 of the loan balance of R150 000 is expected to be repaid during the next financial year.

A Balance sheet represents the financial standing of any entity at a specified date.

QUESTION 3 REQUIRED Use the information provided below to prepare the Statement of Financial Position of Glendale Limited as at 31 May 2020. Ensure that the statement includes headings for Non-current assets, Current assets, Equity, Non-current liabilities and Current liabilities. The notes to the financial statements are not required. INFORMATION The following balances were obtained from the accounting records of Glendale Limited after all the adjustments and closing transfers were completed on 31 May 2020: Shares in XYZ Limited Ordinary share capital Retained income 600 000 1 434 000 300 000 Loan: Brits Bank 150 000 Equipment Accumulated depreciation on equipment Inventory 1 380 000 180 000 210 000 Debtors control 60 000 Provision for bad debts Accrued income Bank (DR) Cash float Creditors control Accrued expenses South African Revenue Services: Company tax payable Shareholders for dividends (Dividends payable) 3 000 6 000 69 000 6 000 135 000 42 000 15 000 72 000 Additional information R30 000 of the loan balance of R150 000 is expected to be repaid during the next financial year.

QUESTION 3 REQUIRED Use the information provided below to prepare the Statement of Financial Position of Glendale Limited as at 31 May 2020. Ensure that the statement includes headings for Non-current assets, Current assets, Equity, Non-current liabilities and Current liabilities. The notes to the financial statements are not required. INFORMATION The following balances were obtained from the accounting records of Glendale Limited after all the adjustments and closing transfers were completed on 31 May 2020: Shares in XYZ Limited Ordinary share capital Retained income 600 000 1 434 000 300 000 Loan: Brits Bank 150 000 Equipment Accumulated depreciation on equipment Inventory 1 380 000 180 000 210 000 Debtors control 60 000 Provision for bad debts Accrued income Bank (DR) Cash float Creditors control Accrued expenses South African Revenue Services: Company tax payable Shareholders for dividends (Dividends payable) 3 000 6 000 69 000 6 000 135 000 42 000 15 000 72 000 Additional information R30 000 of the loan balance of R150 000 is expected to be repaid during the next financial year.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter1: Accounting And The Financial Statements

Section: Chapter Questions

Problem 56APSA: Problem 1-56A Applying the Fundamental Accounting Equation At the beginning of 2019 Huffer...

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Exercise 1-53 Relationships Among the Financial Statements During 2019, Moore Corporation paid $20,000 of dividends. Moores assets, liabilities, and common stock at the end 012018 and 2019 were: Required: Using the information provided. compute Moores net income for 2019.
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