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Homework answers / question archive /  Statement of Great Oceans Limited for the year ended 28 February 2017 Great Oceans Limited Statement of comprehensive income for the year ended 28 February 2017 Notes 2017 Sales 500 000 Cost of sales (300 000) Gross profit 200 000 Operating expenses Wages depreciation Audit fees Directors fees Sundry expenses Operating profit Interest expense Profit before taxation Taxation Profit after taxation (160 800) 95 800 12 000 8 000 42 000 3 000 39 200 (9200) 30 000 (13 500) 16 500 2016 Great Oceans Limited Statement of financial position as at 28 February 2017 Notes 2017 ASSETS Non-current assets 182 700 Tangible assets 2 182 700 151 000 151 000 Current assets Inventory Trade and other receivables Cash and cash equivalents 95 000 60 000 23 000 12 000 100 300 52 000 28 600 19 700 3 TOTAL ASSETS 277 700 251 300 EQUITY AND LIABILITIES Capital reserves Ordinary share capital Retained income 180 500 166 000 14500 138 000 130 000 8 000 Non-current liabilities Mortgage loan 60 000 60 000 80 000 80 000 Current liabilities Trade and other payables TOTAL EQUITY AND LIABILITIES 4 37 200 37 000 277 700 33 300 33 300 251 300 Additional Information 2017 2016 2

 Statement of Great Oceans Limited for the year ended 28 February 2017 Great Oceans Limited Statement of comprehensive income for the year ended 28 February 2017 Notes 2017 Sales 500 000 Cost of sales (300 000) Gross profit 200 000 Operating expenses Wages depreciation Audit fees Directors fees Sundry expenses Operating profit Interest expense Profit before taxation Taxation Profit after taxation (160 800) 95 800 12 000 8 000 42 000 3 000 39 200 (9200) 30 000 (13 500) 16 500 2016 Great Oceans Limited Statement of financial position as at 28 February 2017 Notes 2017 ASSETS Non-current assets 182 700 Tangible assets 2 182 700 151 000 151 000 Current assets Inventory Trade and other receivables Cash and cash equivalents 95 000 60 000 23 000 12 000 100 300 52 000 28 600 19 700 3 TOTAL ASSETS 277 700 251 300 EQUITY AND LIABILITIES Capital reserves Ordinary share capital Retained income 180 500 166 000 14500 138 000 130 000 8 000 Non-current liabilities Mortgage loan 60 000 60 000 80 000 80 000 Current liabilities Trade and other payables TOTAL EQUITY AND LIABILITIES 4 37 200 37 000 277 700 33 300 33 300 251 300 Additional Information 2017 2016 2

Finance

 Statement of Great Oceans Limited for the year ended 28 February 2017 Great Oceans Limited Statement of comprehensive income for the year ended 28 February 2017 Notes 2017 Sales 500 000 Cost of sales (300 000) Gross profit 200 000 Operating expenses Wages depreciation Audit fees Directors fees Sundry expenses Operating profit Interest expense Profit before taxation Taxation Profit after taxation (160 800) 95 800 12 000 8 000 42 000 3 000 39 200 (9200) 30 000 (13 500) 16 500 2016 Great Oceans Limited Statement of financial position as at 28 February 2017 Notes 2017 ASSETS Non-current assets 182 700 Tangible assets 2 182 700 151 000 151 000 Current assets Inventory Trade and other receivables Cash and cash equivalents 95 000 60 000 23 000 12 000 100 300 52 000 28 600 19 700 3 TOTAL ASSETS 277 700 251 300 EQUITY AND LIABILITIES Capital reserves Ordinary share capital Retained income 180 500 166 000 14500 138 000 130 000 8 000 Non-current liabilities Mortgage loan 60 000 60 000 80 000 80 000 Current liabilities Trade and other payables TOTAL EQUITY AND LIABILITIES 4 37 200 37 000 277 700 33 300 33 300 251 300
Additional Information 2017 2016 2. DETAILS OF NON-CURRENT ASSETS Land and bulldings equipment (book value) Book value at the end 120 000 62 700 182 700 95000 56 000 151 000 Note: equipment was sold at the book value during the year R4 800 1. DIVIDENDS Paid and recommended for the year 10 000 7 000 4. TRADE AND OTHER PAYABLES Trade creditors SARS (income tax) Shareholders for dividends Expenses payable interest expenses) 29 240 1 200 6 000 760 37 200 26 800 1 600 4500 400 33 300 3. CASH AND CASH EQUIVALENTS Savings account Bank Cash float 6 000 5 000 1 000 12 000 5 200 14000 500 19 700

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