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PEYPER LIMITED You are provided with information for the financial year ended 28 February 2021 - NSC Accounting - Question 2 - 2021 - Paper 1
Question 2
PEYPER LIMITED You are provided with information for the financial year ended 28 February 2021. 2.1 Refer to Additional Information B(f). Calculate the value of th... show full transcript
Worked Solution & Example Answer:PEYPER LIMITED You are provided with information for the financial year ended 28 February 2021 - NSC Accounting - Question 2 - 2021 - Paper 1
Step 1
Prepare the Retained Income Note on 28 February 2021.
Answer
In the Retained Income Note, provide the following details:
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Balance at the beginning of the financial year: $2,978,000
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Net profit after tax: $1,342,000
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Balance at the end of the financial year: $2,357,000
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Always ensure to reflect any buybacks or dividends appropriately in the note.