COMPANY FINANCIAL STATEMENTS
The information relates to DBN Ltd - NSC Accounting - Question 1 - 2024 - Paper 1
Question 1
COMPANY FINANCIAL STATEMENTS
The information relates to DBN Ltd. The company sells household products. The financial year ended on 29 February 2024.
1.1 Refer to in... show full transcript
Worked Solution & Example Answer:COMPANY FINANCIAL STATEMENTS
The information relates to DBN Ltd - NSC Accounting - Question 1 - 2024 - Paper 1
Step 1
Complete the Statement of Financial Position on 29 February 2024.
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Answer
The Statement of Financial Position should list Assets, Liabilities, and Equity:
Total Non-Current Assets: R10,377,480
Total Current Assets: R1,956,220
Total Assets = Non-Current Assets + Current Assets = R10,377,480 + R1,956,220 = R12,333,700.
For Liabilities:
Non-Current Liabilities: (Loan, PTA Bank, etc.) - Summation to include & confirm values as noted.
Current Liabilities: Include trade payables and others.
Finally, summarize Equity:
Ordinary Shareholders' Equity: As defined in calculated sections.
Confirm Total Assets = Total Equity + Total Liabilities.