Question 1 The Following Balances Was Taken From The Books Of Orion Ltd At The End Of His First Trading Year On 31 Decem 1 (57.27 KiB) Viewed 35 times
Question 1 The Following Balances Was Taken From The Books Of Orion Ltd At The End Of His First Trading Year On 31 Decem 2 (26.03 KiB) Viewed 35 times
Question 1 The following balances was taken from the books of Orion Ltd at the end of his first trading year on 31 December 2020. The Inventory at 31 December 2020 was R4,500. Sales Purchases Salaries and wages Repairs and maintenance Heating and lighting General expenses Insurance Cash in bank Cash in hand Accounts receivables Accounts payable Buildings Fixtures and Fittings Motor vehicles Capital at 1 January 2014 Drawings Debit (R) Credit (R) 40,000 18,500 5,100 1,300 900 1,200 800 2,200 1,300 4,100 3,400 30,000 10,000 8,000 52,000 12,000 95,400 95,400 a) Prepare an income statement for the year ended 31 December 2020 (12) b) Prepare a balance sheet as of 31 December 2020 (18) c) Formulas (4) [34]
Question 2 The Balance Sheet of Lizzy's Luxuries Ltd. shows the following figures: Share capital Cash in hand and at Bank Fixed Assets Creditors 5% Debentures Bill Payables Debtors Inventory General reserve Profit and Loss A/C R152,000 R30,000 R113,000 R20,000 R24,000 R4,000 R18,000 R52,000 R8,000 R5,000 Calculate the following: a) Current Ratio (4) b) Asset Ratio (4) [8] ]
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