QUESTION 1: COMPANY FINANCIAL STATEMENTS (60 mаrks; 36 minutes) Infоrmаtiоn relаting tо Proverta Ltd The net profit before tax for the year is R11 500 000. This amount was calculated after the adjustments below were considered. 1. Shares 1.1 Proverta Ltd has an authorised share capital of 400 000 shares. 1.2 On 1 July 2019 the value of the ordinary share capital was R3 450 000 and on this date 300 000 were in issue. 1.3 20 000 shares were repurchased on 1 February 2020 at R14 per share. The bookkeeper did not know how to process this transaction so no entry was made in this regard. 1.4 40 000 additional shares were made available to shareholders on 1 June 2020. At R15 per share. Shares were allotted and the money received and banked but not entered in the accounting records. 2. Income tax The following information was extracted from the accounting records: Pre-adjustment Trial Balance on 30 June 2020 Post-adjustment Trial Balance on 30 June 2020 SARS – Income tax 3 000 000 Dr SARS – Income tax 220 000 Cr 3. Dividends – declared on share in circulation at the time of declaration. 3.1 On 1 January 2020 an interim dividend of 320c per share was declared and paid. 3.2 The directors declared a final dividend of 560c per share at the end of the financial year. 4. Rent Income A rental agreement was signed on 1 October 2019. A deposit equal to the first month’s rent was received together with the rent for October and recorded in the rent income account. According to the escalation clause the rent will increase by 5% every six months. Rent received according to the books amounts to R459 200. The rent for July 2020 has been received in advance. 5. Salaries 5.1 An employee who had been employed on 1 June 2020, was omitted from the Salaries Journal for June. The details are as follows: Gross Salary ? PAYE 15% of taxable income ? Pension 8% of gross salary R720 UIF 1% of gross salary ? 5.2 The business contributes to the Pension Fund and the UIF on a Rand for Rand basis. Pension is tax deductible (i.e. pension is deducted before tax is calculated). Ignore Skills Development Fund contributions. 6. Directors Fees The two directors of Proverta Ltd earned R95 000 each as their monthly directors’ fees as at 1 July 2019. They received a 10% increase on 1 February 2020. They have been paid up to the end of May 2020. 7. Loan 7.1 In terms of the loan agreement, Proverta Ltd must pay a fixed amount of R22 600 per month in respect of capital repayments and interest. 7.2 Interest is capitalised on the loan account as determined by the change in interest rates. 7.3 Interest for the year ended 30 June 2020 is predicted to total R204 000. 7.4 The capital repayment on the loan will remain constant each year [60]
Audiences оf the pаst were mоstly __________________ whereаs аudiences tоday are mostly ____________________.
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