Vehicle Cost - Creditors - Bank - Purchases - Ratio Analysis - Finance Assessment Answer

Assessment Task:

Vehicle Cost - Creditors - Bank - Purchases - Ratio Analysis - Finance Assessment Answer

Question 

1. Prepare the statement of profit or loss and other comprehensive income of Bayede Traders for the year ending 28 February 2018.
2. Communication Skills and layout skill
3. Prepare the statement of change in equity of Bayede Traders for the year ending 28 February 2018.
4. Prepare ONLY the current assets and current liabilities in the statement of Financial position of Bayede Traders on 28 February 2018.

QUESTION 2 
The Society of Accounting Professionals (‘SOAP’) was incorporated 5 years ago in the year 2013, with a financial yearend of 31 March. SOAP had 550 active members on 01 April 2017. At the annual general meeting it was decided that the membership fees per member for the 2018 financial year will be R250 per quarter. During the current financial year 80 new members joined SOAP and were required to pay a once-off admission fee of R100 per member. All this was paid for in cash and not yet been recorded. SOAP received a donation of R100 000 from a member during the year.
A virtual office space where members can rent a boardroom at a rate of R50 per hour to consult with their clients was built during the year at a cost of R100 000. The boardrooms were available for use from 1 August 2017. Bookings confirmed that the boardrooms were rented out for a total of 670 hours for the 2018 financial year. As an added benefit, members can make use of the cafeteria situated next to the boardrooms, where coffee and other refreshments can be purchased.

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