Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. entity v is creating its annual statement of finan

Entity V is creating its annual statement of financial position as at 31 March 20x6....

80.2K

Verified Solution

Question

Accounting

Entity V is creating its annual statement of financial position as at 31 March 20x6. Entity V has already calculated its total equity for the period to be R650 000. It has also calculated the carrying value of Plant and Equipment (PE) after depreciation to be R130 000. Additional information from Entity Vs trial balance is given below. Inventory: R100 000 Cash and cash equivalents: R38 000 Trade receivables: R310 000

Notes to the trial balance: 1) The fair value of land at 31 March 20x6 is R270 000. 2) Investments are carried at market value. The market value of Entity Vs long- term investments as at 31 March 20x6 is R250 000. 3) On 30 June 20x5, Entity V sold equipment for R250 000. The buyer has not yet paid for this equipment and V has made no other entries in respect of this sale. Calculate the value of Vs non-current assets and liabilities. (10)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students