Illustrative Example: Retailer Ltd: Preparation of financial statements Retailer Ltd, recorded the following transactions during the year: Rm Sales :57,959 Other...

3.8 Ratings (407 Votes)

Assets	Amount

Current Assets
Cash	$ 3,082
Trade and other receivables	$ 1,607
Inventory	$ 2,430
Investment	$ 3,463
Other Current Assets	$ 4,246
Total Current Assets	$ 14,828

Non current assets
Property, plant and equipment	$ 17,978
Goodwill	$ 2,874
Investments	$ 1,920
Other Non current assets	$ 6,304
Total non current assets	$ 29,076

Total Assets	$ 43,904


Current Liabilities
Trade and other payables	$ 8,568
Loans	$ 2,826
Taxation Payable	$ 419
Other current liabilities	$ 7,901
Total current liabilities	$ 19,714

Non current liabilities
Pension Liabilities	$ 3,175
Loan	$ 10,711
Other non current liabilities	$ 1,688
Total non current liabilities	$ 15,574

Equity
Share capital and premium	$ 5,502
Retained Earnings	$ 3,114
Total Equity	$ 8,616

Total Equity and liabilities	$ 43,904

Net Assets = 43,904 - 35,288 = $ 8,616

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