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Khanyisile and Tinyiko are business partners in Ride4Yours, a partnership business based in Malelane that manufactures specialised helmets for motorcycle riders. The business prides itself on using eco-friendly materials, making their helmets not only durable but also safe and sustainable for the environment.
Khanyisile is passionate about motorcycle riding, while Tinyiko is an advocate for sustainability and green business solutions. Together, they aim to position Ride4Yours as a leading brand in the motorcycle safety industry.
The following information pertains to the business activities as of February 28, 2025:
Extract of given amounts as at 28 February 2025:
|
R
|
Land and buildings at cost
|
R1,276,300
|
Machinery at cost
|
R941,400
|
Accumulated depreciation: Machinery
|
R354,900
|
Vehicles at cost
|
R716,700
|
Accumulated depreciation: Vehicles
|
R354,900
|
Inventory (1 March 2024)
|
R214,400
|
Bank (positive balance)
|
R994,900
|
Trade receivables control
|
R548,000
|
Trade payables control
|
R430,400
|
Long-term loan (Mbombela Bank)
|
R1,338,500
|
Capital: Khanyisile
|
R361,700
|
Capital: Tinyiko
|
R368,400
|
Drawings: Khanyisile
|
R95,600
|
Drawings: Tinyiko
|
R94,300
|
Interest on loan
|
?
|
Depreciation
|
R129,300
|
Delivery cost on sales
|
R61,200
|
Water and electricity
|
R103,200
|
Purchases
|
R2,027,100
|
Security expenses
|
R32,400
|
Salaries and wages
|
R474,600
|
Delivery cost on purchases
|
R27,900
|
Bank charges
|
R16,800
|
Sales
|
R3,126,800
|
Stationery consumed
|
R27,200
|
Settlement discount received
|
R41,600
|
Settlement discount granted
|
R27,300
|
Additional information:
1.1 Partnership agreement:
1.1.1 An annual interest rate of 12% is applied to the capital account balances.
1.1.2 Khanyisile and Tinyiko agreed to share profits and losses equally.
1.1.3 Each partner has a monthly salary entitlement of R12,000.
2 Year-end adjustments:
2.1. The security expenses billed to the business every month include a R700 monthly fee for security at Tinyiko’s private house. The security bill amounting to R2 900 for February 2025 has not yet been accounted for.
2.2. The long-term loan with Mbombela Bank secured by land and buildings, bearing a 11.4% annual interest rate, was secured on June 1, 2024, with interest payments due semi-annually at the end of December and May.
2.3. During the year, 3 helmets valued at R5 500 each were borrowed to Khanyisile’s friends for a weekend ride as part of marketing campaign. After the weekend, Khanyisile decided to take two of the helmets for her personal use for weekend rides. This adjustment is yet to be made.
2.4. The inventory's value was calculated to be R209 000 as of February 28, 2025.
2.5. Khanyisile withdrew his salary from March-2024 to December-2024, whilst Tinyiko withdrew her salary for only 8 months of the financial year. The total amounts paid was debited to the salaries and wages account.
REQUIRED:
What is the correct amount that must be disclosed as in the statement of profit or loss and other comprehensive income of Ride4Yours for the year ended 28 February 2025?
Instructions:
1. Round off all your answers to the nearest rand (eg: 50.56 = 51)
2. Don’t use any special characters (&) and don’t use bold in your answer.
3. Do not use any abbreviations.
4. Do not use brackets () to indicate a negative amount, instead use the minus sign “–“, e.g. (50) will be indicated as -50.
Khanyisile and Tinyiko are business partners in Ride4Yours, a partnership business based in Malelane that manufactures specialised helmets for motorcycle riders. The business prides itself on using eco-friendly materials, making their helmets not only durable but also safe and sustainable for the environment.
Khanyisile is passionate about motorcycle riding, while Tinyiko is an advocate for sustainability and green business solutions. Together, they aim to position Ride4Yours as a leading brand in the motorcycle safety industry.
Below is the relevant information regarding the partnership’s financial activities for the year ending 30 June 2024.
Balances as at 30 June 2024:
| R | |
| Inventory | 108,500 |
| Bank (positive) | 293,600 |
| Trade receivables control | 199,200 |
| Vehicles at cost | 708,200 |
| Equipment at cost | 209,300 |
| Warehouse building at cost | 575,100 |
| Accumulated depreciation: Vehicles | 41,700 |
| Accumulated depreciation: Equipment | 64,600 |
| Allowance for credit losses | 3,000 |
| Trade payables control | 119,800 |
| Capital: Khanyisile | 431,500 |
| Capital: Tinyiko | 246,700 |
| Current account: Khanyisile (Cr: 1 July 2023) | 13,300 |
| Current account: Tinyiko (Dr: 1 July 2023) | 9,300 |
2. Supplementary information:
2.1 Details of the partnership agreement between the partners:
2.1.1 An annual interest rate of 6% is applied to the opening balances of the partners’ capital and current accounts.
2.1.2 Profits and losses are shared equally between Khanyisile and Tinyiko.
2.1.3 The monthly salaries to which the partners are entitled are R15 000 and R20 000 for Khanyisile and Tinyiko respectively. As of 30 June 2024, the salaries paid to the partners were only up to 30 April 2024.
2.2 Adjustments at the end of the year:
2.2.1 The business aimed to expand its operations by acquiring additional warehouse for new range of helmets. On 30 June 2024, Mbombela Bank provided a loan of R468 000 to facilitate the purchase of the warehouse. The warehouse was acquired on 2 July 2024 at the cost of R468,000. This loan is classified as long-term, with an 8% annual interest rate, to be repaid over 6 years with equal instalments starting from 30 June 2025. This transaction has not yet been recorded.
2.2.1 On 30 June 2023, it was decided that an outstanding debt of R21 900 owed to the business was unlikely to be recovered and should be written off as bad debt.
REQUIRED:
Assume the correct trade and other receivables amount is R60 000 What is the correct amount that must be disclosed as in the statement of financial position of Ride4Yours as at 30 June 2024?
Instructions:
1. Round off all your answers to the nearest rand (eg: 50.56 = 51)
2. Don’t use any special characters (&) and don’t use bold in your answer.
3. Do not use any abbreviations.
4. Do not use brackets () to indicate a negative amount, instead use the minus sign “–“, e.g. (50) will be indicated as -50.
Khanyisile and Tinyiko are business partners in Ride4Yours, a partnership business based in Malelane that manufactures specialised helmets for motorcycle riders. The business prides itself on using eco-friendly materials, making their helmets not only durable but also safe and sustainable for the environment.
Khanyisile is passionate about motorcycle riding, while Tinyiko is an advocate for sustainability and green business solutions. Together, they aim to position Ride4Yours as a leading brand in the motorcycle safety industry.
The following information pertains to the business activities as of February 28, 2025:
Extract of given amounts as at 28 February 2025:
| R | |
| Land and buildings at cost | 1,276,300 |
| Machinery at cost | 941,400 |
Accumulated depreciation: Machinery | 354,900 |
| Vehicles at cost | 716,700 |
Accumulated depreciation: Vehicles | 354,900 |
| Inventory (1 March 2024) | 214,400 |
| Bank (positive balance) | 994,900 |
| Trade receivables control | 548,000 |
| Trade payables control | 430,400 |
| Long-term loan (Mbombela Bank) | 1,338,300 |
| Capital: Khanyisile | 361,700 |
| Capital: Tinyiko | 368,400 |
| Drawings: Khanyisile | 95,400 |
| Drawings: Tinyiko | 94,300 |
| Interest on loan | ? |
| Depreciation | 129,300 |
| Delivery cost on sales | 61,200 |
| Water and electricity | 103,200 |
| Purchases | 2,027,100 |
| Security expenses | 32,200 |
| Salaries and wages | 474,600 |
| Delivery cost on purchases | 27,900 |
| Bank charges | 16,800 |
| Sales | 3,126,800 |
| Stationery consumed | 27,200 |
| Settlement discount received | 41,400 |
| Settlement discount granted | 27,100 |
Additional information:
1.1 Partnership agreement:
1.1.1 An annual interest rate of 12% is applied to the capital account balances.
1.1.2 Khanyisile and Tinyiko agreed to share profits and losses equally.
1.1.3 Each partner has a monthly salary entitlement of R12,000.
2 Year-end adjustments:
2.1. The security expenses billed to the business every month include a R700 monthly fee for security at Tinyiko’s private house. The security bill amounting to R2 900 for February 2025 has not yet been accounted for.
2.2. The long-term loan with Mbombela Bank secured by land and buildings, bearing a 11.4% annual interest rate, was secured on June 1, 2024, with interest payments due semi-annually at the end of December and May.
2.3. During the year, 3 helmets valued at R5 500 each were borrowed to Khanyisile’s friends for a weekend ride as part of marketing campaign. After the weekend, Khanyisile decided to take two of the helmets for her personal use for weekend rides. This adjustment is yet to be made.
2.4. The inventory's value was calculated to be R209 000 as of February 28, 2025.
2.5. Khanyisile withdrew his salary from March-2024 to December-2024, whilst Tinyiko withdrew her salary for only 8 months of the financial year. The total amounts paid was debited to the salaries and wages account.
REQUIRED:
What is the correct amount that must be disclosed as in the statement of profit or loss and other comprehensive income of Ride4Yours for the year ended 28 February 2025?
Instructions:
1. Round off all your answers to the nearest rand (eg: 50.56 = 51)
2. Don’t use any special characters (&) and don’t use bold in your answer.
3. Do not use any abbreviations.
4. Do not use brackets () to indicate a negative amount, instead use the minus sign “–“, e.g. (50) will be indicated as -50.
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Ride4Yours Enterprise is based in Malelane and manufactures specialised helmets for motorcycle riders. The business prides itself on using eco-friendly materials, making their helmets not only durable but also safe and sustainable for the environment. Ride4Yours Enterprise is owned by Ms. Mkhwanazi, an entrepreneur who is both an enthusiastic motorcycle rider and a passionate environmental advocate.
The following is presented for Ride4Yours Enterprise at 31 March 2025:
Sales R 361 800
Cost of sales R 152 600
Operating expenses R 89 700
Credit losses recovered R 9 700
Capital R 328 900
On February 13, 2025, the owner, withdrew an amount of R19 700 to pay for a friend’s medical expenses after she had a terrible bike accident in Mbombela. She further withdrew R55 300 on 25 February 2025 to pay for a bike trip with friends to the Okavango Delta in Botswana. A stocktake of the helmets was conducted on February 28, 2025. During this assessment, it was discovered that 5 helmets, all valued at R15 500 , were damaged when they were transported to the shop. These damaged helmets were offered to the local bikers club at a reduced price of R2 500 each. This offer was accepted by the club and the helmets were collected on 15 March 2025.
REQUIRED:
What is the correct in the statement of financial position of Ride4Yours Enterprise as at 31 March 2025?
Instructions:
1. Round off all your answers to the nearest rand (eg: 50.56 = 51)
2. Don’t use any special characters (&) in your answer
3. Do not use any abbreviations.
4. Do not use brackets () to indicate a negative amount, instead use the minus sign “–“, e.g. (50) will instead be indicated as -50
Khanyisile and Tinyiko are business partners in Ride4Yours, a partnership business based in Malelane that manufactures specialised helmets for motorcycle riders. The business prides itself on using eco-friendly materials, making their helmets not only durable but also safe and sustainable for the environment.
Khanyisile is passionate about motorcycle riding, while Tinyiko is an advocate for sustainability and green business solutions. Together, they aim to position Ride4Yours as a leading brand in the motorcycle safety industry.
The following information pertains to the business activities as of February 28, 2025:
Extract of given amounts as at 28 February 2025:
| R | |
| Land and buildings at cost | 1,276,300 |
| Machinery at cost | 941,400 |
Accumulated depreciation: Machinery | 354,900 |
| Vehicles at cost | 716,700 |
Accumulated depreciation: Vehicles | 354,900 |
| Inventory (1 March 2024) | 214,400 |
| Bank (positive balance) | 994,900 |
| Trade receivables control | 548,000 |
| Trade payables control | 430,400 |
| Long-term loan (Mbombela Bank) | 1,338,400 |
| Capital: Khanyisile | 361,700 |
| Capital: Tinyiko | 368,400 |
| Drawings: Khanyisile | 95,500 |
| Drawings: Tinyiko | 94,300 |
| Interest on loan | ? |
| Depreciation | 129,300 |
| Delivery cost on sales | 61,200 |
| Water and electricity | 103,200 |
| Purchases | 2,027,100 |
| Security expenses | 32,300 |
| Salaries and wages | 474,600 |
| Delivery cost on purchases | 27,900 |
| Bank charges | 16,800 |
| Sales | 3,126,800 |
| Stationery consumed | 27,200 |
| Settlement discount received | 41,500 |
| Settlement discount granted | 27,200 |
Additional information:
1.1 Partnership agreement:
1.1.1 An annual interest rate of 12% is applied to the capital account balances.
1.1.2 Khanyisile and Tinyiko agreed to share profits and losses equally.
1.1.3 Each partner has a monthly salary entitlement of R12,000.
2 Year-end adjustments:
2.1. The security expenses billed to the business every month include a R700 monthly fee for security at Tinyiko’s private house. The security bill amounting to R2 900 for February 2025 has not yet been accounted for.
2.2. The long-term loan with Mbombela Bank secured by land and buildings, bearing a 11.4% annual interest rate, was secured on June 1, 2024, with interest payments due semi-annually at the end of December and May.
2.3. During the year, 3 helmets valued at R5 500 each were borrowed to Khanyisile’s friends for a weekend ride as part of marketing campaign. After the weekend, Khanyisile decided to take two of the helmets for her personal use for weekend rides. This adjustment is yet to be made.
2.4. The inventory's value was calculated to be R209 000 as of February 28, 2025.
2.5. Khanyisile withdrew his salary from March-2024 to December-2024, whilst Tinyiko withdrew her salary for only 8 months of the financial year. The total amounts paid was debited to the salaries and wages account.
REQUIRED:
What is the correct amount that must be disclosed as in the statement of profit or loss and other comprehensive income of Ride4Yours for the year ended 28 February 2025?
Instructions:
1. Round off all your answers to the nearest rand (eg: 50.56 = 51)
2. Don’t use any special characters (&) and don’t use bold in your answer.
3. Do not use any abbreviations.
4. Do not use brackets () to indicate a negative amount, instead use the minus sign “–“, e.g. (50) will be indicated as -50.
Khanyisile and Tinyiko are business partners in Ride4Yours, a partnership business based in Malelane that manufactures specialised helmets for motorcycle riders. The business prides itself on using eco-friendly materials, making their helmets not only durable but also safe and sustainable for the environment.
Khanyisile is passionate about motorcycle riding, while Tinyiko is an advocate for sustainability and green business solutions. Together, they aim to position Ride4Yours as a leading brand in the motorcycle safety industry.
Below is the relevant information regarding the partnership’s financial activities for the year ending 30 June 2024.
Balances as at 30 June 2024:
| R | |
| Inventory | 108,400 |
| Bank (positive) | 293,600 |
| Trade receivables control | 199,200 |
| Vehicles at cost | 708,200 |
| Equipment at cost | 209,300 |
| Warehouse building at cost | 575,100 |
| Accumulated depreciation: Vehicles | 41,700 |
| Accumulated depreciation: Equipment | 64,500 |
| Allowance for credit losses | 3,000 |
| Trade payables control | 119,800 |
| Capital: Khanyisile | 431,500 |
| Capital: Tinyiko | 246,700 |
| Current account: Khanyisile (Cr: 1 July 2023) | 13,400 |
| Current account: Tinyiko (Dr: 1 July 2023) | 9,400 |
2. Supplementary information:
2.1 Details of the partnership agreement between the partners:
2.1.1 An annual interest rate of 6% is applied to the opening balances of the partners’ capital and current accounts.
2.1.2 Profits and losses are shared equally between Khanyisile and Tinyiko.
2.1.3 The monthly salaries to which the partners are entitled are R15 000 and R20 000 for Khanyisile and Tinyiko respectively. As of 30 June 2024, the salaries paid to the partners were only up to 30 April 2024.
2.2 Adjustments at the end of the year:
2.2.1 The business aimed to expand its operations by acquiring additional warehouse for new range of helmets. On 30 June 2024, Mbombela Bank provided a loan of R468 000 to facilitate the purchase of the warehouse. The warehouse was acquired on 2 July 2024 at the cost of R468,000. This loan is classified as long-term, with an 8% annual interest rate, to be repaid over 6 years with equal instalments starting from 30 June 2025. This transaction has not yet been recorded.
2.2.1 On 30 June 2023, it was decided that an outstanding debt of R21 800 owed to the business was unlikely to be recovered and should be written off as bad debt.
REQUIRED:
What is the correct amount that must be disclosed as property, plant and equipment in the statement of financial position of Ride4Yours as at 30 June 2024?
Instructions:
1. Round off all your answers to the nearest rand (eg: 50.56 = 51)
2. Don’t use any special characters (&) and don’t use bold in your answer.
3. Do not use any abbreviations.
4. Do not use brackets () to indicate a negative amount, instead use the minus sign “–“, e.g. (50) will be indicated as -50.