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Financial Planning and Control Memorandum ( )
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MANCOSA Financial Planning and Control Memorandum for the 4th of July 2022
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FINANCIAL PLANNING AND CONTROLJULY 2022
MEMORANDUM
PREPARED BY: MTHOMBENI
0767297208
, QUESTION 1
1.1
MIDAS ENTERPRISES
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2022
R
Sales 11000000
Cost of sales (6325000)
Gross profit 11000000/100X42.5 4675000
Variable selling and administrative 1500000+10% or (1650000)
1500000X110%
Fixed selling and administrative expenses 500000+160000 (660000)
Net profit 2365000
1.2
STAEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2022
ASSETS
Non-current assets 1010000
Property, plant, and equipment 1010000
(800000+400000-30000-160000)
Current assets 4853000
Inventories 1600000
Accounts receivable 2875000X10% 287500
Cash 2965500
TOTAL ASSETS 5863000
EQUITY AND LIABILITIES
Equity (3760000+2365000-1527000) 4598000
Current liabilities 1265000
Accounts payable 6325000+1600000- 1265000
1600000=6325000X20%
TOTAL EQUITY AND LIABILITIES 5863000
1
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