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Fac2601 assignment 3 semester 2 2023
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AUI3702 EXAM PACK 2024 - DISTINCTION GUARANTEED
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AUI3702 EXAM PACK 2024
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AUE2601 Assignment 2B (COMPLETE ANSWERS) Semester 2 2024 - DUE 19 September 2024
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Brakes LtdSTATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Revenue(8 140 000+176211) 8 316 211
Cost of sales - 4 989 727
Gross profit(40%*8316211) 3 326 484
Other income(76 000+20000(2.5-2)) 86 000
Administrative expenses - 2 077 000
Distribution cost - 26 000
Other operating expenses(890 000-4000+6080-48442+80000) - 923 638
Finance cost - 48 442
Profit before tax 337 404
Income tax expense - 95 000
Profit for the year 242 404
Other comprehensive income for the year
Fair value gain (100000x(6.5-5.5) 100 000
Revaluation (900000-500000) 400 000
Total comprehensive income for the year 742 404
Calculation
1.credit sale
FV =200000 N=1 I=13.5 COMP PV =176211
2.Operating lease
2022 payment (2000 x6)+(6000*6) 48000
2023 payment (4000*12) 48000
2024 payment 48000
2025 payment (800*12) 9600
153600
5% x 153600 maintenance -7680
145920
equalised amount (145920/48) 3040
current year (3040*2) 6080
3.Finance cost
FV =0
PMT =132000
N=4
I=12,1104
COMP PV =400000
Finance cost (400 000X12.1104) =48442
Right of use asset
Deprecioatoin (400000/5) 80000
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