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Summary fac1601 assessment 3 2024 second attempt
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Fac1601 assessment 3 semester 2 2024 second attemptQuestion 1
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE
YEAR ENDED 28 FEBRUARY 2024
R Answer
Revenue 3205300
Cost of sales -324000
Inventory (opening balance) 46400
Purchases 305200
Carriage on purchases 22800
Inventory (closing) -50400
Gross profit 2881300
Other income 210000
Fair value adjustment: Listed share 131025
investment
Dividend income: Listed share investment 78975
Distribution, administrative and other -839800
expenses
Salaries and wages 379000
Director's remuneration 200300
Auditor's remuneration 141600
Credit losses 13600
Depreciation 53900
Carriage on sales 28500
Stationery consumed 6100
Telephone expenses 16800
Finance costs -12570
Interest on loan 12570
Profit before tax 2238930
Income tax expense -138700
Profit for the year 2100230
Other comprehensive income for the year 114800
Revaluation surplus 114800
Total comprehensive income for the year 2215030
Question 2
200000
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