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OCTOBER –NOVEMBER
2020
, SOLUTION 1: CONCEPTUAL FRAMEWORK,
PRESENTATION OF FINANCIAL STATEMENTS,
ACCOUNTING POLICIES, CHANGES IN
ACCOUNTING ESTIMATES & ERRORS, INCOME
TAXES & PROVISIONS, CONTINGENT
LIABILITIES & CONTINGENT ASSETS & FAIR
VALUE MEASUREMENT
PART A
(a) Statement of Profit or Loss & Other Comprehensive Income of WebEllis Ltd for
the year ended 30 June 2020
R
𝟏𝟎𝟎 1 700 000
Revenue (𝟏 𝟗𝟓𝟓 𝟎𝟎𝟎 ∗ )
𝟏𝟏𝟓
(877 000)
Cost of Sales [𝟖𝟓𝟐 𝟎𝟎𝟎 − (𝟐𝟔𝟎 𝟎𝟎𝟎 − 𝟐𝟒𝟎 𝟎𝟎𝟎) + (𝟑𝟓𝟎 𝟎𝟎𝟎 − 𝟑𝟎𝟓 𝟎𝟎𝟎)]
Gross Profit 823 000
Other Income 608 240
Other Expenses (3 350 + 183 750) (187 100)
129 375 (43 125)
Distribution costs ( )
3
(416 546)
Administration costs (60 500 + 258 046 + 98 000)
Profit before tax 784 469
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