INTRODUCTION TO FINANCIAL ACCOUNTING
UNIT 3: SOLUTIONS
1.
SS STORES
STATEMENT OF COMPREHENSIVE INCOME FOR THE MONTH ENDED 30 APRIL 2023
WORKINGS R
Sales R3 000 + R21 000 + R36 000 60 000
Cost of sales R2 000 + R14 000 + R24 000 (40 000)
Gross profit 20 000
Other operating income 1 300
Discount received 300
Rent income 1 000
Gross operating income 21 300
Operating expenses (19 820)
Stationery 800
Rent expense 4 000
Consumable stores 2 000
Discount allowed 20
Water and electricity 3 000
Salaries and wages 10 000
Profit before interest 1 480
Interest expense (1 000)
Net profit for the month 480
2.
STATEMENT OF CHANGES IN EQUITY FOR THE MONTH ENDED 30 APRIL 2023
R
Opening balance as at 01 April 2023 0
Owner contributions 200 000
Drawings (700)
Net income for the period 480
Closing balance as at 30 April 2023 199 780
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller BookSquad. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R50,00. You're not tied to anything after your purchase.
