Exam (elaborations)
MANCOSA FIN REP & ANALYSIS UNIT 1 SOLUTIONS
- Institution
- Management College Of Southern Africa (MANCOSA)
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Page 1 of 3FINANCIAL REPORTING AND ANALYSIS
UNIT 1: SOLUTIONS (Figures in red are the dates of the transactions)
1.
SS STORES
STATEMENT OF COMPREHENSIVE INCOME FOR THE MONTH ENDED 30 APRIL 2023
WORKINGS R
Sales 17 R3 000 + 18 R21 000 + 30 R36 000 60 000
Cost of sales 17 R2 000 + 18 R14 000 + 30 R24 000 (40 000)
Gross profit R60 000 – R40 000 20 000
Other operating income R300 + R1 000 1 300
Discount received 19 300
Rent income 27 1 000
Gross operating income R20 000 + R1 300 21 300
Operating expenses R800 + R4 000 + R2 000 + R20 + R3 000 + R10 000 (19 820)
Stationery 05 800
Rent expense 12 4 000
Consumable stores 25 2 000
Discount allowed 28 20
Water and electricity 29 3 000
Salaries and wages 30 10 000
Operating profit R21 300 – R19 820 1 480
Interest income 0
Interest expense 30 R100 000 X 12% X 1/12 (1 000)
Net profit for the month R1 480 – R1 000 480
2.
STATEMENT OF CHANGES IN EQUITY FOR THE MONTH ENDED 30 APRIL 2023
R
Balance on 31 March 2023 0
Additional capital contributed 01 200 000
Net profit for the month (See statement of comprehensive income) 480
Drawings 23 (700)
Balance on 30 April 2023 199 780
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