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FAC1502_EXAM_PACK___FINANCIAL_ACCOUNTING_PRINCIPLES__CONCEPTS___PROCEDURES__1
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  • Course
  • AA 1 (AA1)
  • Institution
  • University Of South Africa

FAC1502 EXAM PACK FINANCIAL ACCOUNTING PRINCIPLES, CONCEPTS & PROCEDURES MAY – JUNE 2023 SOLUTION 1: STATEMENT OF PROFIT OR LOSS & OTHER COMPREHENSIVE INCOME (a) N & N ENTERPRISES STATEMENT OF PROFIT OR LOSS & OTHER COMPREHENSIVE INCOM...

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  • October 10, 2023
  • 96
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

Subjects

  • comprehensive income
  • fac1502exampackfinancialaccountingprinciple

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  • University Of South Africa
  • AA 1 (AA1)
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EUGENEOUSEDUCATORS 0638 343 449




FAC1502
EXAM
PACK


1

QUEENTINE MIRACLES

,EUGENEOUSEDUCATORS 0638 343 449




FINANCIAL
ACCOUNTING
PRINCIPLES,
CONCEPTS &
PROCEDURES



2

QUEENTINE MIRACLES

,EUGENEOUSEDUCATORS 0638 343 449




MAY –
JUNE
2023

3

QUEENTINE MIRACLES

, EUGENEOUSEDUCATORS 0638 343 449
SOLUTION 1: STATEMENT OF PROFIT OR
LOSS & OTHER COMPREHENSIVE
INCOME
(a) N & N ENTERPRISES

STATEMENT OF PROFIT OR LOSS & OTHER COMPREHENSIVE INCOME FOR
THE YEAR ENDED 31 DECEMBER 2015

R
Revenue 500 000
Cost of Sales (362 800)

Opening Inventory 100 000
Purchases (283 000 + 39 000 – 5 000) 317 000
Freight charges on purchases 5 000
Shipping Fees 2 800
Import duties 3 300
Delivery Fees 4 100
Modification Costs 2 600
Closing Inventory (72 000)

Gross Profit 137 200
Other Income 2 860
Interest on fixed deposit (800 + 1 060) 1 860
Rental Income (2 400 * ) 1 000



Total Income 140 060
Less Expenses (143 300)
Administrative, Distribution & Other Expenses
139 300

Insurance expenses (5 000 – 3 500) 1 500
Administration expenses 30 000
Salaries (76 000 + 800) 76 800
Depreciation (10 % * 14 000) 1 400
Municipal taxes 9 600
Credit losses 2 600
Advertising expenses (9 800 – 2 400) 7 400
Water, Electricity and telephone expenses 10 000
4

QUEENTINE MIRACLES

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