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MANCOSA INTRO TO FINANCIAL ACC UNIT 5 solutions
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this contains answers of the activity of unit 5 of introduction to financial accounting
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INTRODUCTION TO FINANCIAL ACCOUNTINGSOLUTIONS: UNIT 5
QUESTION 1
1.1
WIFI LIMITED
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 28 FEBRUARY 2023
Workings (If any) R
Sales 8 900 000
Cost of sales (R420 000 + R4 160 000 – R200 000 (3 980 000)
– R400 000)
Gross profit 4 920 000
Operating expenses (3 760 000)
Operating profit 1 160 000
Interest expense (3 000)
Profit before tax 1 157 000
Taxation (347 000)
Profit after tax 810 000
Preference dividends (56 000)
Earnings available to ordinary shareholders 754 000
Ordinary dividends (R88 000 + R70 400) *(158 400)
Retained profit for the year 595 600
Retained profit at the beginning of the year 1 217 000
Retained profit at the end of the year 1 812 600
1.2
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 28 FEBRUARY 2023
Ordinary Preference Retained Total
shareholders shareholders profits
(R) (R) (R) (R)
Opening balance 4 400 000 800 000 1 217 000 6 417 000
Comprehensive income 810 000 810 000
Dividends (214 400) (214 400)
Closing balance 4 400 000 800 000 1 812 600 7 012 600
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