Exam (elaborations)
MANCOSA INTRO TO FIN ACC UNIT 3 SOLUTIONS
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this contains answers of the activity of unit 3 of introduction to financial accounting listed on my page check out my FIN ACC package as well
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Page 1 of 2INTRODUCTION 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
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