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Accounting 1 Assignment 2 Solutions

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Regent Business School Accounting 1 Assignment Solutions for second semester 2022

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AAA School Of Advertising (aaaschool)
Course
Accounting









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Institution
AAA School of Advertising (aaaschool)
Course
Accounting
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July 24, 2022
File latest updated on
August 15, 2022
Number of pages
10
Written in
2021/2022
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  • accounting 1
  • assignment solutions

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ACCOUNTING 1
ASSIGNMENT 2

SOLUTIONS




PREPARED BY: MTHOMBENI

0767297208

, QUESTION ONE
Statement of profit and loss and other comprehensive income for the year ended 30
June 2021 for Samke Ltd.’s

Revenue (1680000-17000) 1663000
Cost of sales (1050000)
Gross profit 613000

Other income (397200)
(Start with any account)
Rent income (105000-15600) 89400
Interest income 11200
Service fee income (297140-540) 296600

Distribution, administration, and other expenses (680000)
(Start with any account)
Salaries and wages 294640
Audit fees (30000+28000) 58000
Directors’ fees 230000
Consumables stores (51100-900) 50200
Bank charges (5240+310) 5550
Travel and entertainment 15910
Depreciation (6400+1500) 7900
Trading stock deficit (219800-202000) 17800

Operating profit 330200
Interest expense (44800)
Income tax expense (285400X30%) (85620)
Profit for the year 199780




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