FAC1601 Assessment 2 - 30 April 2025
Question 1: Statement of Profit or Loss and Other Comprehensive Income for KhayiO CC
Description Amount (R)
Revenue (Sales - Sales returns) 1 186 200
Less: Cost of Sales
Opening inventory 43 000
Purchases - Purchase returns 736 900
Closing inventory (65 000)
Cost of Sales 714 900
Gross Profit 471 300
Other Income
Settlement discount received 850
Total Income 472 150
Operating Expenses
Credit losses 3 000
Allowance for credit losses adjustment (400)
Insurance expense (adjusted) 52 000
Settlement discount granted 3 715
Freight on sales 12 300
Total Operating Expenses 70 615
Operating Profit 401 535
Finance Costs
Interest on long-term loan 43 875
Profit for the Year 357 660
Question 1: Statement of Profit or Loss and Other Comprehensive Income for KhayiO CC
Description Amount (R)
Revenue (Sales - Sales returns) 1 186 200
Less: Cost of Sales
Opening inventory 43 000
Purchases - Purchase returns 736 900
Closing inventory (65 000)
Cost of Sales 714 900
Gross Profit 471 300
Other Income
Settlement discount received 850
Total Income 472 150
Operating Expenses
Credit losses 3 000
Allowance for credit losses adjustment (400)
Insurance expense (adjusted) 52 000
Settlement discount granted 3 715
Freight on sales 12 300
Total Operating Expenses 70 615
Operating Profit 401 535
Finance Costs
Interest on long-term loan 43 875
Profit for the Year 357 660
