DUE: 11 SEPTEMBER 2025
BY FEND TUTORIALS
FAC1601
ASSIGNMENT 2
FOR 2ND
SEMESTER 2025
, QUESTION 1
CeeMenti
Statement of Profit or Loss and Other Comprehensive Income
For the year ended 28 February 2025
Description R
Revenue (Sales) 1,168,000
Cost of sales (584,000)
Gross profit 584,000
Other income:
— Settlement discount received 600
— Recovery of previously written-off debtor 2,100
Total other income 2,700
Operating expenses:
— Salaries and wages (employees) (7,400)
— Stationery expense (net) (590)
— Rent expense (2,200)
— Carriage on sales (1,700)
— Depreciation (5,175)
— Bad debt expense (increase in allowance) (1,639)
Total operating expenses (18,704)
Operating profit 567,996
Finance costs:
— Interest on long-term loan from Wami (12%) (5,136)
Profit for the year (surplus) 562,860
1. Workings / Adjustments
a) Closing inventories
1. Cement stock (closing) = R 64 500
2. Stationery & admin supplies (closing) = R 110
Total closing inventories shown where relevant.
b) Cost of goods sold (COGS)
Opening inventory (1 Mar 2024) = R 86 200
Purchases = R 561 200
BY FEND TUTORIALS
FAC1601
ASSIGNMENT 2
FOR 2ND
SEMESTER 2025
, QUESTION 1
CeeMenti
Statement of Profit or Loss and Other Comprehensive Income
For the year ended 28 February 2025
Description R
Revenue (Sales) 1,168,000
Cost of sales (584,000)
Gross profit 584,000
Other income:
— Settlement discount received 600
— Recovery of previously written-off debtor 2,100
Total other income 2,700
Operating expenses:
— Salaries and wages (employees) (7,400)
— Stationery expense (net) (590)
— Rent expense (2,200)
— Carriage on sales (1,700)
— Depreciation (5,175)
— Bad debt expense (increase in allowance) (1,639)
Total operating expenses (18,704)
Operating profit 567,996
Finance costs:
— Interest on long-term loan from Wami (12%) (5,136)
Profit for the year (surplus) 562,860
1. Workings / Adjustments
a) Closing inventories
1. Cement stock (closing) = R 64 500
2. Stationery & admin supplies (closing) = R 110
Total closing inventories shown where relevant.
b) Cost of goods sold (COGS)
Opening inventory (1 Mar 2024) = R 86 200
Purchases = R 561 200
