FAC1602
ASSIGNMENT 2 2026
DUE: 15 APRIL 2025 (EXAM MEMO)
, QUESTION 1 (36 marks)
SPK TRADING CC
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR
THE YEAR ENDED 31 MARCH 2026
R
Revenue (2 057 100 – 6 600) 2 050 500
Cost of sales (38 000 + 450 500 – 66 000) (422 500)
Gross profit 1 628 000
Other income 150 140
Rental income 52 800
Interest income – loan to member (①) 6 090
Fair value gain – investment (214 000 – 169 500) 44 500
Dividend income (85 000 × R0,55) 46 750
Distribution, administrative and other expenses (588 700)
Other expenses 43 200
Salaries and wages (528 300 – 283 200) 245 100
Salaries to members (②) 300 400
Finance costs – interest on loan from member (53 000 × 9%) (4 770)
Profit before tax 1 184 670
Income tax expense (257 000)
Profit for the year 927 670
Other comprehensive income –
Total comprehensive income for the year 927 670
ASSIGNMENT 2 2026
DUE: 15 APRIL 2025 (EXAM MEMO)
, QUESTION 1 (36 marks)
SPK TRADING CC
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR
THE YEAR ENDED 31 MARCH 2026
R
Revenue (2 057 100 – 6 600) 2 050 500
Cost of sales (38 000 + 450 500 – 66 000) (422 500)
Gross profit 1 628 000
Other income 150 140
Rental income 52 800
Interest income – loan to member (①) 6 090
Fair value gain – investment (214 000 – 169 500) 44 500
Dividend income (85 000 × R0,55) 46 750
Distribution, administrative and other expenses (588 700)
Other expenses 43 200
Salaries and wages (528 300 – 283 200) 245 100
Salaries to members (②) 300 400
Finance costs – interest on loan from member (53 000 × 9%) (4 770)
Profit before tax 1 184 670
Income tax expense (257 000)
Profit for the year 927 670
Other comprehensive income –
Total comprehensive income for the year 927 670
