FAC1601 - Assignment 1 Solution 2020 verified answers
ANNEXURE A: SOLUTION TO ASSIGNMENT 01/2/2012 (SECOND SEMESTER) UNIQUE NUMBER: DUE DATE: 20 AUGUST 2012 The following calculation relate to questions 1 – 4: T&M DEALERS STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2012 R Revenue R(820 000 – 1 800) 818 200 Cost of sales R(422 000 – 5 000) (417 000) Gross profit 401 200 Other income 1 500 Credit losses recovered 1 500 Distribution, administrative and other expenses 180 100 Salaries and wages R220 100 – R(25 000 x 2) 170 100 Credit losses R(2 500 + 3 000) 5 500 Carriage on sales R(2 200 + 2 300) 4 500 Profit for the year 222 600 Other comprehensive income for the year - Total comprehensive income for the year 222 600 T&M DEALERS STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2012 Capital Current accounts Appropriation Total Tumi Melinda Tumi Melinda R R R R R R Balances at 1 July 2011 324 000 216 000 (5 000) Total comprehensive income for the year Salaries to partners (72 000) Bonus: Tumi 15 060 (15 060) Drawings (36 500) (29 000) (65 500) Partners’ share of total comprehensive income (135 540) Balances at 30 June R(222 600 – 72 000) x 10%
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