, FAC1602 Assignment 2 (COMPLETE ANSWERS) semester
1 2025 - DUE April 2025; 100% correct solutions and
explanations.
NDALAMO CC
Statement of Profit or Loss and Other Comprehensive Income
for the year ended 28 February 2025
Description Amount (R)
Revenue (Sales) 4,992,500
Less: Settlement discounts granted (8,500)
Net Revenue 4,984,000
Less: Cost of Sales
- Opening Inventory 72,400
- Purchases 459,900
- Carriage on purchases 34,600
- Less: Closing Inventory (74,000)
Cost of Sales (492,900)
Gross Profit 4,491,100
Other Income:
- Settlement discount received 3,500
- Dividend income from BC Trucks (5,998 shares × R6.50) 38,987
Total Other Income 42,487
Expenses:
- Salaries and wages 514,400
- Member’s salaries 312,200
- Depreciation (given) 76,300
- Telephone 25,500
- Stationery expense (16,900 - 3,300 stock) 13,600
- Carriage on sales 44,600
1 2025 - DUE April 2025; 100% correct solutions and
explanations.
NDALAMO CC
Statement of Profit or Loss and Other Comprehensive Income
for the year ended 28 February 2025
Description Amount (R)
Revenue (Sales) 4,992,500
Less: Settlement discounts granted (8,500)
Net Revenue 4,984,000
Less: Cost of Sales
- Opening Inventory 72,400
- Purchases 459,900
- Carriage on purchases 34,600
- Less: Closing Inventory (74,000)
Cost of Sales (492,900)
Gross Profit 4,491,100
Other Income:
- Settlement discount received 3,500
- Dividend income from BC Trucks (5,998 shares × R6.50) 38,987
Total Other Income 42,487
Expenses:
- Salaries and wages 514,400
- Member’s salaries 312,200
- Depreciation (given) 76,300
- Telephone 25,500
- Stationery expense (16,900 - 3,300 stock) 13,600
- Carriage on sales 44,600
