ECS15001 ASSIGNMENT 3 of 2021

FAC1601 ASSIGNMENT 2 – SEMESTER 1 OF
2021
1. 1

R
Opening balance 480 000
Issued 1 February 2021 (40 000 ∗ 4) 160 000
Share Capital 640 000


2. 3

R
Revenue (𝟓𝟏𝟔 𝟎𝟕𝟎 − 𝟑 𝟐𝟖𝟎) 512 790
Cost of Sales (197 980)
Opening inventory 26 950
Purchases 188 900
Carriage on purchases 980
Closing inventory (18 850)

Gross Profit 314 810


3. 4

R
Salaries 85 000
Telephone 4 015
Directors` remuneration 10 800
Stationery 5 300
Credit Losses [3 500 + (5 500 − 4 000)] 5 000
Directors` bonus 45 000
Depreciation 31 455
Distribution, administration & other expenses 186 570