FAC1601 EXAM
Full solutions
QUESTION 1: Statement of Profit or Loss and OCI
Description Amount (R)
Sales 865900
Cost of sales 395800
Gross profit 470100
Other income 8000
Telephone expense (2100)
Municipal expense (25000)
General expense (56800)
Water & electricity (adjusted) (19800)
Depreciation vehicles (41814)
Interest expense (adjusted) (8563)
Profit before tax approx balancing
Workings (Q1)
Cost of sales = 421,300 + 5,900 - 31,400 = 395,800
W&E adjustment = 53,600 - 33,800 = 19,800
, Interest = 158,200 ×13% ×5/12 = 8,563
Full solutions
QUESTION 1: Statement of Profit or Loss and OCI
Description Amount (R)
Sales 865900
Cost of sales 395800
Gross profit 470100
Other income 8000
Telephone expense (2100)
Municipal expense (25000)
General expense (56800)
Water & electricity (adjusted) (19800)
Depreciation vehicles (41814)
Interest expense (adjusted) (8563)
Profit before tax approx balancing
Workings (Q1)
Cost of sales = 421,300 + 5,900 - 31,400 = 395,800
W&E adjustment = 53,600 - 33,800 = 19,800
, Interest = 158,200 ×13% ×5/12 = 8,563
