ACCOUNTING 1
ASSIGNMENT 2
SOLUTIONS
PREPARED BY: MTHOMBENI
0767297208
, QUESTION ONE
Statement of profit and loss and other comprehensive income for the year ended 30
June 2021 for Samke Ltd.’s
Revenue (1680000-17000) 1663000
Cost of sales (1050000)
Gross profit 613000
Other income (397200)
(Start with any account)
Rent income (105000-15600) 89400
Interest income 11200
Service fee income (297140-540) 296600
Distribution, administration, and other expenses (680000)
(Start with any account)
Salaries and wages 294640
Audit fees (30000+28000) 58000
Directors’ fees 230000
Consumables stores (51100-900) 50200
Bank charges (5240+310) 5550
Travel and entertainment 15910
Depreciation (6400+1500) 7900
Trading stock deficit (219800-202000) 17800
Operating profit 330200
Interest expense (44800)
Income tax expense (285400X30%) (85620)
Profit for the year 199780
1
ASSIGNMENT 2
SOLUTIONS
PREPARED BY: MTHOMBENI
0767297208
, QUESTION ONE
Statement of profit and loss and other comprehensive income for the year ended 30
June 2021 for Samke Ltd.’s
Revenue (1680000-17000) 1663000
Cost of sales (1050000)
Gross profit 613000
Other income (397200)
(Start with any account)
Rent income (105000-15600) 89400
Interest income 11200
Service fee income (297140-540) 296600
Distribution, administration, and other expenses (680000)
(Start with any account)
Salaries and wages 294640
Audit fees (30000+28000) 58000
Directors’ fees 230000
Consumables stores (51100-900) 50200
Bank charges (5240+310) 5550
Travel and entertainment 15910
Depreciation (6400+1500) 7900
Trading stock deficit (219800-202000) 17800
Operating profit 330200
Interest expense (44800)
Income tax expense (285400X30%) (85620)
Profit for the year 199780
1
