FAC1502 EXAM PACK FINANCIAL ACCOUNTING PRINCIPLES CONCEPTS PROCEDURES

FAC1502 EXAM PACK FINANCIAL ACCOUNTING PRINCIPLES CONCEPTS PROCEDURES N & N ENTERPRISES STATEMENT OF PROFIT OR LOSS & OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2022 Revenue 500 000 Cost of Sales (362 800) Opening Inventory 100 000 Purchases (283 000 + 39 000 – 5 000) 317 000 Freight charges on purchases 5 000 Shipping Fees 2 800 Import duties 3 300 Delivery Fees 4 100 Modification Costs 2 600 Closing Inventory (72 000) Gross Profit 137 200 Other Income 2 860 Interest on fixed deposit (800 + 1 060) 1 860 Rental Income (2 400 * 5 / 12) 1 000 Total Income Less Expenses 140 060 (143 300) Administrative, Distribution & Other Expenses 139 300 Insurance expenses (5 000 – 3 500) 1 500 30 000 76 800 1 400 9 600 2 600 7 400 10 000 Administration expenses Salaries (76 000 + 800) Depreciation (10 % * 14 000) Municipal taxes Credit losses Advertising expenses (9 800 – 2 400) Water, Electricity and telephone expenses