FAC1601 ASSIGNMENT 3 FOR 2ND SEMESTER 2025 - DUE 23 SEPTEMBER 2025

FAC1601 ASSIGNMENT 3 FOR 2ND SEMESTER
2025
DUE: 23 SEPTEMBER 2025
FEND TUTORIALS




PLEASE NOTE THAT IT MUST BE HANDWRITTEN

, Mvilo Partnership

Statement of Profit or Loss and Other Comprehensive Income

for the year ended 31 August 2025


Sales R601 300
Less: Cost of sales
Opening inventory R0
Purchases R329 800
Delivery expenses (outstanding) R5 160
Closing inventory (R27 600)
Cost of sales R307 360
Gross profit R293 940
Other income:
Settlement discount received R2 800
Credit losses recovered R3 600
Total other income R6 400
Gross income R300 340
Operating expenses:
Water and electricity R46 100
Telephone expenses R25 500
Municipal expenses (29 100 – 1 200 adj.) R27 900
Advertising expense (15 600 – 1 200) R14 400
General expenses R44 200
Salaries and wages (136 000 – 73 300) R62 700
Partner salaries (appropriation) (R73 300)
Settlement discount granted R2 200
Allowance for settlement discount granted R1 600
Depreciation – Vehicles R25 920
Depreciation – Equipment R22 230
Loss on disposal of equipment R600
Total operating expenses R272 750
Operating profit R27 590
Finance cost – Interest on loan R9 450
Profit for the year R18 140