FAC1501 EXAM PACK.

FAC1501 EXAM PACK. STATEMENT OF PROFIT OR LOSS & OTHER COMPREHENSIVE INCOME MOKALA TRADERS STATEMENT OF PROFIT OR LOSS & OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 SEPTEMBER 2017 R Revenue ሺ૚ ૜૞૙ ૟૙૙ − ૚૜ ૙૞૙ − ૚૜ ૡ૙૙ሻ Cost of Sales 1 323 750 (858 000) Opening Inventory Purchases ሺ͹ͻͷ ͳͷͲ − ͳͷ ͻͲͲ − ͳͳ ͳͲͲሻ Closing Inventory 217 950 768 150 (128 100) Gross Profit Other Income 465 750 8 400 Interest on Fixed Deposit ሺͳͲͷ ͲͲͲ ∗ ͺ%ሻ 8 400 Total Income Expenses 474 150 (259 500) Administration, Distribution & Other Expenses (247 500) Water & Electricity Salaries & Wages ሺͳ͵ͷ ͶͷͲ + ͵ ͲͲͲሻ Telephone expenses Stationery ሺͳͲ ʹͲͲ − ͵ ͹ͷͲሻ Repairs & Maintenance Insurance Credit Losses [ͳ͹ ʹͷͲ + ͳ ͺͲͲ + ሺʹͳ ͶͷͲ − ͳͻ ʹͲͲሻ] Depreciation ͳͳ ʹͷͲ + ͳͳʹ ͷͲͲሻ 34 800 138 450 23 850 6 450 2 850 19 800 21 300 123 750 Finance Cost (12 000) Interest on mortgage ሺͳͲ% ∗ ͹ʹͲ ͲͲͲ ∗ ଶ ଵଶሻ 12 000 Profit for the year Other Comprehensive Income 214 650 - Total Comprehensive Income 214 650 CTM Tutoring Services Downloaded by: shakeerao | Distribution of this document is illegal S - The study-notes marketplace CTM Tutoring Services 9 MAY – JUNE 2017 (SECOND PAPER) CTM Tutoring Services Downloaded by: shakeerao | Distribution of this document is illegal S - The study-notes marketplace CTM Tutoring Services 10 SOLUTION 1: MULTIPLE CHOICE QUESTIONS 1.1. 2 1.2. 4 1.3. 1 1.4. 3 ሺ͹ͷ ͲͲͲ + ͷ ͲͲͲ + ͳ ʹͲͲ + ͳʹ ͲͲͲ + ʹͶ ͲͲͲሻ = ͳͳ͹ ʹͲͲ 1.5. 1 1.6. 5 1.7. 2 1.8. 4 1.9. 3 1.10. 5 CTM Tutoring Services Downloaded by: shakeerao | Distribution of this document is illegal S - The study-notes marketplace CTM Tutoring Services 11 SOLUTION 2: TRADING ACCOUNT & PROFIT OR LOSS ACCOUNT.