Homework Answers
1. Sales = 1277000$-15000$. = 1262000
2.less : cost of sales. = (700000)
3. Gross profit. = 562000
Other operating income.
4. Rental income. = 66000
5.Discount received. = 2000
Gross operational income. = 630000
Operational expenses
Wages = 123000
Bank charges = 4000
Packing material = 37000
Advertising. = 18000
Rates = 7000
Bad debts ( 2000+1000 ). = 3000
Discount allowed = 1000
Stationery = 18000
Water and electricity = 9000
Insurance = 2400
Telephone. = 9000
Depreciation. = 64400
Operating Profit = 334200.
Interest income. = 0
Interest expense. = 11520
Net profit for the year. = 322680.
Statement of financial position of pg stores as on 28th feb 2019.
Assets
Non current assets
Propery plant and equipment = 858300
vehicles =( 181000-36200 ) = 144800
Equipment = ( 133000-28200 )= 104800
Land and building = 608700
Current assets :
Inventories = 137000
Trade and other receivables.
Trade debtors = 100200
Prepaid expenses. ( Telephone+insurance ) = 5550
Accrued income (Rental income ) = 5500
Cash and cash equivalent = 6000
Bank = 4000
Cash float = 1500
Petty cash = 500
Total assets = 1118550
Equity:
Capital ( 870700-2000-234000+322680 ). =957380.
Non - current liabilities
Long term debt. (96000+1520-18000 ). = 79520
Current liabilities
Trade and other payables = 18000
Creditors control. = 60000
Provision for bad debts. ( 2000+1000 ) = 3000
Accrued expenses. = 650
Total liabilities = 1118550.
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