Max10 milpark education principles of accounting

Max=10

© Milpark Education Principles of Accounting ACCP02-5 Exam Memo 5 May 2017 Page 23 of 24
1.2 Statement of profit or loss and other comprehensive income for the year
ended 31 March 2017
Revenue 550 000√ 1
Cost of sales (67 500 + 45 000 – 25 600) (86 900)
√ ^
1.5
Gross profit 463 100 √ 1
Other income: 196 540
- Interest income 56 600 √ 1
- Profit on sale of assets 19 940 √ 1
- Rent income (125 000 – 5000) 120 000 √ ^ 1.5
659 640
Operating expenses: (93 223)
- Advertising (2 560- 1 987) 573 √
- Bank charges 560^ 0.5
- Accounting fees 4 500^ 0.5
- Stationery 1 350^ 0.5
- Wages and salaries 45 000^ 0.5
- Donations 1 200^ 0.5
- Subscription fees (5 600+1 120) 6 720 √ 1
- Depreciation 33 320 √ m
(see no.3
above)
1
Profit for the year 566 417 √ m 1
Available=14
Max=10
1.3 Statement of financial position as at 31 March 2017
ASSETS
Non-current assets 1 023 780
Land and buildings 660 0000^
Vehicles (240 000 – 25 000 – 24 000) 191 0000 √
Computer equipment (50 000 – 3 400 – 9 320) 37 280 √
Investments 135 500^

© Milpark Education Principles of Accounting ACCP02-5 Exam Memo 5 May 2017 Page 24 of 24
Current assets 287 907
Inventory 25 600^
Accounts receivable (67 820^ + 1 987^) 69 807 √
Cash and cash equivalents (192 000^ + 500^) 192 500 √
Total assets 1 311 687 √ m
Max=5
TOTAL MARKS: 70