Statement of Comprehensive Income - Question 1

Prepare the Statement of Comprehensive Income for Promotions-for-Africa for the month of July 2019

Answer:

Promotion for Africa
Statement of comprehensive income
for the month of July 2019
Item	Date	Quantity	Unit price	Total
Opening box	1-Jul-19	1556	850	1,322,600
Received boxes	4-Jul-19	5010	750	3,757,500
Transportation cost	4-Jul-19	5010	15	75,150
Transportation cost	July			1,500
Staff commission	July	2	650	1,300
Transport insurance	July			7,500
Warehouse insurance	July			15,000
Sales	5 to 10 July	3885	1400	5,439,000
Ordered boxes	15-Jul-19	3460	700	2,422,000
Sales	19 to 31 July	2700	1400	3,780,000

Promotion for Africa
Income statement
for the month of July 2019
	opening inventory		1,322,600.00
less	closing inventory		0.00
			1,322,600.00
	Sales		9,219,000.00
less	CGS		7,502,100.00
	Gross profit		1,716,900.00
less	transport expenses
		75150
		1500	76,650.00
			1,640,250.00
less	transport insurance	15000
			1,625,250.00
less	operating expenses	1300
	net income		1,623,950.00

Statement of Comprehensive Income - Question 2

Prepare the Cost of Sales and Trading Accounts in the General Ledger of ‘Promotions-for-Africa’ for July 2019

Answer:

Promotion for Africa
General Ledger
for the month of July 2019
No	Date	Detail	Debit	Credit
1	4-Jul-19	Stock	3,757,500.00
		cash		3,757,500.00
2	4-Jul-19	transportation cost	75,150.00
		cash		75,150.00
3	July	Transportation of boxes	1,500.00
		cash		1,500.00
4	July	staff commission	1,300.00
		cash		1,300.00
5	July	transportation insurance	15,000
		cash		15,000
6	5-10 July	cash	5,439,000
		sales		5,439,000
7	15-Jul-19	boxes	2,422,000.00
		A/P		2,422,000.00
8	19-31 July	cash	3,780,000.00
		sales		3,780,000.00

Statement of Comprehensive Income - Question 3

Prepare an Extract of the Statement of Financial Position for Promotions for-Africa as at 31 July 2019 indicating the Inventory balance.

Answer:

Promotion for Africa
financial position for the month of July 2019
Details
Sales	9219000
transport expenses	76650
staff expenses	1300
Total assets	9296950
inventory left	3441 boxes

so this is the financial position of the company, which indicates the sales its expenses and inventory leftover.

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