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  • Subject Name : Accounting and Finance

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.

Remember, at the center of any academic work, lies clarity and evidence. Should you need further assistance, do look up to our Accounting and Finance Assignment Help

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