09:27 & Thursday 29th Oct 202...a6af8c12569c32df1e3 - Read-only Sign in to edit and save changes to this file. QUESTION ONE ABC Lit's financial statement is given below for the trading year 2018/20 ABC Limited Income Statement for the year ended 31 March 2020 K Sales 1.200.000 550,000 LESS: Cost of Sales Gross Profit LESS Total expenses (Notes) 650,000 590,000 II Not Proft 59.400 NOTES 1. The depreciation charge for the year is as given in the table below ASSET REGISTER DATE OF PURCHASE ASSET DESCRIPTION COST DEPRECIATION ACCUM. CHARGE DEPRECIATION K K 20-Apr 17 Truck 420.000 84,000 252.000 31-Dec-17 Salancar 180.000 108.000 31. Mar 18 Futures and Fittings 80,000 16.000 48 000 800,000 48,000 48 000 01-Apr-19 Industrial Building 31-Dec-20 Truck 375.000 75.000 75,000 259.000 $31.000 2. Salaries and wages K150,000 3. Defalcations by Directors K50.000 4 Traffic free K7,500 5. Travel expenses K10,000 6. Bad debts was a general provision of 2% of the debtors and amounted to K10.800 7. Repairs and maintenance K30,900 8. Water and electricity K15.050 9. Telephone bile K7,750 10.Fuel - Diesel K12.000 Petrol K8.000 11. Motor vehicle expenses 10,500 12. Electricity K7.000 III