COURSE: ACCOUNTING B QUESTION 1 (Blue book) (33 MARKS) The accountant of Bles Group Limited presented you with the following statement of profit or loss of the company on 30 September 2014 BLES GROUP LIMITED Statement of profit or loss for the reporting period ended 30 September 2014 Add Info Debit Credit R R Sales 1515 000 Sales returns 15 000 Rentals: Computers 7 000 Buildings 30 000 Dividends: Manufacturing Limited 3 000 Selling (Pty) Ltd 25 000 Commission income 5 000 Interest income 1000 Profit on sale of equipment 2 000 Salaries and wages 52 000 Directors' remuneration: Managing director (Mr Board) 70 000 Chairman of the board Ms Nel) 20 000 Financial director (Mr Palay) 70 000 Income tax expense 40 000 Auditors remuneration 11 300 Interest on loan 15 000 Loss on remeasurement of financial assets 1 200 Depreciation 5 000 Dividend on redeemable preference shares 3 500 Profit or loss 1 211 000 1 551 000 1551 000 ADDITIONAL INFORMATION 1. Bles Group Limited maintains 25% constant gross profit on sales. 2 20% of the depreciation expense relates to machinery whilst the remainder relates to vehicles. 3 The following information is with regards to the ordinary shares. 250 000 shares Issued ordinary shares at end of the reporting period 200 000 shares REQUIRED: (a) Prepare the statement of profit or loss and other comprehensive income and notes to this financial statement for Bles Group Limited for the reporting period ended 30 September 2014 to comply with the minimum requirements of IFRS and Companies Act (25) (b) List the eight general features of financial statements according to IAS 1. Presentation of Financial Statements (8)