Prepare the statement of comprehensive income for Acc limited for the year ended 31December2014

1. Inventory on 31 December 2014: Trading inventory R6500 Packing Material R175 2. Debtor Jacob is insolvent. His debt of R140 has been written off as irrecoverable 3. Provision must be made for depreciation as follows: a. Vehicles 20% on diminishing balance method/reducing balance. b. Furniture 10% Straight Line method. 4. A Debtor, Mr Fletcher who wed R230 finally managed to pay his debt that was previously written off as irrecoverable in 2010. This was not considered in the above trail balance. REQUIRED: Prepare the Statement of Comprehensive Income for ACC Limited for the year ended 31 December 2014. QUESTION THREE (30 MARKS) The following transactions occurred in the books of Pay n Pick limited for the month of April 2015: The stock count at 31 March 2015 revealed that 10000 units at a cost of R1 per unit were on hand. 1. Inventory on 31 December 2014: Trading inventory R6500 Packing Material R175 2. Debtor Jacob is insolvent. His debt of R140 has been written off as irrecoverable 3. Provision must be made for depreciation as follows: a. Vehicles 20% on diminishing balance method/reducing balance. b. Furniture 10% Straight Line method. 4. A Debtor, Mr Fletcher who wed R230 finally managed to pay his debt that was previously written off as irrecoverable in 2010. This was not considered in the above trail balance. REQUIRED: Prepare the Statement of Comprehensive Income for ACC Limited for the year ended 31 December 2014. QUESTION THREE (30 MARKS) The following transactions occurred in the books of Pay n Pick limited for the month of April 2015: The stock count at 31 March 2015 revealed that 10000 units at a cost of R1 per unit were on hand