question 1.4

Sales returns 60 000 60 000 120 000 Carriage on purchases Carriage on sales The gross profit for the financial year ended 30 June 2017 was R2 016 000 R1 980 000 R2 100 000 b) c) d) None of the above. 1.4 The following information was extracted from the records of Fego Stores on 31 May 2017: Favourable balance according to the bank account (ledger) Cheques issued but not yet presented to the bank for payment Deposit made but not yet credited by the bank28 800 The bank balance according to the bank statement received by Fego Stores on 31 May 2017 was 88 800 34 000 R94 000 (unfavourable) a) b) c) d) R83 600 (favourable) R94 000 (favourable) None of the above. The Statement of Changes in Equity of Ashleigh Stores, a partnership with Ash and Leigh as partners, reflected the following amounts on 28 February 2017, the end of the financial year: 1.5 48 000 72 000 288 000 168 000 1 200 800 Interest on capital: Ash Interest on capital: Leigh Salary: Ash Salary: Leigh Interest on drawings: Ash Interest on drawings: Leigh R96 000 Remaining profit: Ash