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Retained income 3 1 March 2 0 2 4 8 0 4 7 6 Sales 2 3 6 0 0 0 Purchases 9 3 3
Retained income March Sales Purchases Import duty Salaries Rent Interest General expenses Profit On investigation of the above statement of comprehensive income, you discover the following; The bookkeeper had not journalized the reversing entry for the accrual at March of rent paid in advance of R and sales received in advance of R Both these amounts are related to April All other reversing entries have been processed. Interest represents payments of interest for the year on a loan of R The interest rate is per annum, and there have been no repayments during the year. The inventory per the statement of financial position at March was R which represented speakers valued at R There were speakers on hand at March Of these, were considered worthless. Jack Solutions accounts for inventory on the periodic using the FIFO basis of allocating costs.
The purchases and purchase returns records for the year were as follows;
Purchases
July
units at R each
October
units at R each
January
units at R each
March
units at R each after trade discount
Purchase returns
July
units at R each
March
units at R each
A Chinese supplier entered the market in late March and was selling its speakers at R each. The normal selling price of Jack was R
In March a carton of speakers purchased in March was stolen. Jack is not insured for losses of this nature.
draw up the statement of comprehensive income for the year ended march in table format
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