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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 31 March 202480476 Sales 236000 Purchases 93338 Import duty 14160 Salaries 29736 Rent 19234 Interest 3540 General expenses 26786 Profit 35990 On investigation of the above statement of comprehensive income, you discover the following; 1. The bookkeeper had not journalized the reversing entry for the accrual at 31 March 2024 of rent paid in advance of R3540 and sales received in advance of R7870. Both these amounts are related to April 2023. All other reversing entries have been processed. 2. Interest represents payments of interest for the year on a loan of R35400. The interest rate is 15% per annum, and there have been no repayments during the year. 3. The inventory per the statement of financial position at 31 March 2023 was R7420, which represented 70 speakers valued at R106.4. There were 80 speakers on hand at 31 March 2024. Of these, 8 were considered worthless. Jack Solutions accounts for inventory on the periodic using the FIFO basis of allocating costs.
5. The purchases and purchase returns records for the year were as follows;
Purchases
July
330 units at R100 each
October
375 units at R110 each
January
118 units at R 120 each
March
25 units at R130 each (after trade discount)
Purchase returns
July
47 units at R100 each
March
10 units at R130 each
6. A Chinese supplier entered the market in late March and was selling its speakers at R177 each. The normal selling price of Jack was R236.
7. In March 2024, a carton of 10 speakers purchased in March was stolen. Jack is not insured for losses of this nature.
prepare the statement of comprehensive income for the year ended 31 march 2024

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