Page 302 - Microsoft Word - 00 IWB ACCA F7.docx

Chapter 24

Example 2

Answer proforma

Grey statement of profit or loss and other comprehensive income for the
year ended 31 December 20X2

$000
Revenue 95,500

Cost of sales (62,561 + 11,250) (73,811)
––––––

Gross profit 21,689
Distribution costs (5,175)

Administration expenses (6,560)
––––––
Profit from operations 9,954

Finance costs (600)
Investment income (750 + 150) 900

––––––
Profit before tax 10,254

Income tax expense (2,290)
––––––

Profit for the year 7,964
Other comprehensive income (20,000 – 15,000) 5,000

––––––
Total comprehensive income 12,964

––––––

296