Page 471 - Microsoft Word - 00 CIMA F1 Prelims STUDENT 2018.docx

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Statements of profit or loss (extract) 20X1 20X0

$ $
Revenue 104,000 73,500
Cost of sales (80,000) (60,000)
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PBT 24,000 13,500
Income taxes (7,200) (4,050)
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Profit for the period 16,800 9,450
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Statement of changes in equity (extract)

20X1 20X0
$ $
Retained earnings b/d 34,000 20,000
Correction of error (see note below) (4,550) –
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Retained earnings b/d 29,450 20,000
Profit for the period (as above) 16,800 9,450
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Retained earnings c/d 46,250 29,450
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