Page 138 - F1 Integrated Workbook STUDENT 2018

Chapter 9

Operating profit 100,423
Interest receivable 7,200
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Profit before tax 107,623
Income tax (30,000)
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Profit for the period 77,623
(b) Statement of financial position of JKL as at 31 March 20X3

Assets Cost Acc. Carrying
($000) Depreciation amount
($000) ($000)
Non-current assets
Motor vehicles 49,400 (28,280) 21,120
Current assets
Inventory 19,473
Receivables 82,851
Interest receivables 7,200
Prepayment 2,800
Bank deposit account 90,000
Bank current account 77,240
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279,564
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300,684
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Equity and liabilities
Ordinary shares of $1 each 50,000
Retained earnings 154,220
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204,220
Current liabilities
Payables 41,936
Accrual for expenses (946 + 2,464) 3,410
Income tax 30,000
Sales tax 16,382
Employees’ income tax 4,736
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96,464
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300,684
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Workings Retained earnings: $76,597 + $77,623 = $154,220

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