Page 433 - F1 Integrated Workbook STUDENT 2018

Answers

Operating profit 100,423
Interest receivable 7,200
––––––
Profit before tax 107,623
Income tax (30,000)
––––––
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
––––––
279,564
––––––
300,684
––––––
Equity and liabilities
Ordinary shares of $1 each 50,000
Retained earnings 154,220
––––––
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
––––––
96,464
–––––––
300,684
–––––––

Workings Retained earnings: $76,597 + $77,623 = $154,220

423