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EXTRACT FROM THE STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2023 Sales Cost of sales Gross profit Depreciation Other expenses Operating profit Interest income Profit before tax Company tax Profit after tax ADDITIONAL INFORMATION R ? (5 304 000) 3 096 000 (420 000) (1 176 000) 1 500 000 120 000 1 620 000 (480 000) 1 140 000 All purchases and sales of inventories were on credit. Equipment was purchased for cash. A vehicle with a cost price of R720 000 and accumulated depreciation of R120 000 was sold at carrying value. Long-term investments were increased during the financial year ended 31 December 2023. Interim dividends paid during 2023 amounted to R456 000. No final dividends were declared. The issued share capital for the year ended 31 December 2023 consisted of 1 000 000 ordinary shares. Trade and other receivables comprised trade debtors only. Trade and other payables consisted of trade creditors only.

EXTRACT FROM THE STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2023 Sales Cost of sales Gross profit Depreciation Other expenses Operating profit Interest income Profit before tax Company tax Profit after tax ADDITIONAL INFORMATION R ? (5 304 000) 3 096 000 (420 000) (1 176 000) 1 500 000 120 000 1 620 000 (480 000) 1 140 000 All purchases and sales of inventories were on credit. Equipment was purchased for cash. A vehicle with a cost price of R720 000 and accumulated depreciation of R120 000 was sold at carrying value. Long-term investments were increased during the financial year ended 31 December 2023. Interim dividends paid during 2023 amounted to R456 000. No final dividends were declared. The issued share capital for the year ended 31 December 2023 consisted of 1 000 000 ordinary shares. Trade and other receivables comprised trade debtors only. Trade and other payables consisted of trade creditors only.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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EXTRACT FROM THE STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2023 Sales Cost of sales Gross profit Depreciation Other expenses Operating profit Interest income Profit before tax Company tax Profit after tax ADDITIONAL INFORMATION (5 304 000) 096 000 3 R ? (420 000) (1 176 000) 500 000 1 120 000 1 620 000 (480 000) 1 140 000 All purchases and sales of inventories were on credit. Equipment was purchased for cash. A vehicle with a cost price of R720 000 and accumulated depreciation of R120 000 was sold at carrying value. Long-term investments were increased during the financial year ended 31 December 2023. Interim dividends paid during 2023 amounted to R456 000. No final dividends were declared. The issued share capital for the year ended 31 December 2023 consisted of 1 000 000 ordinary shares. Trade and other receivables comprised trade debtors only. Trade and other payables consisted of trade creditors only.
Transcribed Image Text:EXTRACT FROM THE STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2023 Sales Cost of sales Gross profit Depreciation Other expenses Operating profit Interest income Profit before tax Company tax Profit after tax ADDITIONAL INFORMATION (5 304 000) 096 000 3 R ? (420 000) (1 176 000) 500 000 1 120 000 1 620 000 (480 000) 1 140 000 All purchases and sales of inventories were on credit. Equipment was purchased for cash. A vehicle with a cost price of R720 000 and accumulated depreciation of R120 000 was sold at carrying value. Long-term investments were increased during the financial year ended 31 December 2023. Interim dividends paid during 2023 amounted to R456 000. No final dividends were declared. The issued share capital for the year ended 31 December 2023 consisted of 1 000 000 ordinary shares. Trade and other receivables comprised trade debtors only. Trade and other payables consisted of trade creditors only.
REQUIRED Use the information provided below to prepare the Cash Flow Statement of Starlite Limited for the year ended 31 December 2023. INFORMATION The information given below was obtained from the books of Starlite Limited on 31 December 2023 (the end of the financial year): STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER: ASSETS Property, plant and equipment Long-term investments Inventories Trade and other receivables Bank EQUITY AND LIABILITIES Ordinary Share Capital Retained Income Trade and other payables Company tax payable 2023 R 3 720 000 1 320 000 2 100 000 2 520 000 1 500 000 11 160 000 7 200 000 3 000 000 900 000 60 000 11 160 000 2022 R 2 280 000 900 000 2 580 000 1 800 000 1 320 000 8 880 000 6 000 000 2 316 000 456 000 108 000 8 880 000
Transcribed Image Text:REQUIRED Use the information provided below to prepare the Cash Flow Statement of Starlite Limited for the year ended 31 December 2023. INFORMATION The information given below was obtained from the books of Starlite Limited on 31 December 2023 (the end of the financial year): STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER: ASSETS Property, plant and equipment Long-term investments Inventories Trade and other receivables Bank EQUITY AND LIABILITIES Ordinary Share Capital Retained Income Trade and other payables Company tax payable 2023 R 3 720 000 1 320 000 2 100 000 2 520 000 1 500 000 11 160 000 7 200 000 3 000 000 900 000 60 000 11 160 000 2022 R 2 280 000 900 000 2 580 000 1 800 000 1 320 000 8 880 000 6 000 000 2 316 000 456 000 108 000 8 880 000
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