Comprehensive Income Statement

Additional information
1. Inventory on 29 February 2012, N$24 600.
2. Sales of goods on credit for F. Oupa, N$10 000 was omitted from the books.
3. S Shippiki who owes Pluto Super Stores N$1 200 is insolvent. Her estate pays 20c in the dollar and the rest is to be written off as bad debts.
4. The provision of doubtful debts is to be adjusted to 5% of the remaining debtors.
5. The loan was increased on 1 December 2011 by N$15 000 to N$65 000. On 29 February 2012, there was still interest outstanding on the loan.
6. The rent income for the first 6 months was N$2 000 per month. The rent income increased by 10% p.a on 1 September 2011.
7. Pluto Super Stores signed an advertising contract for N$18 000 with the NBC to screen twelve advertising flashes – one per month. The amount of N$18 000 was paid on 1 October 2011. The first flash has been screened in the same month.
8. Depreciation is charged on vehicles at 20%p.a on cost and on equipment at 15% reducing balance method. Depreciation is charged on a monthly basis. New equipment, N$25 000, was bought on 1 November 2011.
a) Prepare the statement of comprehensive income for the year ended 29 February 2012.
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asked Mar 13, 2017 in Trial Balance, Profit & Loss Account and Balance Sheet by Vezemba (2 points) 1,219 views
retagged Mar 13, 2017 by Vezemba

1 Answer

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answered Mar 15, 2017 by jbsclasses (3,971 points)
Thank you so much Sir for solving my problem.