The following information relates to Tanda Bantu Traders. The financial year ends on 30 June.
Statement of Comprehensive Income for the year ended 30 June 2022.
Sales Cost of sales
940,000
(420,000)
Gross profit
520,000 48,000 48,000 568,000 (321,300) 240,000 7,400 1,500 1,300 600 4,500 7,000
Total Other income
Rent income Gross income
Operating expenses Salaries Repairs Telephone Stationery Bad debts Electricity and water Insurance Bank charges Depreciation Operating Profit interest on fixed deposit
5,000 54,000 246,700 5,500 (26,000) 226,200
Interest on loan
Net Profit for the year
Additional information 1. The average monthly sales are expected to
2. The existing gross percentage on sales gross margin ratio) is maintained. since 01 January 2022 4. The investment in fixed deposit was made on 01 November 2021 and matures/expires on
5
by 5% 5. The loan of R100,000 was taken on 01 July 2021. The first loan repayment of R40,000 will be made on 01 July 2022 Interest is calculated at a fixed rate of 15% per annum 7. No increases are expected for stationery and bad debts in the next 12 months. You can assume that stationery and bad debts are incurred evenly. 9. All other expenses are expected to increase by 2% each month. You can assume that expenses incurred evenly.
Required Prepare a Budgeted Statement of Comprehensive Income for Tanda Bantu Traders for the period 2022 to 30 September 2022 use a separate column for each month AND Round off all amounts to the nearest whole number.
