These balances were extracted from the books of XY Ltd as at 30 June 20x3:

Additional information:

The directors have resolved:

• That the entire profit from sale of land be treated as part of the profit available for the current year’s dividends paid and proposed.

• That the final proposed dividend on ordinary shares be R5 000.

• That R10 000 be transferred to asset replacement reserve.

• That the annual audit fee of R4 000 be accrued.

You are required to:

Prepare the statement of profit or loss & other comprehensive income of XY Ltd for the year ended 30 June 20x3, for internal use.

Transcribed Image Text:

Administration expenses Authorised and issued share capital Accounts payable Accounts receivable Accumulated loss (1 July 20x2) Depreciation Directors' fees Dividends received Gross profit (on net sales for the year of R250 000) Interim dividend paid Investments at cost Overdraft - secured by notarial bond over movable property Plant and machinery (cost R80 000) Profit from expropriation of land Vehicles Salaries and wages Inventory (at cost 30 June 20x3) Debit 12 050 00 22 550 00 1 500 00 8 000 00 800 00 5 000 00 9 000 00 56 000 00 6 100 00 29 000 00 65 000 00 215 000 00 Credit 100 000 00 4 150 00 1 050 00 99 800 00 2 000 00 8 000 00 215 000 00