QUESTION $3$

$(25$ MARKS$)$

Cobie Trading $($Pty$)$ Ltd is a registered company in South Africa, subject to the standard corporate tax rate of $27\%.$ The company is not a registered VAT vendor. The following transactions were processed during the quarter:

The total gross salaries on the April $2025$ payroll amounts to R$185000.$ Total PAYE of R$37000$ was recorded on this payroll. The salaries were paid to employees on $29$ April $2025$ and the EMP $201$ was processed and paid on $30$ April $2025.$

The total gross salaries for the May $2025$ payroll amount to R$189250,$ with a total PAYE deduction of R$39500.$ Salaries were disbursed to employees on $28$ May $2025,$ and the EMP$201$ submission and payment were processed on $31$ May $2025.$

The total PAYE deduction of R$41150$ was recognised on the gross salaries for the June $2025$ payroll, amounting to R$192550.$ Salaries were paid to employees on $28$ June $2025.$ The EMP$201$ submission was processed on $30$ June $2025,$ and the payment was made on $5$ July $2025.$

The bank balance as of $31$ March $2025$ was R$492000,$ and total sales for the quarter amounted to R$1250000.$ The company realises a gross profit margin of $70\%.$ All purchases are made in cash. No additional transactions were recorded during this period. Total share capital at the reporting date amounted to R$492000.$

Required:

$3\mathrm{.}1$ Record the necessary entries in the relevant general ledger

$(16$ Marks$)$ accounts for the period from $1$ April $2025$ to $30$ June $2025.$ Ensure that all accounts are appropriately closed at the end of the quarter to provide an accurate reflection of the account balances.

$3\mathrm{.}2$ Prepare the extract of the Statement of Comprehensive Income

$(4$ Marks$)$ for the quarter ended $30$ June $2025.$