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Income statement
Less: Expenses
Particulars Amount
Sales 9,070,000
Purchases 5,750,000
Transportation in 150,000
Particulars Amount
Total 690,000
4. Computation of administrative expenses-
Particulars Amount
Total 580,000
5. Computation of other expenses-
Uninsured flood loss worth 340,000 will be considered as an other expense.
3. Case 3: Prepare Single statement Comprehensive Income
Sales 9,500,000
Cost of goods sold 6,000,000
Gross income 3,500,000
Other income (250,000+ 100,000)
350,000
Share of profit of associate
350,000
Total income 4,200,000
Expenses:
Distribution costs 500,000
Administrative expenses 300,000
Finance cost 150,000 950,000
Income before income tax
3,250,000
Income tax expense 950,000
Net income 2,300,000
Sales 9,500,000
Cost of goods sold 6,000,000
Gross income 3,500,000
Other income (250,000+ 100,000) 350,000
Share of profit of associate 350,000
Total income 4,200,000
Expenses:
Distribution costs 500,000
Administrative expenses 300,000
Finance cost 150,000 950,000
Income before income tax 3,250,000
Income tax expense 950,000
Net income 2,300,000