TT and Co is a new business that started trading on 1 January 2019. The following is a summary of transactions that occurred during the first year of trading:
The owners introduced Rwf 50,000,000 of capital, which was paid into a bank account opened in the name of the business.
Premises were rented from 1 January 2019 at an annual rental of Rwf 20,000,000. During the year, rent of Rwf 25,000,000 was paid to the owner of the premises.
Rates (a tax on business premises) were paid during the year as follows:
For the period 1 January 2019 to 31 March 2019 Rwf 300,000
For the period 1 April 2019 to 31 March 2020 Rwf 1,200,000
A delivery van was bought on 1 January 2019 for Rwf 12,000,000. This is expected to be used in the business for four years and then to be sold for Rwf 2,000,000.
Wages totalling Rwf 33,500,000 were paid during the year. At the end of the year, the business owed Rwf 630,000 of wages for the last week of the year.
Electricity bills for the first three quarters of the year were paid totalling Rwf 1,650,000. After 31 December 2019, but before the financial statements had been finalised for the year, the bill for the last quarter arrived showing a charge of Rwf 620,000.
Inventories totalling Rwf 143,000,000 were bought on credit. Inventories totalling Rwf 12,000,000 were bought for cash.
Sales revenue on credit totalled Rwf 152,000,000 (cost of sales Rwf 74,000,000).
Cash sales revenue totalled Rwf 35,000,000 (cost of sales Rwf 16,000,000).
Receipts from trade receivables totalled Rwf 132,000,000.
Payments to trade payables totalled Rwf 121,000,000.
Van running expenses paid totalled Rwf 9,400,000.
Required: Produced TT and Co’s Statement of Comprehensive Income for the period in question. Assume a tax rate of 30%
Answers: 2
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TT and Co is a new business that started trading on 1 January 2019. The following is a summary of tr...
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