Study the following Pro-Forma Statement of Comprehensive Incomeof Dhikim Ltd for the
month ending 28 February 2019.
You will be required to use the information provided to:
2.1 Calculate the following for February 2019.
2.1.1 Cost of Sales (1 mark)
2.1.2 Taxation (1 mark)
2.1.3 Profit after Taxation (1 mark)
2.2 Prepare the Pro-Forma Statement of Comprehensive Income for themonth ending March
2019.
Note: use the format provided for February 2019
Information
Pro-Forma Statement of Comprehensive income of Dhikim Ltd for themonth ending 28
February 2019
| R |
Sales | 400 000 |
Cost of sales | 2.1.1 |
Gross Profit (25% of sales) | ? |
Operating Income | 50 000 |
Operating expenses | (120 000) |
Operating profit | ? |
Interest Income | 27 000 |
Interest Expense | (14 000) |
Profit before tax | ? |
Taxation (30%) | 2.1.2 |
Profit after tax | 2.1.3 |
Additional information
- Sales is forecasted to increase by 10% in March 2019
- The Gross Margin for March 2019 remains unchanged from February2019
- Operating Income and Operating Expenses for March 2019 will varyin proportion to sales
from February 2019 (percentage of sales).
- There was no change to interest receipts and payments for March2019 from February
2019
- The tax rate remains the same for March 2019
