2022 CTSS 4N Prelim P2 ANS

CTSS 4N Prelim 2021 Paper 2 Suggested Mark Scheme Question 1 (a) $ $ Sales revenue 177400 1 less sales returns (3400) 1 Net sales 174000 less cost of sales (45000) 1 Gross profit 129000 Other Income Rent income (34500+700) 35200 1 Less: Expenses Insurance expense (24000+800) 24800 1 Bank loan interest 500 Marketing expense 68000 Impairment loss on trade receivables (0.05 x 24200) 1210 1 Depreciation of fixture and fittings (10% x 75000) 7500 1 Depreciation of motor vehicle [20% x 100000-10000)] 18000 120010 1 Profit for the year 44190 TOTAL 8 Joe Statement of financial performance for the year ended 30 June 2022