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SayPro Course 56678B in Advance Microsof...
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SayPro Table of Contents
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Read the case study below and answer the question
Nothando is a private individual who works in an office as a consultant. She wishes to obtain a loan from FBC Bank to finance the purchase of a new car. Big Sharks has requested that Sunny produce an income and expenditure Statement to demonstrate to them that she has income necessary to meet the repayments of loan which amount to R1000 per month.
Sunny has drawn up the following statement:
Statement of Income and Expenditure for Sunny for the period 1 Jan 2009 to 31 Dec 2009
Income
Annual Salary After Taxation 100 000
Expenditure
Bond repayment on house 30 000
Food 20 000
Clothing 5 000
Funds remaining 26 000
Kelly’s Fast foods is caters for break fast and lunch time crowd in a nearby office park and residents of a small residential area. They started their business in the year 2000. Though competition is stiff Kelly’s foods have won the hearts of their customers because of their customer care. At Kelly’s Fast Food the customer comes first. The owner Mr Kelly confirms that his annual profit ranges from R100 000 to R150 000 per annum. Though costs are high they are substituted by the high sales volumes.
Income Statement for Kelly’s Fast Foods for the period 1 March 2010 to 28 February 2010
Sales
350,000
Less: Purchases
80,000
Gross Profit
270,000
Less expenditure
Accounting Fees
1,500
Cleaning material
7,000
Motor & travel
4,000
Rental of shop
40,000
Wages (shop assistants)
80,000
Insurance
450
Stationery
200
133,150
Net profit
136,850
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Index